Where are the "For Sale" signs?

Supposedly there will be a tidal wave of listings in fall. This is usually a claim made by the same folks who claimed that there would be waves of foreclosures throughout the city. Most likely, people don't want to sell at depressed prices so anyone who can is waiting for prices to firm up. Prices seem to be doing so, and it's possible there'll be a bunch of listings in fall - but apparently many owners don't feel pressured to sell. Brooklyn and Manhattan ain't the suburbs.

Oh lord! Plz forgive the lemmings, for they do not realize trillions of taxpayer $$$$ were used to delay the inevitable. Like the levees in Louisiana.... Ya. Can't stop the god of cash flow......

Which suburbs are you referring to? The Great Neck area seems to hold up well

There ARE going to be more new listings this fall as well as some reductions. I don't know if I would use the term tidal wave though, you'll know soon enough. As for why nothing has gone on in any of those saved buildings, it's probably because they are waiting until September 1st or after labor day... or they plan on remaining unrealistic. These things happen.

And if you see something that is overpriced (and you clearly know it) make an offer at the price that it should sell for. Unrealistic sellers sellers with no offers won't do anything, but if you at least dangle a carrot in front of them they may bite and actually sell at a lower price before they consider a reduction. And then again they can keep thinking their apartment is worth more than it is... you never know unless you try.

(Matthew Russell - Brown Harris Stevens)

Fairfield County.

Do you know how small children drown? Quietly and suddenly.

NYC re owner, then suddenly you aren't.

w67thstreet, what is your obsession with doom and gloom? bitter that your landlord is making more money than you?
have real estate prices gone down in manhattan? yes.
are they down across the board? no. in my building in chelsea, apartments are selling for around the same price they sold for in 2007 (during pre construction). if you own a shit hole of a walk up, and you bough it in 2007, then yea, its value has probably decreased.
will real estate continue to go do down? maybe.
will it be another south florida? no. manhattan will be just fine. a lot of people who bought here, did so to enjoy their apartments and the city. not everyone who bough was looking to flip 3 years later.

its august, and it is still difficult to get reservations at most of the good restaurants. so people in this city still have plenty of disposable income. this isnt ohio.

so enjoy the bitterness. i am off to $1 oysters at lure fish bar.

To clarify: tidal wave of reductions was not my prediction. I was poking a bit of fun at people who have claimed for the past couple of years now that there would be a huge influx of listings that would drive prices down, which has not materialized and which psychology the OP seems to have bought into.

Personally, I am looking forward to some new inventory this fall, since the current listings are stale, deeply unappealing, or horribly overpriced - and frequently all three.

an 11 yo boy was asked to eat the severed leg limbs of his mother that were cooking over a fire by (insert another ethnic african group).. the boy said, no and was shot to death in front of said mother.

The mother survived.

enjoy the oysters.....

Howz the oysters? I dunno, but when someone is selling .25$ hot dogs on the street.......

Oh that is an absolutely true story from the UN war investigation unit.

"Personally, I am looking forward to some new inventory this fall, since the current listings are stale, deeply unappealing, or horribly overpriced - and frequently all three." Agreed. This fall is looking promising though... maybe even tidal wave promising (I kid, I kid).

" the current listings are stale, deeply unappealing, or horribly overpriced - and frequently all three" - I completely agree - sums up the current state of the market perfectly

With wall street laying off workers again, this can't be good news for real estate. But at the same time, any co-op/condo owners who had to sell probably would have done so already. Hence the deadlock between buyers and sellers and hence the stale listings and prices.

Does anyone have a view as to whether or not (or to what extent) the increase in the cap gains tax rate at the end of the year will drive an increase in inventory in the coming months? Would seem to me that long-time holders of nyc real estate (ie those with larger capital gains on their apartments) would realize a significant tax benefit by completing a sale in this tax year.

Hadn't heard much about it as it relates to nyc real estate - but I know that in the investment banking world - the tax increase has been an impetus for business owners sitting on large cap gains to put their companies on the market.

For co-ops, that ship has sailed. To get your place listed, in contract and closed generally takes longer than 4 months. Even if agreed on the price the week after labor day, by the time contracts are approved and you get in front of the board, and set up a closing with all hte necessary lawyers around the holidays you would be cutting it extremely close

(you are a kid, you are a kid)

nick
about 22 hours ago
ignore this person
report abuse Which suburbs are you referring to? The Great Neck area seems to hold up well.

Not according to this guy:
http://seekingalpha.com/instablog/595344-keith-jurow/61561-long-island-housing-market-poised-for-collapse

Long Island Housing Market Poised for Collapse

There are some who believe that Long Island has managed to avoid the collapse that flattened other bubble housing markets. Nothing could be further from the truth.

Take the town of Great Neck in Nassau County. Between 2000 and 2007, sales averaged 100 a month in Great Neck according to trulia.com. Median prices of houses sold soared from $500,000 to $1.2 million by mid-2006. Then sales began to decline sharply in late 2008. By mid-2009, the average price per square foot of homes sold had fallen 30% from the spring of 2008. Sales in the fourth quarter of last year averaged only 30 per month. In the first two months of this year, a total of only 20 homes were sold.

Because sellers have been reluctant to lower their asking price very much, trulia.com now has 885 homes listed for sale in Great Neck. Realtytrac.com lists 146 homes that have been placed in default by banks but shows only 2 foreclosed properties which banks have put on the market. Why? As they have done in other bubble areas, banks have refused to foreclose on these defaulted mortgages out of fear this would weaken the market. Sixteen of these homes have been in default for more than a year and one for a year and a half.

The market has gotten so thin that the average listing price has dropped by $60,000 in the last three weeks. And this is heading into the usually strong spring selling season. Does this sound like a market that is heading for recovery?

that was at the beginning of spring. any update on those figures for great neck?

No worries unemployment is at 4%. Bonuses are gonna rock! Cheapest mortgages in 100 years!!!!

Agreed. I would think that any coops closing prior to Jan 1 would need to be in contract by early October. You would need to price the unit aggressively and get it on the market now. Another question -with 10% of all mortgages "underwater"/"at risk" etc. - how have the maintenance/common charge collections been going for coops and condos? Any anecdotal instances of owners falling behind? One would think that the next step would be to sell - but, where do you then move to?