Amid Housing Slump, Glut Eases Slightly Manhattan, a market that until recently seemed immune to the housing slump, is suffering from the loss of Wall Street jobs and expected cuts in bonuses. A modest price fall in 2009 is "a distinct possibility" for Manhattan, says Jonathan Miller, chief executive officer of Miller Samuel, an appraisal firm based in New York. Jeffrey Jackson, chief economist at... [more]
Amid Housing Slump,
Glut Eases Slightly
Manhattan, a market that until recently seemed immune to the housing slump, is suffering from the loss of Wall Street jobs and expected cuts in bonuses. A modest price fall in 2009 is "a distinct possibility" for Manhattan, says Jonathan Miller, chief executive officer of Miller Samuel, an appraisal firm based in New York. Jeffrey Jackson, chief economist at the appraisal firm Mitchell, Maxwell & Jackson, says prices already have fallen on mediocre Manhattan apartments -- such as those that have little natural light or need repairs -- and are likely to fall further. "Demand is very weak right now," he says.
http://online.wsj.com/article/SB121727861946290899.html?mod=RealEstateMain_1[less]
Response by stevejhx
about 18 years ago
Posts: 12656
Member since: Feb 2008
How does "Demand is very weak right now" translate into "A modest price fall in 2009 is "a distinct possibility" for Manhattan."
Spin, that's how.
Demand is dead, inventories are rising, credit is not available, jobs are being lost, incomes are down.
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Response by east_cider
about 18 years ago
Posts: 200
Member since: Feb 2008
There's a "distinct possibility" that these guys are blowing smoke. The middle market ($1 million to $2 million) is sucking wind right now, and it has nothing to do with natural light or the need for repairs.
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Response by alpine292
about 18 years ago
Posts: 2771
Member since: Jun 2008
There is also a "distinct possibility" that we will have a new president on Januray 20, 2009.
Back in 2006, a realtor in Phoenix by the name Greg Swann wrote on his blog, Bloodhound, a piece titled "23 Reasons to Bank on Phoenix" Since then, prices in Phoenix have come down by (WAITING FOR IT) 23%!!!! I guess the piece should have instead been called "A distinct Possibility of a 23% Price Drop"
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Response by JuiceMan
about 18 years ago
Posts: 3578
Member since: Aug 2007
Everyone that says something opposite of steve's opinion is spinning - anyone that agrees with steve is brilliant. steve, I think you are a phony albeit an entertaining one.
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Response by stevejhx
about 18 years ago
Posts: 12656
Member since: Feb 2008
"I think you are a phony albeit an entertaining one."
Well JuiceMan, given how much I value your opinion, that means a lot to me.
Yet again, "How does "Demand is very weak right now" translate into "A modest price fall in 2009 is "a distinct possibility" for Manhattan.""
It can't. "Very weak" cannot equate to a "modest price fall." "Moderately weak" can, but not "very weak."
Learn to read between the lines. So far in this enterprise, I'm batting 1000 and you're about at 0, and I suspect it'll stay like that.
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Response by JuiceMan
about 18 years ago
Posts: 3578
Member since: Aug 2007
"I'm batting 1000"
How might that be?
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Response by EddieWilson
about 18 years ago
Posts: 1112
Member since: Feb 2008
I like how anyone is still taking data points from brokers....
Granted, if *they're* saying its weak,y ou know the market is screwed...
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Response by stevejhx
about 18 years ago
Posts: 12656
Member since: Feb 2008
"How might that be?"
Which way are prices going, JuiceMan?
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Response by mbz
about 18 years ago
Posts: 238
Member since: Feb 2008
More signs of things to come. This is from Silicon Valley where signs of aggressive seller competition ar emerging among high-end properties. Like NYC, Silicon Valley has a laundry list of reasons why it wont be affected:
How does "Demand is very weak right now" translate into "A modest price fall in 2009 is "a distinct possibility" for Manhattan."
Spin, that's how.
Demand is dead, inventories are rising, credit is not available, jobs are being lost, incomes are down.
There's a "distinct possibility" that these guys are blowing smoke. The middle market ($1 million to $2 million) is sucking wind right now, and it has nothing to do with natural light or the need for repairs.
There is also a "distinct possibility" that we will have a new president on Januray 20, 2009.
Back in 2006, a realtor in Phoenix by the name Greg Swann wrote on his blog, Bloodhound, a piece titled "23 Reasons to Bank on Phoenix" Since then, prices in Phoenix have come down by (WAITING FOR IT) 23%!!!! I guess the piece should have instead been called "A distinct Possibility of a 23% Price Drop"
Everyone that says something opposite of steve's opinion is spinning - anyone that agrees with steve is brilliant. steve, I think you are a phony albeit an entertaining one.
"I think you are a phony albeit an entertaining one."
Well JuiceMan, given how much I value your opinion, that means a lot to me.
Yet again, "How does "Demand is very weak right now" translate into "A modest price fall in 2009 is "a distinct possibility" for Manhattan.""
It can't. "Very weak" cannot equate to a "modest price fall." "Moderately weak" can, but not "very weak."
Learn to read between the lines. So far in this enterprise, I'm batting 1000 and you're about at 0, and I suspect it'll stay like that.
"I'm batting 1000"
How might that be?
I like how anyone is still taking data points from brokers....
Granted, if *they're* saying its weak,y ou know the market is screwed...
"How might that be?"
Which way are prices going, JuiceMan?
More signs of things to come. This is from Silicon Valley where signs of aggressive seller competition ar emerging among high-end properties. Like NYC, Silicon Valley has a laundry list of reasons why it wont be affected:
http://www.viewfromsiliconvalley.com/id432.html