Where is the NYC/ RE crash ???

Unfortunately, most people here keep saying prices are going down, down, down when in reality nothing has changed. Maybe later, but not now.

hahaha!

kalahari is willing to deal -- but small #s -- most others arent budging more than 1% still, but keep heart -- I should be able to get a nice 3/2 in UWS for a $1million soon.......... (had had to adjust for the interest rate)

Yeah right! Nice try joker broker. What was the property. Let us check it out.

On several properties (range 1.5-2.0 million) I had looked at this summer the price dropped from between $30K and $200K. THese are East Manhattan prices. Few after 3-6 months are in contract. There was very little pressure on us to buy, and brokers called us from a few of them to advertise price decreases. This summer.

Do not give goingdown any information. This guy is so depressed he's dangerous. No amount of Prozac can cure him.

dryship: Your broker may have screwed you over by not being honest with you.

Was asking price under market so that a bidding war would ensue?

Also, is this apt broker's exclusive or a co-broke? Some brokers screw their clients if it means they'll get a bigger commission.

Ask the broker to explain what happened, but reality is you may never know the truth.

Realize that the broker is a factor in the deal, so,it ain't just you, as buyer & the seller.

If you really,really, really love the place ( & don't mind over paying), call the broker and ask what you can do to get it, but realize the broker may be a snake.

sorry & good luck.

dryship: There will be other apartments. Not every apartment in New York City is losing value. It amazes me how attached we can become to something we don't own to begin with. So what if someone out bid you on the apartment is that the only apartment you can afford out of the 8000 inventory? Who knows maybe that buyer may not get the loan and you can go in and lower. Just tell yourself its only an apartment.

I think one can still get get good deals on crappy apts with crappy views with crappy layouts and in crappy neighborhoods. All other apts good luck.

you will love something similar even more at half the price in two years -- remember -- real estate is just an investment.....

I've visited over 2 dozen open houses on the UES in the last 3 weeks. All 2&3 BR's, south of 86th to the mid 50's....I've received calls from brokers for 6 diff units, with price reductions ranging from 7-20% (the 20% was identified as belonging to a "sponsor")...The calls all stress how "negotiable" the new prices are, but strains of urgency are clearly evident. "We're willing to listen" or "make ANY offer"..Obviously, we can't know everyone's specific story, but clearly this trend is real and it will continue..Holding NYC Real Estate values in total vs NYC earned income shows similar, imbalances as rent vs buy...Expect more stress shortly (down 20-40%) if incomes, rents, vacancies hold ultimate sway over pricing, as they have in EVERY real estate market in history.

Hey spunky - how's that C and MER investment holding up for ya?

dryships -- tell us a little about the apt. Co-op, condo? Price/sq ft. If you give us some details on the financials maybe we can help out. Was there something unusual about the place? Perhaps it was just priced right for the current environment.

Yeah right! Nice try joker broker. What was the property. Let us check it out.

Well. Still waiting for the listing...

Something smells funny here. If there HAD been a bidding war, why weren't you informed so you could bid higher? This just sounds a bit off, OP.

Spunky is the best person to listen to regarding investing. He made very wise decisions in the market very early into this decline and not only purchased Merrill Lynch at I think around 45, and Citi at maybe around 36, but he also announced these brilliant purchases on this site while every one said he was crazy. Now, he thinks crappy apartments with crappy layouts in crappy neighborhoods may be good buys, but the rest are not. Listen to the elitist, he is not a contrarian indicator. He's back with some more advice. So, do yourselves a favor, people, and sell your crappy apartments and buy the prime ones. You are sure to do fine by spunky's advice, just because he was off in his stock market calls does not mean he knows nothing about real estate whatsoever.

what is wrong with some people ! I have been informed to bid higher but a. I did not believe the broker with all those rumors that I hear every day about crash , b. there is no way I will pay more than an asking price. I am not a broker I am just raising a question : What is the real truth with the NYC Real estate ?

can not release yet exact info because the offer is too tender but , the building is bet 80th and 86th street ,1500 per sq foot ,11 feet f/ceiling , 9 f windows . No transer taxes .

Dryship: I think you answered part of your question when you said you wouldn't pay more. So, you weren't willing to engage in the bidding war. That's cool. You got a budget or financial principals & know where to draw the line. If only Wall St could have had your attitude.

