The double dip is almost here...

As to all cash buyer- > Fking hilarious. These people avoided the bubble and surely as the sun rises, prove themselves a Fking lemming by buying 2 innings into this shitstorm.

As was proven in the bubble, people are stoooooppid, whether you took a mortgage or can afford all cash, bubble gotz much lower to go
FLMAOzzzzz

thanks bjw...that was good advice. i decided to step back & watch. if the unit sells quickly well then it wasnt meant to b. ill make another offer after it sits on the market for a while longer. truthfully just becuz its springtime & open houses r c ing more traffic doesnt mean that these condos r going to sell. spring becomes fall becomes winter...so i guess ill walk away for now. when & if i put another offer on the table the dev will know that I will walk away again!!!

w67thstreet
As I casually take a break from my busy day I am warmed by the thought of your absolute positive unrelenting commitment to the notion that this bubbles got legs on the way down. I don't know how the commercial re is going to fair going forward but I'm glad I got in 2009. Residential is remarkable in it's ability to have remain somewhat undamaged. In the class of apartments (3 bedroom/UES) I search for regularly I have seen huge erosion at the top end but the middle on down is holding it's own or being priced up from 2009. Asking and final price are two different matters. Looking ahead, do you see further price erosion or do you see price stabilization in an environment of significant inflation?

falco, $500psf. What more do you want?

falco, your market may be impacted by school issues. same with prime UWS. this year's school placement merry-go-round was particularly ugly, at least from what i've heard. the family-sized apartment market is still relatively small, so a relatively small but meaningful influx of purchasers could have a fair amount of impact.

for your particular market i'd be interested in seeing what happens late summer on.

pricing is crazy all over the place. but then again, maybe that's why (or one of the many reasons why) inventory remains fairly high.

my brother, the price erosion is on full tilt. Inflation, unless you drink gallons of gas, eat gold bars and buy silver condoms.... is minor annoyance. Don't believe the hype. Do we go back to 2007 with $10K champagne dinners, $100K cars for RE Borkers and $100K weddings as the "Norm"? Fka, me... I like it when I can tell who has money and don't. In 2001-2007, like a cardboard movie set, it looked good for awhile but try to open the door.... just check out homes in the "rich" hoods of Westchester... they are in free fall... and they are the Managing Director/ 2 Income professional families with kids... market. So if you boss is taking it in the azz, how is your 1bdrm condo on west 100th gonna fare?

Agree with aboutready, chk out what happens when 2/3/4 bdrm market when bloomberg cuts education in nyc, interest rate hits 8% and bonuses don't come back for another year.... FLMAOZzzzzzzz.... have faith. For me, I never waver cause it's like screaming against killing little furry animals... BUBBLES, suck worse.

w67thstreet
21 minutes ago
ignore this person
report abuse my brother, the price erosion is on full tilt. Inflation, unless you drink gallons of gas, eat gold bars and buy silver condoms.... is minor annoyance. Don't believe the hype. Do we go back to 2007 with $10K champagne dinners, $100K cars for RE Borkers and $100K weddings as the "Norm"? Fka, me... I like it when I can tell who has money and don't. In 2001-2007, like a cardboard movie set, it looked good for awhile but try to open the door.... just check out homes in the "rich" hoods of Westchester... they are in free fall... and they are the Managing Director/ 2 Income professional families with kids... market. So if you boss is taking it in the azz, how is your 1bdrm condo on west 100th gonna fare?

Agree with aboutready, chk out what happens when 2/3/4 bdrm market when bloomberg cuts education in nyc, interest rate hits 8% and bonuses don't come back for another year.... FLMAOZzzzzzzz.... have faith. For me, I never waver cause it's like screaming against killing little furry animals... BUBBLES, suc

Sure. If you scream the same damn thing for long enough, then you're bound to be right. like a stopped clock is right twice a day, but guess what? still broken. WHEN oh WHEN will we see that predicted 500 p/sq ft pricing?

jim 'greyboy' hones
how about a little insight?

p.s. FREE jim_hones!

67 & AR,
I have faith and desire but have always got to check the facts so as not to delude myself with wishful thinking. I tell you this...the $$$ on the street are still flowing unabated.

Falco, u want insight from a guy whose greatest mental challenge at his job is 'owner wants $3k, renter wants it at $2k, hey how about $2.5k?'

Flmaoz.

500 p/sq ft. When? How often can you be wrong, and for how wrong, and still think you're right? Dr. Goebbels, 1945.

so as for the double dip am i am the only one who has the sense that people are buying now for the fact that home prices are still pretty low & the IR is also??it seems that every 2/2 that goes on the market in prime brooklyn is selling really quickly. I had posted that I was going to sit back & c how things panned out at the condo building i really wanted to buy in. well they both went into contract a few days ago. which means that the 15k price increase didnt turn buyers away. it also means that i totally lost out on an already reasonably priced 2/2 in a fab location w low monthlies & 23 year j51. if im c ing price increases & no lack of buyers am i missing something here?? btw one of the units wasnt even listed yet & the other one was on market 6 weeks. am i going to be priced out of my desired area?? should i consider moving a few blocks over to a still beautiful but certainly less gentrified part of town if i can get the same caliber 2/2 for about 200k less than on my most desired block??? i mean so what if there r shady people hanging around out front they will go away eventually right???i mean its only a matter of time b4 they r priced out as well .....i really dont think that prices r going to go down any lower. but thats just what im witnessing in my desired neck of the woods. HELP...

