Manhattan inventory down 6.4% since June

You mean 6.4% of sellers finally gave up?

Let us put this in full context:

"The Zip data don't include New York. But Miller Samuel Inc., an appraisal firm based there, says there were 6,441 cooperative apartments and condominiums available in Manhattan at the end of July, down 6.2% from June. The Manhattan market has been cooling recently as Wall Street firms shrink their staffs."

Thank you, Ponzi steveF!

no bear....robust sales, contracts being signed and deals being done..... ask TrueGotham and Urbandigs

Inventory is still up YEAR OVER YEAR.

your welcome........it feels good to help the less fortunate.

alpinelace.... the media is calling a housing bottom....uh oh your time is running out..better buy soon.

Given that NYC started its decline way after the rest of the country, a national bottom would infer a NYC bottom about two years from now...

Really? Because almost every economist out there is not predicitng a bototm anytime soon. The media does not have any knowledge of economics. The media is not qualified to call a houisng bottom.

Plus, it was awful wishful thinking to miss this part of the article...

"expect some further downward pressure on prices through 2009 as inventories continue to be worked off”

people listen to the media. people aren't that savvy....if the media says it's good out there they will jump. it's just a matter of time before the media senses public boredom or frustration with the same down housing story. So they do a 180 and start the cycle all over again to sell papers.

For the record, there is almost always a reduction in inventories in the summer.

The media are, in fact, saying that no bottom is in sight.

What's happening in the rest of the country started 2 years ago. Manhattan is way, way behind not only in terms of price collapses, but also in terms of the building boom. Much to come online soon - not counted in Miller Samuel's "inventory" as there's plenty of empty new development being released slowly, so it's not counted.

http://www.cnbc.com/id/26175788

no?....perfect example of the 180

"Prices in June were down 31 percent from a year earlier year in Riverside"

Yup.

steveF

>>> "people listen to the media. people aren't that savvy....if the media says it's good out there they will jump. it's just a matter of time before the media senses public boredom or frustration with the same down housing story. So they do a 180 and start the cycle all over again to sell papers."

Just one problem, those who are stupid enough to buy now, can't get a mortgage.

Look everyone, the newspapers, radio stations and popular magazines all statethat Real Estate will only go down. How can anyone argue with Newspaper headlines when it comes to forecasting.They are always correct just like Stevejhx and EW.

Same media that said that RE could only go up.

> They are always correct just like Stevejhx and EW.

Nope, we called them (andy you) wrong then.

Don't be defensive just because we were right...

Be nice to SteveF, Eddie. He's probably trying to unload his condo in Central Harlem that has been listed since last July.

Today my Streeteasy apartments for sale figure dropped about @2000. What's up? Is that possible in 1 day?

It looks like the bubble burst may have missed Manhattan. Looks like things have already bottomed out.

http://www.cnbc.com/id/26077610

yep, definitely not at the bottom.

once we stop hearing from the likes of SteveF and instead only hear of gloom and doom, that's when we know we're getting close.

until the monkey behavior of bottom picking ceases, we still have ways to go down. how many times have these monkeys picked their bottoms only to have to pick again and again... and yet, again? do you really think that this time, after all their failed "this is the bottom" calls, they've got it finally right? *sigh*

oh man, if you only knew what's in store for us, and in particular wall street.... i mean, i'm bearsih, but the stuff i'm hearing these days in meetings and in hallway talk is downright scary. the worst, by far is still yet to come. we've barely finished our appetizer folks.

at this point, even i will put on the monkey face and join in picking bottoms. the main course is something i don't want for this nation, as bearish as my stance may be.

yawn.

I don't know if we are at a bottom and think it is pretty silly to call one, but it sure is fun reading bears explaining away a 6000 unit inventory.

Bottom is here... let's move on to another topic..

http://www.cnbc.com/id/2617578

In Manhattan, at least, anyone who can afford to not list their apartment in the summer, will wait.
Whatch those numbers rise Sept. - Nov.

OK, today StreetEasy listings are back up. Must have been a glitch. And I almost rushed out to buy something. Phew!

Yeah - urbandigs is fixing the inventory glitch.

Yeah I almost bought too NYRENewbie. Especially after that fuckin idiot Juiceman took the glitch seriously. What a twat. Juiceman almost cost me 20% on a bad investment. I'd have to chase him down and beat his mouth with my putz!

Tony: "It looks like the bubble burst may have missed Manhattan. Looks like things have already bottomed out." http://www.cnbc.com/id/26077610

Funny, neither "New York" or "Manhattan" are listed in that article.

JuiceMan: "I don't know if we are at a bottom and think it is pretty silly to call one, but it sure is fun reading bears explaining away a 6000 unit inventory."

I was waiting to see which person on the "other side" (since they deny being bulls) would post on that. I'm surprised (and somewhat disappointed!) that you didn't start another thread.

Sales in Manhattan
We found 7,497 listings
Median price: $1,200,000 Median size: 1,148 ft² Median price per ft²: $1,164

Yes - the inventory figures are fixed. Still at a year's supply, still vastly overpriced.

Denial is more than a river.