State of the market

I think we're just starting another leg down. owners have a lot of hope pegged to this spring. the equity market run up has people feeling good. the reality is that the job market is still bad and supply is up. my guess is that june is going to be an ugly month for owners.

I'll offer a few very rough estimates for 2/2s, based on anecdotal observation rather than hard data:
Prime UES pre-war, excellent-to-mint condition: 5-15% off peak.
Other prime UES: 10-20% off peak.
Non-prime UES (Yorkville/upper Carnegie): Up to 35% off peak, depending on condition.

Agree with Marco M that job market is big, if not #1 factor. There was an informative article in the most recent Cooperator about the RE market being heavily tied to jobs. Seems like NYC economy not shedding jobs, but not really adding any either....so there is a flatness. As for RE prices, I feel personally like they are all over the place. On the one hand there are places which are "defying the market", but then places which just sit and end up selling only at prices 35% or more off peak. Just leaves a big ? mark in my head.

Thanks W81. Care to address the same criteria for 2/2s on UWS?