As I said before, sounds like your broker may have screwed you & not have been completely honest w/ you. That happens, so be aware that the broker is primarily out for him/herself, not you. Don't trust a broker 100%.

Now, you ask why didn't your personal experience correlate to lower prices. First, at this moment in time, not all Sellers need to or are willing to reduce price & that seems to be what happened in your case: I think the apt was priced a bit below "market" and,like bees to honey (?), the price attracted many buyers, thus, with multiple offers, the broker could orchestrate a 'bidding war'.

Perhaps you were not asked to fully engage in the bidding war because the broker sensed that you wouldn't pay a penny more, so why waste time on you?

Also, realize the many sellers & brokers are in denial re: new lower pricing and so they play the bigger fool theory: The biggest fool pays the highest price right before the plunge. So, the person who won the bidding war is the bigger/biggest fool.

Now, you didn't want to pay more than the purchase price, so you didn't get it. But, as time goes on, you will see prices decline & you'll get better value.

So, your experience didn't reflect the new reality of lower prices due to (1) the the 'fools' who engaged in the bidding war and (2) the sellers and brokers who are in denial re: lower pricing.

Live & learn. You'll know better next time and maybe you dodged a bullet.

Julia - YOu sound like someone that denied the credit crisis 12 months ago, because stocks were trading at high levels and didnt correct yet, and no banks failed yet. Look at us now.

To deny the combination of forces out there and to claim that all is well because nothing is down yet, is to not understand what is going on.

Idiots like Steve..& associates in this forum are "real estate perverted".

urbandigs: you have been right all along. I look forward to the possibility of finally buying in '09!

"urbandigs: you have been right all along"

Maybe on the credit crisis but he also has been very public about the number of buyers he has had this year and at times has been incredibly busy. If Digs really knew what was going to happen would he have helped all of those buyers into apartments over the last 9 months? He will say that he got them all incredible deals but did he get them good enough deals to endure 30-50% declines (as many on this site predict)? Oh, the conflicts of an honest broker.

"can not release yet exact info because the offer is too tender"

Now we know that dryships is Julia and that Julia is a broker at Ardor. Henceforward, credence should not be lent.

"If Digs really knew what was going to happen would he have helped all of those buyers into apartments over the last 9 months?"

JuiceMan - I sense a double-standard. Haven't we always said that a) if someone wants to buy they should; and b) if they have a long-term horizon there was nothing wrong with buying.

Blaming the salesman when the client is a sophisticated Manhattan buyer makes no sense. You can only blame a salesman when they deceive someone who has no way of knowing better.

Juice - expect nothing less from you. Buyers that come to me ALL come to me as readers of UrbanDigs, meaning, they READ what I write and my views on the markets.

They come to me because they are seeking a level of consulting, advice, and opinion that they couldnt find with a broker that simply doles out BS to bid the highest price possible and insults their intelligence. I had this exact argument so many times with posters on this board, and my response is, do you know what conversations I had with these buyers?

NO! My buyers who bought, already made the decision to buy knowing full well the state of the market. They used me to get the right product at the right price, and yes, I negotiated a deal for all the transactions. If you ask me how many buyers reached out to me, that asked me questions, and ultimately decided not to buy, I would say it is in the 30-35 range for 2008 alone.

Easy there big fellas. I was only saying that if digs truly knew what was going to happen with the Wall Street meltdown, than his advice to his clients may have been different. His coverage of the credit crisis has been terrific, but no one predicted (even Digs) what was coming.

"Juice - expect nothing less from you."

Really digs? Interesting, I've been quite a public supporter of your efforts. I guess you have a short memory.

you brought up this before, didnt you, or am I confusing you with someone else that stated this exact argument about 6 months ago? The argument was, digs, you talk like the end of the world is coming so how in the hell can you honestly work with any buyers; to that nature.

Sorry for confusion if I thought you brought up this same argument last time, that was what I meant by the first statement. Maybe it was spunky. Maybe someone else. Point is, this exact conversation has occurred 3-4 times already. People miss the point. If you are going to buy and choose to have representation, would you rather be working with a broker that is clueless of the macro world around him and argues to bid at or above previous comps, because this is Manhattan and Manhattan is the best?

