Prices going down & disappearing good apartments

um, you do know that the nummber of inventory has just exceed 9,000?

www.urbandigs.com

9,082 apartments for sale. I remember like it was yesterday when that number was barely over 6,000.

inventory is rising but how many are units that are considered good. I know good is a relative term but I have yet to a good apartment.

While putting data of the norm inidicate that the prices are declining but it is hard put a number behind units that are good in isolation.

I want to see if you had an unit which was good, would you put it out there or sit on it. I feel as though most of the units that are out, are the ones people bought for sake buying not for living.

Thoughts?

Of the 9,000 + apartments for sale, I am sure at least 5% of them are "good."

And "good" is a broad term. What is good to one person might be a dump to another.

It doesn't matter if it is a buyer's market, a seller's market, 4,000 inventory or 9,000 inventory: it will always feel like there are few 'good' apartments. You need to do your diligence to find one to your liking no matter what the market conditions.

I thought this was a good point that should garner more discussion as I said here also
http://www.streeteasy.com/nyc/talk/discussion/6090-are-there-any-buyers-out-there

Afterall, what good is it waiting for the right time to buy if "the one" is not available?

> As the prices go down, amount of listed are disappearing and with that decent apartments.

Where do we get these people?

alpine292 um, you do know that the nummber of inventory has just exceed 9,000?
www.urbandigs.com

Inflated numbers taken from a less then accurate web-site. They been high on inventory even before Q3 numbers were released. StreetEasy accuracies on numbers has been discussed before.
Try these;

http://www.millersamuel.com/charts/gallery-view.php?ViewNode=1168396827bKurV&Record=7

http://www.radarlogic.com/research/RPXManhattanNeighborhoodsReportforAugust2008.pdf

Miller Samuel is paid for by directly by Douglas Elliman.

Miller Samuel is paid for by directly by Douglas Elliman.

Though "good" is subjective, for NYC real estate I've found it generally means desireable geographic location, proximity to subway, good location within building (higher floor vs. ground) needs little work, low monthlies, good financials/flexible board (for a coop).

Sunlight, views and amenities such as doorman or elevator are a plus, but not a 'must have' for everyone.

When I was looking it was difficult to find something that met all these parameters. Price reductions will affect all areas of the market, but the good places will hold their value better.

It would be interesting to see inventory for 'good' apts today vs. a year ago, though I'd think difficult to come by.

stevejhx and your point?

Like StreetEasy is not?

Streeteasy is not a commissioned survey, like Elliman's is. Huge difference.

Streeteasy is also paid for by its members; Elliman is not.

Elliman has an interest in showing low inventory levels; one could argue that streeteasy has the opposite interest - to show what is available, as there are no commissions or fees involved.

Streeteasy provides information that makes the market more transparent; Elliman does not.

Plenty of reasons to trust streeteasy over Elliman. A final one would be how the people who frequent here keep their eyes open for and report inaccuracies.

What transparency is there in Miller Samuel's survey? Given the radical increase in listings reported by streeteasy that aren't reflected in Miller Samuel - when a year ago the figures were about the same - seems to indicate that something is amiss in Miller Samuel land.

stevejhx oh, if only you knew what you speak of.

Ok, ruff, tell me what I'm missing since you apparently know of what you speak.

stevejhx There's no use dude. You are who you are.

Find the truth out for yourself by finding an apt and putting in a bid. All this macro stuff is helpful if you sell research, not necessarily if you are buying or selling. Each case will differ.

Just wait until March. There will be a glut of new construction coming available at unbelievable pricing as for these builders will need to pay back bank loans. If you thought it was a buyer market now, just wait.

stevejhx is right (even though he pretends to ignore me and hates my guts because I also point out when he's wrong). Why would you trust a real estate brokerage's report on the state of the real estate market? They have an obvious bias. Independent third party analysis is key, and that's what Streeteasy is.

Both right I say. You gather info from both sides and you make up your own mind.

It's a Dick Cheney move on both sides, if you say it enough, it will come true.

"stevejhx There's no use dude. You are who you are."

If you say there's something wrong with streeteasy's numbers and that I don't know what I'm talking about criticizing Miller Samuel, at least you should explain why I'm wrong.

If you can.

"Find the truth out for yourself by finding an apt and putting in a bid."

Why would anybody want to do thta?

The interesting thing about all of this is that Miller Samuel shows a decline in pricing through the first two quarters, whereas Streeteasy shows an INCREASE.

Streeteasy shows a 7.7% median price decrease Q3 over Q2.... compared to the 9.4% from Miller Samuel.

http://docs.streeteasy.com/2008Q3_Report.pdf

Not a particularly huge difference..

Back to the original topic somewhat - any potential buyers want to list their requirements in terms of size, # BRs/BAs, neighbourhood, amenities, ppsf?

I'll go first:
3BR/3BA or maybe 2BA
2500 sqft
real tribeca, i.e. a few blocks around north moore
doorman
gym
outdoor space
$1000 psf

Record inventory numbers should mean that this will be achievable soon, right?

Oops, forgot to add, please state coop or condo.

I'm looking for a condo.

uws 3br 2ba 1500 to 2000 sq ft priced at $1 million, doorman, upgrades outdoor space gym view

Anyone else?

Seeing as it's lunchtime maybe a few more of you will post.

park ave, 4bd,4.5ba,3000-3500 sq ft, doorman, outdoor space, 77-83st..1400psft now your talking

"Streeteasy shows a 7.7% median price decrease Q3 over Q2.... compared to the 9.4% from Miller Samuel.

http://docs.streeteasy.com/2008Q3_Report.pdf

Not a particularly huge difference.."

nyc10022, look at the Q2 report - I said through the first two quarters.

2BR 2BA 2000 sq ft. Gramercy, Flatiron, Madison Sq. Private elevator, light, office.
1.5M Condo, Coop. WD, Cats.

> I said through the first two quarters.

Gocha. Though it doesn't seem like there is any debate on where the market direction is now...