Real softening?

For the scrubs that have been collecting dust,I am inclined to agree.
Quality properties continue to demonstrate a healthy dose of anti-gravity fluid when it comes to price.
This is contrary to what I would have predicted. The summer was weak but, I could not help but notice that the bulk of my saved properties went into contract. It's the same old story. You get what you pay for. Unless we see a Wall Street blood letting followed by another huge dip in employment I'd bet that pricing does little wrt change for the rest of the year.

I can't talk about Manhattan but at the suburbs where I am looking at, it is price chop after price chop. I put plans on hold as it feels like a falling knife. No bargains though as property taxes are high..

Bumping this up -- hoping to get some more clarity from Noah or other folks actively in the market.

LICNYC - which suburbs? NJ? Westchester? Manhasset? I'd be interested to know if NICE suburbs were falling. You can keep most of NJ.

Downtown: Could you please clarify for me. Is the ask price 20% below 2007 comps or is your bid price 20% below 2007.

>>>Unless we see a Wall Street blood letting followed by another huge dip in employment I'd bet that pricing does little wrt change for the rest of the year.

Have you've ben reading the headlines? Wall Street is bleeding with announced layoffs at GS, BoA, UBS, MS, Frech banks-- and talk of a double dip global recession. RE in manhattan will be still be going down -- even in the prime markets.

Prices are falling rapidly - in my Dumpy Rental, there are now nearly 20 apartments empty for many months, and they keep on lowering their asking prices. Still - no takers. There was a brief QEII blip, but it has died.

Seems like the high end has also had some rapid fall off since the congressional debacle and the Euro crisis. This is Karl Lagerfeld's apt at 50 Gramercy Park North. Listed in July before the turmoil. Look at the 20% drop in the ask this month:

11/13/2006
Previous Sale recorded for $6,694,993.
07/26/2011
Listed by Corcoran at $6,500,000.
09/27/2011
Price decreased by 20% to $5,200,000.

When you consider the transaction costs, the couple hundred thou in upgrades/design, and who knows what final sell price will be --looks like Karl will take quite a haircut. Not that he would notice a loss of a couple of million, but the ultra rich always seem to get out first.

oops-- the link: http://streeteasy.com/nyc/sale/625122-condop-50-gramercy-park-north-gramercy-park-new-york

High Ends has been getting hit for a while- normally the first to get hit.. I have been noticing a lot of studios coming to market now-- maybe they want to upgrade with the drop in 1 bed room pricing..

bottom line... market's coming down.. some want to get out before it gets crushed

>>maybe they want to upgrade

btw -- good luck with that

"Have you've ben reading the headlines? Wall Street is bleeding with announced layoffs at GS, BoA, UBS, MS, Frech banks"
A relative works in 'industry' and headhunters are talking about "tap-tap" layoffs [at places like GC etal]. It goes like this: if you are "tapped" you've received notice that in "X days" you are out, so find a new job while you have a job...

On a per sq foot basis the ask price is only slightly below the '07 comp -- but my bid, at 18% off ask and just over 20% below the peak comp, was taken seriously as a place to start negotiating. I think if we want the place (and we're still trying to be sure we do) we could get it between 3% and 6% over my bid.

I follow the market in the East Village and I have noticed that compared to 2009, 2010 and up and through this summer, inventory was nil and what did come on was (predictably) that there were deals for eh or crappy places and on the other hand close to peak pricing for nicer/renovated places. In the past couple of weeks I have seen many places come on the market and asking prices are higher. Although it may sound a little odd, I am unsure whether this reflects that (a) sellers are now more confident versus (b) wanting to sell now in case the unemployment/stock market situation gets really bad. Depending on what you read, both of the above are plausible scenarios! I will be keeping an eye on how fast this inventory moves, I think that will give me a better idea of whether the prices asked are realistic.

"So it seems like the near-bear market in the SPX -- and the very real bear market in GS, MS, and the rest of the banks -- is starting to bite seriously. Curious to know if the professionals and serious amateurs on this board are seeing a similar trend..."

The stock market and real estate are correlated...noooooo **sarcasm **

It is a very odd market and I think we are all trying to understand it better, but I agree that recently properties that I am interested in (3 bedrooms < $1.5M) have generally not been closing as quickly and have seen more price reductions. Whether this is because of the Eurozone, domestic politics, bank layoffs, etc. I am not sure. I haven't seen drastic cuts yet though.

However, it seemed that only a few months ago most of the nice properties went fairly quickly at not huge reductions. I think given the current state of the market buyers who find one flaw in any prospective property are just deciding to wait whereas they may not have done so in the past.

licnyc
4 days ago
ignore this person
report abuse I can't talk about Manhattan but at the suburbs where I am looking at, it is price chop after price chop. I put plans on hold as it feels like a falling knife. No bargains though as property taxes are high..

perhaps you didn't notice that this board is about property in nyc? not "the burbs"

stevejhx
about 6 hours ago
ignore this person
report abuse Prices are falling rapidly - in my Dumpy Rental, there are now nearly 20 apartments empty for many months, and they keep on lowering their asking prices. Still - no takers. There was a brief QEII blip, but it has died.

hey steve, provide the address and landlord name please. sounds like he needs help. also sounds like you are full of shit, but we'll see.

J homes, So now I am a piece of S____, because you think i may be jewish?
what happened you get bullied at the gym today? the muscle heads wouldn't let you spot for them bcs you look to frail?

no, you are just a piece of shit. religion has nothing to do with it.

does being Jewish make you feel like a piece of shit?

oh.. that's the cause of your anger, your favorite muscle head laughed at you when you walked out of the shower?

J homes, I don't know .. maybe you got a REAL SOFTENING when you were on your first date. ... can't figure the cause of your insecurities, maybe it is just that simple. you are just a dumb mother F#$KER

my building has a gum, so i get to shower at home. do you like to be naked around.other men aboutready? you seem fixated on the gym. like to see guys dicks? what woukd the rabbi say?

no home boy.. i did not say I weigh 200 bls (oh maybe you aid 90 kgs) and "i work out".. that was you who seem fixated on the gym.. you are just an insecure little child that is frustrated because you can't make it in the mans world.. you are a punk

no, your fixated on it brooksi. i mentioned that i work out once and you've been wet ever since. you were a little nerd in high school and got beat up by superior physical specimens and now you hide behind a computer, acting superior but wanking in digust with yourself, secretly hoping to be humiliated again. that is why the gym and locker room references brooks. sad. or, of course, you are aboutready. which is it?