NYC will have a rapid recovery soon

I love how the authors make a point to explain that very low issuance of building permits in NYC means there will be a fast rebound, then go to make a list where low permits is a negative for those states. Doh! Their editor was probably fired last year, now they have to try making sense all on their own.

i called the whole "less building permits" thing not so much because of a bubble...

but because of all the cranes falling on buildings... now if you try and build there's so much more red tape bc of safety reasons, pay up safety inspector union bribes, etc, blahblahh..

now they said they had 10,000 units in 2008 to be built .. in 2010 it was something immaterial like 95 (crain's???)...

dunno how much the reduction is due to bubble perception or actual hurdles due to the crane dropping orgies

Blow the trumpets, bang the brasses,
Tantantara! Tzing, boom!

One thing is certain. The housing recovery will be wildly uneven. A city like New York, which has a dense population and large numbers of middle class and upper class buyers who will wait until they believe prices hit bottom, will have a rapid recovery soon. Building permits granted in New York City over the last four years have been very low. The supply of apartments is also low. Those forces taken together with an even modest economic recovery will help push real estate prices higher in New York and regions with similar characteristics.

This was so obvious starting in mid 2009. Those who bought scored and will score again and again. For those bears here still holding out proclaiming all is terrible I have one question? What is the color of the sky in your world?

that paragraph above is not from me kids, it's right out of yahoo news....

"This was so obvious starting in mid 2009. Those who bought scored and will score again and again."

Did I read this right? The sky is blue but for the author of that post, it might be a psychedelic rainbow induced by some sort of hallucinatory drug.

Uptowndude, meet SteveF, our resident cheerleader. He refused to acknowledge prices were down until they started going back up, and now that prices are stable/down again, he's come out with bigger pompoms.

So I see.

"A city like New York, which has a dense population and large numbers of middle class"

HA! What middle class is that?

meanwhile, the REAL bubble is running aways from you as we speak. amateur.

http://www.nydailynews.com/ny_local/2011/01/19/2011-01-19_tampon_hunt_mystery_as_ob_brand_cant_be_found_at_stores_leading_to_bids_on_ebay.html

better jump in while there is still time

Pulaski, you know! the middle class who can barely afford their Hamptons rental, now that Ellie, Spencer and Thad Jr.'s school fees went over $140K this year. That middle class.

"HA! What middle class is that?"

public union employees??

Visceglia, Michael MTA Car Repairmen.. $$274,963 in 2008.. and that's without bonuses, benefits, pensions..

you go girl, you.

"This was so obvious starting in mid 2009. Those who bought scored and will score again and again."

Apparently, losing 20% on a 5x leveraged investment is scoring... scoring on yourself, perhaps.

"Did I read this right? The sky is blue but for the author of that post, it might be a psychedelic rainbow induced by some sort of hallucinatory drug."

lol

I think their analysis is pretty logical.

No inventory swe and prices are about 5% off peak highs. By this time next year you won't be able to find a studio condo below 96th for under 500k.

> No inventory swe and prices are about 5% off peak highs

Survey says... WRONG. Try again, Steve.

Overall median prices are, no matter how many times you make up your own data, 17.6% below peak. Individual size categories (less likely to be swayed by sales makeup shifts) are each down more than 20%.

Only in your Welbutrin land is that "about 5%". Its about FOUR TIMES 5%.

;-)

And in terms of our rapid city recovery...
"The city lost 16,600 private-sector jobs last month" (crains)

lol. Come on, keep the humor coming, Steve!

I love laughing!