Personally, I wouldn't. My apologies.

@stevejhx , why do you have to be so extreme and opiniated every single time , especially when you know that you are wrong !! I just had a bad experience and I am asking for opinions . The unit is a condo in one of the top five new blds in the area. The owner had an open house for some brokers thet he was affiliated with and it is not even listed yet and it is gone in less than five days.My offer was cash and still have a hope they might get back to me .All am I asking is where the hell is the crash ??

Face facts, RE prices just do not fall the next day after the market falls. RE prices fall over time due to the market. We are one 1 week out from the "Crisis of '08" you give this market 3-6 weeks of pressure from builders that have to have certain occupancy numbers and contracts from their bank lenders, and then you will see drops (and deals being make) to get people into new developments to quickly fill quotas. And if new developments are competitive, then other sellers will be dropping asking prices as well. 2002-2003 prices will be here before 2009.

dryships, we are all still waiting for you to back your BS claim.

"The argument was, digs, you talk like the end of the world is coming so how in the hell can you honestly work with any buyers; to that nature."

I believe I did ask that question at some point and think it was a fair question, and you answered it (I'm sure there was additional color to the conversation from me and other posters). Again, my point above was that nobody called what was going to happen on Wall St. If people would have known what was going to happen, all of our personal and professional decisions would have been different. Apologies if I offended digs, was not my intention.

not at all Juice! But not to sound egotistical, I did know this was coming (but I was surprised when the shit all hit the fan at once a few weeks ago, and I knew AIG was in trouble, but didnt think that much trouble for their cds issuance) as all my old trader friends are now CDS traders, hedge fund managers, asset managers, corporate HY/IG traders, etc.. and we do all keep in touch with each other.

As I said JAN 2nd 2008, and couldnt be more clear:

http://www.urbandigs.com/2008/01/bonuses_its_2009_that_will_hur.html

"The derivatives trade of securitizing loans and selling them off in pieces on the secondary mortgage markets generated billions in revenue for these banks & brokerages. Now that the housing bubble popped nationally, risk has been re-priced, secondary mortgage markets are not functioning properly, liquidity dried up for mortgage backed securities, and the announcement of billions in losses and potential insolvencies, THE GAME IS OVER! How will these banks and brokerages generate the kind of revenue that they got used to generating the past few years?"

Back then, it reminded me of decimalization that ended the game for us day traders who got used to big spreads, volatile markets, when trades were in fractions. I try to put my opinions on a public record, so its easy to go back and criticize or confirm later on.

Agree dryshit is a fake. If it was real, it would have responded to the scenario I set forth.

Julia, still looking for that dream studio/1 BR/rental/2BR/pied a terre/my sister/my daughter/if it's Tuesday this must be Belgium.

dryships: "stevejhx , why do you have to be so extreme and opiniated every single time , especially when you know that you are wrong !!"

I'm not wrong. If "opinionated" means having an opinion, then I do.

dryships: your story really does not make any sense at all. Worse, do you *honestly* believe you can have *any* impact on Manhattan prices by posting stories (even if they were believed) here? Why are you wasting your time?

Put a bid on an UES apartment(2 bed/2bath-1300sq.ft.) Bid 45,000 less ask on a million+ coop.
Their answer...pay ask or walk. So I did the Nancy Sinatra and, that was that. Falling prices? Not Yet!

Holy Sh!t. Even tech_geek realizes prices are going down! The world has taken a turn for the surreal...

@ techguy I guess my story does not make any sense for the low class but the apt was vanished before even was listed,in a white glove bld, maybe this will make sense to you . The point of my threat was not to engage in any conversation with the "spectators" that wait for the sky to fall, this is a waist of time !! but to hear people's experiences and opinions and see if maybe was only a matter of luck.I am not going to give any attention to the depressed ones . Period .

"Hey spunky - how's that C and MER investment holding up for ya?"

C was up 2.5 bucks today so I guess it held up pretty good. Keep in mind day trading stocks or flipping apts are performed only by those who really know how to time the market. I'll leave that to all the geniuses out there who know exactly when Manhattan RE will crash and when it will rebound.

This moron has yet to tell us what the property was. What a LOSER!

dryships: "...this is a waist of time"

I've been wondering where DCO was... Holy shit - he's gone bull on us!