Manhattan now a buyers market

517 W. 46th? East Harlem? Long Island City? Not exactly barometers for Manhattan real estate. If you bothered to finish reading the article you would have seen this....

"With prices continuing on an upward trajectory, "I do not see a market-wide trend of softness," Mr. Comitini said. Instead, he said he believes the incentives for buyers are related to problems at those specific developments."

Now that's funny two dumpy buildings in two of the worse locations in NYC offering incentives. Even if the market was a red hot sellers market these buildings would still have to offer incentives.

JuiceMan and spunky, good points. And anyone who looks to the NY Sun for the last word on the NYC real estate market is a fool.

Listen, I agree that we definitely could see a 'buyers market.'

But I know that'll be the case when I see these kind of 'give backs' mentioned in the NY Sun article above in buildings like 100 Eleventh Avenue, 200 Eleventh Avenue, One Jackson Square, SoHo Mews, 166 Perry, and others in that price point and location.

I don't think many Wall Street types are looking for one or two bedroom units in buildings located in East Harlem, LIC, or Hell's Kitchen. Not yet, anyway....

Not to beat a dead horse I am actually see a trend up in rental prices in Greenwich village, Soho, Tribeca and West Village.

Manhattan is now a buyer's market?? Then start buying, people!!

Spunky you beat that horse to the bone a long long time ago.

Who the hell knows. Prices are holding up for now. The whole market here is largely psychological, though. In the past few years there was this panicked sense that you "can't wait" in this market because you'll either be priced out or forego a capital gain. The sense is that buyers have shifted to a "can wait" mentality, which really does change things.

More anecdotally, speaking with people who live in NYC, many homeowners expect some softening, renters (of course) hope and pray for softening, and recent buyers repeat the mantra (in a eyes-glazed-over kind of way) that prices can't go down, but it's easy to be sympathetic to them.