The Bubble: Case in Point

what is unique about this listing. Tribeca lofts doubled in that timespan.

when will buyers face a reality check...prices are not dropping.

Kgg: didn't say it's unique, just making a comment. And, you made my point: prices doubling over 3 years. It's not a new point, I'm just disgusted by it, particularly today.

Julia: I've been in RE a long time, born into the business. Even cheerleaders Michael Stoler & RE weekly say prices are going south. Either you're a broker or new to RE.

"when will buyers face a reality check...prices are not dropping."

Julia, let's at least wait for the 2009 spring selling season results, assuming it can even be called that. I have a bad habit of focusing at the larger economic picture as prices will eventually reflect their underlying fundamentals. The global stock & credit markets are indicating that there is something very wrong with the major industrial economies, all of which are leading indicators.

IMO, it would be difficult to imagine that a pocket of air space situated at the center of this financial fiasco can stand up to a picture that has turned south to the extent this one has. It wouldn't be too surprising if more than a few of these ambitious asking prices have quite a bit of air underneath them.

Let's see what happens on Capitol Hill on Thursday. Things change fast these days.

The airspace you are referring to is the air under a lever. The lever is gone.

Ok Dwell here's one for you. Think the listing dates are screwed up but what a joke.

http://www.streeteasy.com/nyc/sale/23613-condo-100-west-89th-street-upper-west-side-new-york

The only thing going for it is that it's a condo. Low ceilings ugly micro-hood.
This will have to drop 40% to find a buyer.

"prices are not dropping."

Yup.

"The lever is gone."

:-)

and the commercial RE market isn't far behind.

Kgg, 100 w 89th is a 37% increase in 2 years. I hear you. And, I know I'm not breaking news, but, it's outrageous & it's been outrageous for a while. Now I'm reading the the bld which contains the apt I discussed (disgust) is on a land lease which is coming due!! How can ya value anything today?

Serge07, what's your take on commercial? I'm thinking that anyone who bought commercial since 2004 with 5 yr debt is screwed.

will, wish I had your optimism.