Updated Manhattan RE forecast -- in a word, DEFLATION

Sorry, missed this relevant bit from the report above:

"New York City has been battered by Wall Street's implosion as thousands of jobs have been slashed in the last year. More job losses are are on the way, which will severely impact Manhattan real estate.

It'll take a while to have a major effect on Manhattan. Housing values will deflate over at least the next three years as the Big Apple joins the majority of the nation with falling prices as a result of the credit crisis."

This can't be true. Prices only increase in NYC. This must be a mistake or the writer has so ulterior motive.

Can't argue with that.

yeah how can anyone who is anyone argue with the housing predictor blogsite.. I don't make any buying decisions until I read the housing predictor. It predicts that Poughkeepsie will be going up close to 6% this year and that's where I'll be putting all my assets until the housing predictor gives me the sell signal.

Spunky's right. It's just ridiculous. Look at these other ridiculous predictions that website makes:

Top 25 US Appreciating Real Estate Markets
Rank Real Estate Market 2008 Forecast
1. Las Vegas, NV − 18.9%
2. Miami, FL − 18.1%
3. Detroit, MI − 16.7%
4. Phoenix, AZ − 15.8%
5. Riverside, CA − 15.5%
6. San Diego, CA − 15.1%
7. Sacramento, CA − 14.5%
8. Naples, FL − 13.9%
9. Anaheim , CA − 13.7%
10. Los Angeles, CA − 13.5%
11. Palm Beach, FL − 12.4%
12. Atlanta, GA − 12.3%
13. Boston, MA − 11.7%
14. Fresno, CA − 11.5%
15. Indianapolis , IN − 10.7%
16. Dewey Beach, DL − 10.7%
17. Cambridge, MA − 10.3%
18. Reno, NV − 10.2%
19. Fort Lauderdale, FL − 10.1%
20. Lawrence, MA − 9.5%
21. San Jose, CA − 9.1%
22. Bakersfield, CA − 9.1%
23. Portland, OR − 8.9%
24. Grand Rapids, MI − 8.9%
25. Cleveland, OH − 8.7%

CLEVELAND? How dare they say Cleveland has a bad housing market when Poughkeepsie has a good one.

Nonsense. Utter nonsense.

Yea that's right steve I do like their prediction that Glens Falls NY and Syracuse NY will also appreciate this year as well.
LOL

Can you imagine that? And to predict that Las Vegas will fall in price when the gambling there is so much better than in Glen Falls?

Where the hell is Glen Falls, anyway?

3.8% apreciation for the year? I thought steve and dco said we would be down 40% by the end of the year?

I know Glens Falls as a pit stop on the road to ski country in Killington, Vermont - there is a feeble outlet strip mall & it's right next to Lake George so somewhat of a summer resort spillover area. Downtown is pretty and historic but, like much of historic upstate New York, not exactly a current bumping metropolis.

"I thought steve and dco said we would be down 40% by the end of the year?"

Never said that, JM. All I ever said was that we would return to 2003 prices, but I don't know how long it will take. See my post on the other thread - awaiting your response to my, "No, I'm not objective. I have an opinion and here's what it's based on...."

Lake George, ha? Wasn't that the lake that was so acidic in the 70's or 80's that they dumped massive quantities of Arm & Hammer baking soda into to bring the pH level back to normal?

I think it is.

What a lovely place.