Sales of Manhattan buildings plunge 82%

"“Credit has always been there for deals under $25 million.”"

love it! for all of those complaining about lack of credit for jumbos... hear ben "bubble blower" bernanke?

Apparently cash is king queen and sexy to boot!!!!! Erichoooooooooooooooooooooooooo!!!!!!!

Notice how much the principals of that firm are writing articles these days? Well, if that's their market, and $ sales volume is down 82%, what do you think has happened to their firm's income stream?

30yrs, what's your point? that MK is sucking air? or that everyone is sucking air? disabuse my notions if they are wrong, but hasn't MK been very, very active in the market the last few years?

not being confrontational btw. very curious.

Actually, both. What I'm pointing out is that you're going to see some very unsettling things happen to some big players: MK *HAS* been very active. But what businesses which have been very active in any market can stomach 82% drops in revenue?

I noted recently that I've been hearing a lot about the big residential firms taking away desks from agents. Take a look at the offices of the big Residential RE shops: between the rents, their websites, support personnel, etc. if you have huge drops in transaction $ volume and thus huge drops in commissions, what do you think is going to happen? I haven't seen too much discussion here about it, but have people been following the stocks and financials of the parent companies?

"NRT is the largest residential real estate brokerage company in the nation and 12th largest corporate-owned commercial brokerage. NRT and its affiliated companies, marketing partners and joint ventures provides mortgage, title, insurance, escrow, warranty, relocation and concierge services to NRT's family of companies. We own and operate companies in more than 35 of the nation’s largest metropolitan markets, with approximately 800 sales offices, 5,700 employees and 48,000 sales associates in our extended family. Our companies do business under the world-renowned Coldwell Banker®, Coldwell Banker Commercial®, ERA®, Sotheby's International Realty® and The Corcoran Group® brand names.

By any national measure of real estate success, we are the industry leader. Nearly all of our local companies are ranked No. 1 in their respective markets. In 2008, NRT posted more than $131 billion in closed sales volume."

http://en.wikipedia.org/wiki/Realogy

http://www.marketwire.com/press-release/Realogy-Corporation-1051282.html