Manhattan down 7% from Peak Values

Strange. We've had two sales in our building. Much as we love the signs of life, my husband and I keep having the "who the hell would buy in these crazy times" conversation. I agree there must be an inventory shortage because even up by us (157th St.) things don't linger unless they're priced insanely high. Guess, as they say, life goes on.

"Nothing available"?

Real estate for sale
in Manhattan
We found 7,938 listings
Median price: $879,000 Median size: 1,011 ft² Median price per ft²: $997

It's about a 2-year supply.

stevejhx
12 minutes ago
ignore this person
report abuse "Nothing available"?

Real estate for sale
in Manhattan
We found 7,938 listings
Median price: $879,000 Median size: 1,011 ft² Median price per ft²: $997

It's about a 2-year supply

There you go. Trusting streeteasy to provide any accurate data.

Steve, you're finally admitting we're down?

Amazing. My, times have changed.

swe, next step is to get him to acknowledge the actual percentage. 7% seems like a bit of wishful thinking.

stevejhx..my general Manhattan tools are free. Might as well take a peak. We have Manhattan ACTIVE inventory, that is without the stale stuff counted, at 6,935

http://www.urbandigs.com/chart.php?s1=Active&s2=&mindt=08%2F18%2F2010&maxdt=08%2F18%2F2011&t=Market+Trends&interval_mindt=2010%2F08%2F18

urbandigs, the recent drop in inventory looks to be purely seasonal. Anything on the street telling you there are other factors at play? I'd guess not, but worth asking.

ohh ya swe forgot to add that I thought we were at peak levels right now and that 7% should be replaced with the word "AT" for "at peak levels" thx :)

UD - I just go on Streeteasy, that's the number they give. "Stale" is relative - toast it, & you'd never know.

EDDIE WILSON IS BACK!

Hey Eddie! How's that "putting your profits back to work" business working out for ya?

likely is bjw..there is a an uptick in off mkt trends that negatively correlates with supply. Also seeing a dip in new stuff coming to market too relative to past months, so definitely seasonal. Im waiting to see if other factors are affecting demand

Seems that article - and the off-base 7% - is discussing means, not medians, and so is skewed because of a very few high-priced properties that most other analyses leave out. Means in Manhattan have always been significantly higher than the medians.

I know Manhattan is all that matters, because no actual humans live anywhere else on Earth. However, the article also says the mean is down 21% from the peak for the whole city. Since 75% of New Yorkers live outside of Manhattan, I thought I would point that out. Even though they do not really exist.

I listened on bloomberg.com to Daniel Alpert of Westwood Capital and he said that if all the foreclosures in New York were put through at the rate that they are being processed it take - I kid you not - 62 YEARS to work through the inventory.

If you want to see how accurate Alpert as been on other calls just punch in his name on the bloomberg site search. He apparently was one of the few to call the surge in treasury prices correctly while others like PIMCO predicted that when the FED stopped QE2 prices would plummet.

I can't help thinking that as the foreclosures which exist in the outer boroughs (I would guess) come to be processed it will have a dampening effect on the over all market.

I could be wrong. I'm no expert.