A Good Day For Bears
Today’s article in the NY Times about falling Manhattan Real Estate prices was certainly encouraging from a bear perspective. (FYI, the NY Post had a similar article today too, based on the same data that was contained in the Times article.)
As I have said in this space before, I believe that some of the strength in Shore housing prices is probably due to Manhattan money finding its way to the beach to buy condos in Long Branch, summer houses in LBI and weekend estates in Spring Lake (for the really wealthy.) If prices really are coming down in Manhattan, than I think eventually house prices at the Shore will have to come down too. At the very least, a decline in Manhattan apartment prices will prompt fewer people to cash out of there co-op on the upper west side and buy a Manalapan McMansion.
As I have said in this space before, I believe that some of the strength in Shore housing prices is probably due to Manhattan money finding its way to the beach to buy condos in Long Branch, summer houses in LBI and weekend estates in Spring Lake (for the really wealthy.) If prices really are coming down in Manhattan, than I think eventually house prices at the Shore will have to come down too. At the very least, a decline in Manhattan apartment prices will prompt fewer people to cash out of there co-op on the upper west side and buy a Manalapan McMansion.
posted by Little_Silvered at 5:47 PM
1 Comments:
Kind of goes counter to the it "only goes up" crowd and they "don't make anymore land".
I have seen this line used back in the late 1980's and early 1990's.
Of course the real estate market was dead.
Japanese land prices fell over 60% from top to bottom. Only after about 13-14 years has the land prices in Japan finally turned up.
Finally Fannie Mae the life suppport for housing is in deep trouble. Corruption and cooking the books could sink this company, but it's very concerning that very few are reporting about this.
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