IQ is pretty low too ... The fvcktards shopping season is open!

For the Nth time....

The only reason NYC RE has maintained its relative strength compared to the rest of the country's RE is b/c NYC (along with D.C.) is one of the primary beneficiaries of TARP, QE1 and QE2 - which have not only stabilized RE values nationwide but, more importantly, have allowed the stock market to re-inflate.

The strength and performance of the stock markets have inspired a rebirth of confidence - not only that those $1.5M/yr jobs aren't going away (as they would have) but that peoples' investments are now "safe" again - the "Bernanke Put" will probably prevent any sort of 2008/2009 move from happening again in the immediate future.

So what we have are a bunch of folks with jobs that shouldn't exist and work for institutions that shouldn't be in business under the "standard" economic/financial rules that now think they are rock star geniuses for taking on risk in the past and therefore are "rewarding" themselves by buying Manhattan RE at just about any price.

As much as I love you w67thstreet - and am probably 10x more convinced that NYC RE prices belong lower - nothing is going to change unless we see a serious deleveraging of the US economy (which is clearly an impossibility in the eyes of policy makers) and restructuring of the US economy away from the Ponzi-oligarchy corporatist state that we have become. All of that would CRUSH the stock markets and deflate NYC RE in the process.

Unfortunately for those that have followed the old rules, they have written new ones that ignore mark-to-market; bailout institutions that don't deserve a dime of public money; allow banks to lie and defraud our court system and fundamentally challenge 100+yrs of property law; not prosecute ANYONE involved in all of the mortgage/financial fraud; buy up trash securities and put them on the public balance sheet - pretty much allow for anything that re-inflates trash assets...

Yes, the NYC RE market is dependent on (now, more than ever) on state hand-outs and inflation-creating policies that are rewarding the losers and excessive risk-takers and punishing the conservative investors.

As long as these policies are in place, we are not going to see $500/sq. ft. in Manhattan.

Memito, cheers and kudo's for your thoughtful and non-bearish insight. You're going to be heavily ridiculed by a certain element on this board.

I love you too. Buttta una momento.

I'm looking at a sleepy hollow distress sale at $250sq ft for 4k sq ft colonial with an acre.
Browbeating seller with impending doom. Selling my Mom's 1bdrm coop for $600k, renting her a nicer pad for $3k. Trading in 2 private school for sleepy hollow taxes.

In 4 yrs when the kids wanna hang out in city, I'll pick up a 3bdrm for $1mm cash. The best part. My wife can stay home and be a re borker. Yes, for her 14th wedding gift, She gets a 2.5 carat f vvs1 Bluenile diamond and her choice to stay home and bake cookies all day.

Sidestepping the bubble. Trust me. When the burbs are trading at $250psf with huge education cuts looming for nyc, the 'meat' of 3bdrm households will be leaving in Costco bulk. When 3bdrm drop an additional 20%, what chance does a $1mm studio on west 42nd have. Flmaozzzzzzzzzzzzzzzzzzzz

Sleepy Hollow? Is there a zoo with a primnate wing to house you and your family?

Primate Wing

Jim,

Just to clarify, I am NOT bullish on NYC RE...

I am pointing out that extreme unorthodox policies from our FED and bailout politics have benefited NYC and D.C. in a unhealthy and very unnormal fashion. NYC RE prices shot up over 15 years with cheap money and the gov't (Fannie and Freddie) buying all sorts of mortgages that it never should have touched. Now NYC RE is being held up (and could even go higher in the very short-term) due to the gov't driven ponzi scheme of trying to spend trillions of dollars either via utterly inefficient fiscal spending or even worse, via the FED buying trash securities that should be worthless.

All of these policies have kept some in their homes, but for the most part, have benefited a very select few that continue to generate income and returns from taking on too much and the wrong risk.

Now if you assume that these US gov't entities are going to do anything and everything to maintain this policy stance - which might be the case in the short term - then NYC RE prices should remain where they are. But these policies simply can't be maintained in the medium term and in the long term could be disasterous.

If I were buying an apartment in NYC today, I would only do so if I were prepared to lose a good chunk of my equity over the next 10 years - and sadly, many people that buy today are more than willing and able to lose a chunk of equity and be perfectly fine b/c of how much they have made playing the ponzi state for all it is worth.

The point is that NYC RE prices are being supported by a series highly distortive economic policies that are promoting the furthest thing from normal RE prices or an environment where real RE prices should increase over time.