Sales price plateau in Greenwich Village?

Oh come on. Since 2010, that was just 5 years ago. What kind of time horizon did you have? If you really need to be pinching pennies, just cut out the tip to your garage attendants and lower the Christmas tip to you building staff. Jeez, if you are going to live on edge financially, you might as well move to Florida.

Kylewest;

1. I am seeing a similar phenomenon in Fort Greene

2. however, it is too soon to know whether the market has
peaked or whether the last two months turmoil in world
Chinese and American markets has caused a stall while
fence-sitters wait to see where the markets are going

What was it we had for dinner tonight?
Kyle: well, we had a choice of steak or fish.
rb345: yes, yes, I remember, I had the lasagna.

I guess data is speaking for itself - http://therealdeal.com/blog/2015/09/29/so-about-that-hot-manhattan-resi-market/

The median co-op price was down 4% from the second quarter, to$730,000 while condo prices rose to a record level of 1.475 million, therefore the overall median price went down 3% due to a decrease in co-op prices.

Urbandigs reported the number of contracts signed in Auguest was down over 16% from last year while Corcoran reported the number of signed contracts was down over 6%.

1. the most reliable statistic is price/sq.ft.
2. otherwise product mix of units sold will distort quarter-quarter comparison

3. and that is complicated by the fact that so many brokers lie about the
size of the apartments they are selling, thus making data dependent
upon their footage reporting unreliable

4. same o similar unit comps, which one of the federal agencies
uses, are more reliable, bot perfect because they are not usu-
ally adjusted for property condition or improvements or related
party sales

5. the most reliable barometer on the market is the number of emergency
room visits made by unsuccessful buyers and that number is still rising

sell everything NOWWWWWWWWWW ... or. . . . maybe not

No Admin, unless your time horizon is as short as Kyle's. Hopefully you didn't waste money on a renovation that you can't recover.

you didn't get the reference

http://www.cnbc.com/2015/10/01/manhattan-real-estate-hits-new-price-record.html

I don't even understand the snark. What "time horizon" do I supposedly have? I'm not selling.

Kyle:

1. ignore gothamsborough
2. he's just a troll looking to annoy people

3. if we all ignore him he will hopefully slither
back into his own burrow

@kylewest - If I thought anyone was immune to his baiting, I thought it was you. The troll knows full well that you are not a market-timer and do not view your home as pure investment decision; he is just bored and is trying to get a rise out of you. Were you feeling particularly charitable, you could throw him a bone now and then.

Hey multicityresident, do you pay NYC taxes?

Yes.

Well then call yourself NYCresident, why don't you?

Wouldn't feel right because I am not there enough. It is one thing to be a resident in the eyes of the law and another to be a real resident. There is nothing that I would like more than to be a real NYC resident, but I could not hold myself out as one vis-a-vis all the real New Yorkers on this site. This is why I have a special contempt for individuals like HWNCNBM who take all the benefits of the city but then skirt the burdens and then have the gall to call themselves New Yorkers.

@Admin2009

Everyone else got the reference , LOL

hwncnbm ?

Kyle,

I think what you are seeing is ridiculous listing prices and prices cuts from there.

This one worth $4mm max as it needs a gut.
http://streeteasy.com/building/30-east-10-street-new_york/10n

Ridiculous listing price for this one. WIll have to cut 1mm.

http://streeteasy.com/building/838-greenwich-street-new_york/1ab

Same way 37 east 12th will have to cut the prices to $2500 as sq ft to move it.

12 East 13th managed to move at $2200 per sq ft for new construction.

I agree Mercer. But frankly many of the asking prices from the past couple of years seemed a bit fantastic and then we saw the units selling at ask or above. So I get why sellers have kept nudging their asking prices upward to test what the limits are. I think we found them for the time being. But finding limits is far from prices falling. No indication of that at all from what I see.

Yeah, a "plateau" is "far from prices falling".

ask steve f. buy now or be priced out forever, rah, rah, rah shishbooombahhhhhhh. repeat.

I've seen prices GV plateau as well. A good example is the Butterfield House. Prices have been reduced and units are still sitting.

The same thing is happening in northern Brooklyn, in my opinion. Lots of little arrows pointing down, as we used to say.

Flutistic:

What parts of Northern Brooklyn are you referring to

All, really, in the $1 mil to 1.5 mil, SE reports 22 price cuts, but I know there are more than that because I know of apartments for sale that aren't on SE.

Flutistic:

1. the north Brooklyn market varies in terms of location convenience and desirability
2. from my observations the peripheral properties are showing the worst effects

3.while the choicest prime parts are still holding up well
4. is that yours as well

Well sure, rb, every property is unique. There are always properties that cut through the mix, in any market. Talking about the run of the mill nice apartment in the lowest reaches of the mansion tax. But the numbers in Brooklyn are a striking departure from, say, 3 years ago or so. Sellers are unrealistic and some are not prepping their properties well---I don't mean staging, I mean basic cleaning. Zillow predicts a price slide for 2016 of 2-3% YOY, I think it's going to be more than that. Sellers markets will turn into buyers markets eventually. And don't forget those 22,000 new apartments coming along:
http://www.crainsnewyork.com/article/20150818/REAL_ESTATE/150819520/northern-brooklyn-set-to-get-22000-new-apartments-by-2019-report-says

cbreeze, on your butterfield house comment. I think the current listing are expecting to sell at new condo prices. For example the ~2000 sq ft max 3 bed, in ok condition (no bathroom pictures may be a tell) at 4.3+ million? I would have
thought market price is sub 4mm and the new owner can spend $300k for sprucing up and redoing bathrooms etc.

http://streeteasy.com/building/37-west-12-street-new_york/7j

Not west village but definitely overreaching
http://streeteasy.com/building/stewart-house/3g

5 months on the market, has that been common around $4 mill in GV?

it's common . . . . if it's really worth $3 million

The J line is around 2200 sq ft according to a previously listed unit. Two J units on lower floors were asking $3.6M in 2010 sold for around $3.4M. It is a bit ambitious to ask over $4M but 5 months?
I was also looking at the 2BRs. Several sold for $2.8M last year or earlier this year pretty fast and there is one higher floor unit that just had a $300K reduction now at $2.6M.

http://streeteasy.com/talk/discussion/40369-can-i-still-live-in-manhattan

http://streeteasy.com/talk/discussion/40567-sale-at-302-w-12th-street-2f

Is Greenwich Village still at its "plateau"?