"Co-op, Condo Sales Drop Off" "The sales volume of Manhattan co-ops and condos fell sharply in October, and analysts said it was likely to remain subdued through the end of the year. The pace of closed October sales reported to City Hall as of Wednesday was down 16.5% versus September and about half the pace of sales during a comparable period in June, when sales were booming. October sales are... [more]
"Co-op, Condo Sales Drop Off"
"The sales volume of Manhattan co-ops and condos fell sharply in October, and analysts said it was likely to remain subdued through the end of the year.
The pace of closed October sales reported to City Hall as of Wednesday was down 16.5% versus September and about half the pace of sales during a comparable period in June, when sales were booming.
October sales are running at the lowest level in 15 months, with the biggest decline coming in lower-priced apartments."
"Dolly Lenz, a top-selling broker with Prudential Douglas Elliman, said prices were holding up in the luxury market because sellers now feel they are able to hold out and wait."
http://online.wsj.com/article/SB10001424052702304316404575580663641014550.html?mod=WSJ_NY_LEFTTopStories
Dolly's back, baby!
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Response by technologic
about 15 years ago
Posts: 253
Member since: Feb 2010
Right, but isnt this to be expected since the sales that close now are the contracts that were signed over the summer (which was very slow). I think what happens after bonus season - whichever way it goes - would be more telling on the state of things. Just my 2 cents.
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Response by malthus
about 15 years ago
Posts: 1333
Member since: Feb 2009
I wonder how that "hold out and wait" strategy paid off for onwers of apartments priced under $1M?
"The number of sales below $1 million fell more during October than sales of more expensive apartments, by 23.4% compared with 5.7% for apartments selling for $1 million or more."
Oh.
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Response by julia
about 15 years ago
Posts: 2841
Member since: Feb 2007
sales are slow but are the owners willing to lower their prices, especially on studios and one bedrooms...i haven't seen it but may in a year or two..
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Response by lobster
about 15 years ago
Posts: 1147
Member since: May 2009
I hope that the owner of the apartment that I am interested in reads the first two paragraphs of this newspaper article. Some activity at open houses does not compensate for sluggish sales predicted by analysts until the end of 2010 - too much to hope for some downward movement in listing prices or at least a little fear on the part of sellers who often seem content to wait forever to sell.
I was glad to see the initial focus of the article was on apartments priced under $800,000, but of course the focus shifts to apartments that very few can afford at listed prices like $14.75M and $25M.
Not much discussion of other price apartments besides noting that the average apartment in Manhattan sells for almost $1.5M.
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Response by pulaski
about 15 years ago
Posts: 824
Member since: Mar 2009
This was published on a Friday. No one will remember it come Monday.
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Response by JRRTax
about 15 years ago
Posts: 14
Member since: Feb 2009
Don't worry, I'm sure there will be some Realtor sponsored study out that says if you don't buy in the next 10 seconds there will be no apartments left and that prices are poised to rise by 50% soon! In fact that place you like, there were at least 100 people who had their eye on it, and it wont last ! Hurry!
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Response by w67thstreet
about 15 years ago
Posts: 9003
Member since: Dec 2008
2498 open houses...
it's like a naked ho standing on west 10th street, saying the price is not negotiable....
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Response by w67thstreet
about 15 years ago
Posts: 9003
Member since: Dec 2008
almost forgot..... buy now or be priced out forever!
Right, but isnt this to be expected since the sales that close now are the contracts that were signed over the summer (which was very slow). I think what happens after bonus season - whichever way it goes - would be more telling on the state of things. Just my 2 cents.
I wonder how that "hold out and wait" strategy paid off for onwers of apartments priced under $1M?
"The number of sales below $1 million fell more during October than sales of more expensive apartments, by 23.4% compared with 5.7% for apartments selling for $1 million or more."
Oh.
sales are slow but are the owners willing to lower their prices, especially on studios and one bedrooms...i haven't seen it but may in a year or two..
I hope that the owner of the apartment that I am interested in reads the first two paragraphs of this newspaper article. Some activity at open houses does not compensate for sluggish sales predicted by analysts until the end of 2010 - too much to hope for some downward movement in listing prices or at least a little fear on the part of sellers who often seem content to wait forever to sell.
I was glad to see the initial focus of the article was on apartments priced under $800,000, but of course the focus shifts to apartments that very few can afford at listed prices like $14.75M and $25M.
Not much discussion of other price apartments besides noting that the average apartment in Manhattan sells for almost $1.5M.
This was published on a Friday. No one will remember it come Monday.
Don't worry, I'm sure there will be some Realtor sponsored study out that says if you don't buy in the next 10 seconds there will be no apartments left and that prices are poised to rise by 50% soon! In fact that place you like, there were at least 100 people who had their eye on it, and it wont last ! Hurry!
2498 open houses...
it's like a naked ho standing on west 10th street, saying the price is not negotiable....
almost forgot..... buy now or be priced out forever!
Far West 10th Street, right?