Home prices: The double-dip is near

not in Manhattan unfortunately.

Manhattan was not immune in 2008...

wake me up when it gets to Manhattan...i think i'll sleep for the next 100 years.

ya, the Great Recession effected Manhattan for what...6 months?

The Manhattan real estate market will remain robust unless the stock market implodes. The stock market is currently at a multi-year high, therefore don't count on any Manhattan bargoons.

effected, as in created?....manhattan---interesting concept

I'm starting to see 2002 prices for studio and 1 bedroom apartments. If tax/maintenance had not gone up so much, we'd be almost at the equilibrium point with rents. The prices are kind of all over the place; some stuff is priced at peak, some is way, way down. The funny part is that some apartments are selling at all price points. Very odd.

maly: can you point out to a few apartments you are seeing at 2002 levels?

Too many to mention, really. Do a search for 1br/studios under $500,000 in Downtown:
Median price: $405,000
Median size: 510 ft²
Median price per ft²: $797.
You can see all the usual suspects for lower-priced small apartments, 67 e 11th, 88 Bleecker, 105 w 13th, co-ops in the East Village, less desirable streets like 16th st., not quite Gramercy Park, that sort of thing, not the dregs, but some negatives. There was a point (around 2004-2005), when all prices crossed over the $1,000/sf mark, and these "starter apartments" could not be touched under $500,000. Now they are listed at $440,000-$475,000, but typically sell, when they sell, about 10% under list. In 2002, they would have been listed at $395,000-$415,000 and sold fast at or slightly above list.

Warren Buffet called it last year too, but this year I think he's right. This year will mark the trough in National real estate prices.

I sold a reno'd 500sf WV/Meat studio with Empire State views for over 1k/sf in '05. That same line, minus the reno and the views just closed at 900/sf. A good reno there would push 75-100k to bring it up to 1k/sf. Not sure the value of empire state views vs. a brick wall though. I think WV is barely below peak at this point. Second tier apartments are a different story as maly notes. Just more evidence of wider separation between 1st tier and 2nd tier.

Maly, I agree. I saw the same trends in my search.

"Just more evidence of wider separation between 1st tier and 2nd tier."

IMO, the main difference between them is the timing of the climb/decline.

Manhattan unemployment down, rents up.. that's the way I like to f-ck..

up up and away!

away with the 30yr mortage
away with loosey-goosey lending practices
up up up and away goes the taxes

excelsior!!!
it's the perfect storm for a run away real estate market!

yeah right!

$500 per sq foot west 67? when?

jim_hones10
about 4 hours ago
ignore this person
report abuse $500 per sq foot west 67? when?

WHEN?