Manhattan overall price reduction

One dollar. You save penny.

Sorry, Ealise. Were you serious? I am not sure if I understood what you meant.

Ok, just give me ONE dollar, you get the Manhattan. Deal just for you.

It is not funny at all.

What ealise is saying is very serious indeed; One dollar. You save penny.

Deal just for you.

Maybe you guys ar.e very sophisticated. I don't know what you are saying means.

Shah, they are f..ing with you.

yes, I've noticed as well.

Buy now or be priced out forever.

real estate hasnt decreased from summer 2009 to now......the major decrease was from Nov 2008 thru summer 2009.....pockets of decreases actually.....average of 20 to 30%

No index or measure is perfect, but here is one. You can download data in excel format.

http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us----

Miller Samuels avg psqft Manhattan previous reports
1stQ '09 $1259
2ndQ '09 $1056
3rdQ '09 $ 996
4thQ '09 $1051
1stQ '10 $1038

Given all my broker friends crying about cancelled contracts in the last 2 months, Im expecting 2ndQ lower than 1stQ.

http://www.millersamuel.com/data/

Millly. Give it up. Now that you bought you want the re mkt to have not fallen off the cliff. Bet you lose 50% of your downpayment by fall of 10' cause We r headed to financial crisis 2.0 and the world is taking NYC re down with it. And don't worry the euro trash buying up NYC re in the last 6 years have seen their mortgages get bigger by the day, how many gyros does one need to sell just to keep up with the deflating euro.

Flmao.

Shah -

Average PPSF co-op/condo mix, Manhattan only

1Q, 2010 1,038
4Q, 2009 1,051
3Q, 2009 996
2Q, 2009 1,056
1Q, 2009 1,259
4Q, 2008 1,183
3Q, 2008 1,193
2Q, 2008 1,322
1Q, 2008 1,289
4Q, 2007 1,180
3Q, 2007 1,144
2Q, 2007 1,099
1Q, 2007 1,070

I have found that there is about a 2 quarter lag, so the peak of Q2 '08 reflects the frenzy in late 2007, and the low in Q3 '09 reflects the dead first quarter of 2009. I expect the numbers for the next 2 quarters will be flat to slightly up reflecting the healthy end of 2009 and beginning of 2010.

Total peak to trough (assuming Q3 '09 is a trough) is a 24.6% decline. Total peak to current pricing (Q1 '10 average) is 21.5% decline. Realize that there is a wide discrepancy on price declines based on specific location, price point of property, condition, etc. A nice 2-bed condo in the W. Village probably has seen little if any decline. A mediocre 3-bed in Harlem has probably been hit harder than the average. I think the middle 80% of properties have dropped somewhere in the range of 15-25% from their peak numbers.