i started noticing a couple of weeks ago (but wanted to see if it was a fluke or a trend) strength in the mid-town condo market (not new development). these seem to be mostly sales to out of towners and foreigners, particularly the more expensive units. my guess is that there are not that many desirable older condo buildings, mid-town is likely a desirable location for corporations and foreigners,... [more]
i started noticing a couple of weeks ago (but wanted to see if it was a fluke or a trend) strength in the mid-town condo market (not new development). these seem to be mostly sales to out of towners and foreigners, particularly the more expensive units. my guess is that there are not that many desirable older condo buildings, mid-town is likely a desirable location for corporations and foreigners, and these older condos are perceived as safer than new development, so there is upward pricing pressure. the following is an example.
http://streeteasy.com/nyc/sale/418030-condo-146-west-57th-street-times-square-new-york
09/16/2005Previous Sale recorded for $2,400,000.
06/04/2009Listed by Corcoran at $3,695,000.
08/20/2009Listing is no longer available.
09/24/2009Re-listed by Corcoran.
10/23/2009Price decreased by 5% to $3,495,000.
12/11/2009Listing entered contract.
02/02/2010Listing sold.
02/19/2010Sale recorded for $3,700,000.
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Response by ericho75
almost 16 years ago
Posts: 1743
Member since: Feb 2009
oh the horror!!!!
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Response by ericho75
almost 16 years ago
Posts: 1743
Member since: Feb 2009
You have a recovering economy.
Job loss has slowed dramatically with signs of job growth in some sectors.
A stock market that has gone up almost 90% off it's lows.
Housing prices have recovered in some of the most battered areas in the country.
Most importantly...housing prices in NYC have stabilized.
Tell me what you are waiting for?
Another collapse? But wait...you claim you want to buy when there are signs of stability. So what is it? Stability or next collapse???
You're so full of it.
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Response by marco_m
almost 16 years ago
Posts: 2481
Member since: Dec 2008
personally...my view is there is another collapse..if Im wrong then I have to pay up. we'll see what happens.
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Response by urbandigs
almost 16 years ago
Posts: 3629
Member since: Jan 2006
yea I made a list of 10 or so recent sales that sold for either full ask or over..I know more are coming: 35 bethune, 205w89, 15w72, etc..a bit nuts out there, which the trader in me kind of wants to take a contrarian stance on...its like a mini euphoria that started from an adjusted lower level
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Response by aboutready
almost 16 years ago
Posts: 16354
Member since: Oct 2007
UD, other than mid-town condos it hasn't started showing up in recorded sales yet. people have been saying for months that we should start seeing higher prices any day now.
it will be interesting to see whether or not these deals actually close, and how appraisers handle them. i think it's normal during price corrections to have periods of relative strength. there does seem to be a prevailing attitude of "everything's fine now." which mystifies me. but we are an optimistic people, unlike the europeans.
it fascinates me how little the mainstream media pays attention to pesky things like states being unable to pay their bills. i think it was apt23 who pointed out that the public is only capable of dealing with six or so major news topics at a time, or so the media thinks, so that's generally what's being addressed at any given time.
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Response by NWT
almost 16 years ago
Posts: 6643
Member since: Sep 2008
Many of those over-asks have been cited in the against-trend and bidding-wars threads. If you pull the last 200 co-op sales at any given time, dump to a spreadsheet, remove those where SE didn't match to a listing, and calculate listing discount for the remaining 100-odd, you'll always see a bunch closing at or above last-asking. I don't pull condos, but suppose that's true for them too. There'll always be some that don't languish.
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Response by somewhereelse
almost 16 years ago
Posts: 7435
Member since: Oct 2009
> A stock market that has gone up almost 90% off it's lows.
oh the horror!!!!
You have a recovering economy.
Job loss has slowed dramatically with signs of job growth in some sectors.
A stock market that has gone up almost 90% off it's lows.
Housing prices have recovered in some of the most battered areas in the country.
Most importantly...housing prices in NYC have stabilized.
Tell me what you are waiting for?
Another collapse? But wait...you claim you want to buy when there are signs of stability. So what is it? Stability or next collapse???
You're so full of it.
personally...my view is there is another collapse..if Im wrong then I have to pay up. we'll see what happens.
yea I made a list of 10 or so recent sales that sold for either full ask or over..I know more are coming: 35 bethune, 205w89, 15w72, etc..a bit nuts out there, which the trader in me kind of wants to take a contrarian stance on...its like a mini euphoria that started from an adjusted lower level
UD, other than mid-town condos it hasn't started showing up in recorded sales yet. people have been saying for months that we should start seeing higher prices any day now.
it will be interesting to see whether or not these deals actually close, and how appraisers handle them. i think it's normal during price corrections to have periods of relative strength. there does seem to be a prevailing attitude of "everything's fine now." which mystifies me. but we are an optimistic people, unlike the europeans.
it fascinates me how little the mainstream media pays attention to pesky things like states being unable to pay their bills. i think it was apt23 who pointed out that the public is only capable of dealing with six or so major news topics at a time, or so the media thinks, so that's generally what's being addressed at any given time.
Many of those over-asks have been cited in the against-trend and bidding-wars threads. If you pull the last 200 co-op sales at any given time, dump to a spreadsheet, remove those where SE didn't match to a listing, and calculate listing discount for the remaining 100-odd, you'll always see a bunch closing at or above last-asking. I don't pull condos, but suppose that's true for them too. There'll always be some that don't languish.
> A stock market that has gone up almost 90% off it's lows.
Yup, I told you...
You should have bought stocks, not real estate.
Sucks for you.