CNN/Money list of where prices will fall the most NYC #10

The forecast is later than I would have thought:
Forecast
Price change :
(from peak to bottom) -35.1%
When they'll hit bottom: 2011:Q1
At bottom, prices will drop to levels last seen in: 2002:Q4

Do the 'home prices' also include condos though?

unsure in this case. the numbers might be worse then i guess

or better... I don't think the condo prices have gone done that much.

So basically this article is predicting another 23% decline.

meant to say an additional 23% decline. Gotta be careful with wording here.

as they say on here condo prices that are closing now were negotiated 18 months ago on average. hence the non-decline. that's is about to change

Here's a good example of condo movement, new (not really, just changed the apartment from 2G to 2GX) listing, Halstead, new conversion. 78 Lenoard, was $1.35m, now $980k, reasonable carrying charges, smallish bedrooms, open kitchen, listed at slightly under 1300sf, so under $800 psf.

have you noticed a lot of units are having their name changed, the numbers and letters reversed or dashes added to make them appear new to market. it's super annoying. like 34A at the chelsea stratus becoming 34-A. do they not think we will bother to look it up?

it really pisses me off. when i go to the open house i make sure to mention it loudly to my family.

Good. 2002 4Q level isn't that bad a fall. People were saying it would go down to 1990's level...

I don't buy this ONE bit. The researcher formula looks like they reversed the boom and came up with their formulated prediction which RE will plateau in 2011 1Q and bring us back to 2002 4Q asking or closing prices which brings us back to square 1. After all its only a prediction.

Would be interesting to see this for just Manhattan, rather than the entire metro area. Hard to extrapolate from data that is averaged across such diverse markets - median income $63K, median home price $435K doesn't really apply in Manhattan.

particularly like the affordability index of 7.4!!!!

heltr, I think it is just for Manhattan or New York proper, because there is a different category for Nassau County/Long Island, which is grouped in its own category.

I think it would have to be at least the five boroughs with a population of 11,561,625,

oh my, the list is all about florida!

man, i grew up in florida, good thing i moved to NYC. If manhattan loses 30%, and i would have lost 63%, I guess i saved 33% by moving to manhattan even in the worst time in X years. And i get to walk to work.