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Manhattan RE prices are still declining

Started by east2west
almost 16 years ago
Posts: 4
Member since: Mar 2010
Discussion about
http://www.federalreserve.gov/fomc/beigebook/2010/20100303/2.htm: Construction and Real Estate Housing markets appear to have softened in early 2010, after hints of a pickup in late 2009. New York City's sales and rental markets both showed signs of slackening since the last report. Rental activity, which had stabilized in December, has reportedly weakened more recently, while asking rents were relatively stable but lower than a year earlier. Co-op and condo transactions, which had picked up in the latter part of 2009, are said to have slipped across the board thus far in 2010, while prices have reportedly continued to drift down.
Response by somewhereelse
almost 16 years ago
Posts: 7435
Member since: Oct 2009

ah, the beige book...

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Response by mimi
almost 16 years ago
Posts: 1134
Member since: Sep 2008

That´s exactly how the market feels to me, but realtors tell a different story...

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Response by mimi
almost 16 years ago
Posts: 1134
Member since: Sep 2008

feels like, that is.

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Response by keithw
almost 16 years ago
Posts: 22
Member since: Jul 2008

my sense is there is limited supply of good apartments in $3-4 million range. i for one havent found many that i like that are sub $1400/ft. manhattan is simply amazing. 9/11 barely set it lower. and the financial collapse took at most 20% off of good product, which, given the run-up, makes Manhattan condos (to this point) a fabulous performer on a relative basis. i think the only thing that really gets it lower are higher rates....

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Response by notadmin
almost 16 years ago
Posts: 3835
Member since: Jul 2008

"That´s exactly how the market feels to me, but realtors tell a different story..."

realtors? do you listen to them?

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Response by somewhereelse
almost 16 years ago
Posts: 7435
Member since: Oct 2009

"That´s exactly how the market feels to me, but realtors tell a different story..."

Since when has that not been the case?

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Response by mimi
almost 16 years ago
Posts: 1134
Member since: Sep 2008

Well, as much as I don´t like brokers in general, sometimes I speak with one or two that I really trust (and like). They are very busy, they say. I can´t get how this is possible, but these are people that when things were bad they told me it was so for a long time. There is a dissonance that can be possibly explained by focusing in specific segments of the market. Some types of properties are more stable now, some are still falling.

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