Manh. apt sales fall as buyers wait out turmoil

When so much of the inventory is overpriced junk on the fringes, what do you expect? Selling overpriced crappy apartments in "up & coming" nabes is so '07. 2012 will be 'more of the same' - so should we expect another 12% drop in sales (for 4Q) coupled with further price declines? I guess maybe it has paid off to be among those buyers waiting out the turmoil. If I can just hold onto my job for ONE MORE YEAR.... Anyone else feel this way?

The comment about capital gains in 2010 is interesting, but I think two factors may be more important in 2011 and forward. First Wall Street is downsizing and for those that remain bonuses are smaller and in non-appreciating stock, so those buyers are more skittish. Second and maybe more important liquidity is drying up and it takes longer for a transaction to occur. For someone buying the concern of having to sell into an illiquid market will generate pause. I have to agree that for 2012 sales volumes are apt to be sub-par.

It's funny, but I feel like I have read this same discussion the whole time that I was looking for an apartment. Basically, you have to save money for a long time or else you have to be fortunate enough to have someone give you the downpayment (parents mostly likely). But for many people who don't work on Wall Street, you just save over a long time if you want to buy an apartment in the city or you decide on a less pricy alternative. There are always nice apartments on the market because everyone's tastes and requirements vary so there is something for everyone if you look long enough and also you need to see the possibiltities in a space and be willing to spend time and money on renovations. I saw several apartments that i could have lived in while I was looking- some I bid on and lost, some I decided not to bid on, etc.

Bottom line. It was a bubble. For sales to pick up prices need to drop. and will.

I agree lobser, but what sane lender wants to lend more than 75% of the home value. It's just a fact of life that parents with means help out the kids. This will never change.

There will always be exceptions to the rule, and it's not what you think (properties in the choice nabe overlooking central park, for example).

What if you could go back in time and invest something in an "up & coming" nabe like Williamsburg where new developments didn't hide their full glut and glory amidst confidence at all time lows back in the tail end of 2009? If you were a rational actor, you would have wasted no time to convey your incredulousness on this board and talk about the shody building quality, pollution issues, and the silliness of the L-train commute let alone the merits of renting vs. owning. If you were less rational like me, you would have almost pulled the trigger.

Anyways, one comp does not a convincing argument make, but still merits a stiff drink:
http://streeteasy.com/nyc/sale/630381-condo-72-berry-street-williamsburg-brooklyn
09/29/2009 Corcoran Listing sold. Last priced at $499,000.
09/29/2009 Previous Sale recorded for $475,000
08/23/2011 Listed by Corcoran at $599,000.
11/28/2011 Listing entered contract.

26% can buy a lot of whiskey

The fact that it's a studio with a windowless den merits another. Salut!

Freewilly - point taken. Unless you put all your cash in Apple back in 9/09, this is a great return & back in 2009 I too had that 'rational' feeling that said prices were trending down so it really didn't make sense to 'pull the trigger.' BTW: Did you see the note about must be "All Cash Deal." It will be interesting to see how this ends - do you think someone dropped 600K all cash for this place? How many buyers looking for a studio have 600K cash? OK, don't tell me coz I am sure that once again I'll be floored to learn how 'common' it is!