Wednesday, January 04, 2006

NY Numbers Down

Today’s big housing bubble news came via a report showing a sharp decline in the number of co-ops and condos sold in NYC in the fourth quarter of 2005.

The repercussions of the slowdown in sales activity in NYC should be interesting for the Jersey Shore. As this blog has said in the past, most people have to first sell their Hoboken or NYC apartments first if the want to move down to Monmouth County as the size of their family grows.

From today’s WSJ

[Sale prices of condominiums and co-ops in Manhattan continued to rise last year, but there was a sizable decrease in the number of sales, according to reports by two of the city's largest real-estate brokers.

Corcoran Group reported the number of sales of Manhattan condos and co-ops dropped by about one-third from 2004 to 2005. Similarly, Prudential Douglas Elliman said sales slipped 27.2% in the fourth quarter compared with a year earlier.

While housing in Manhattan is unique because of the large number of wealthy buyers and barriers to new development -- especially the lack of available land -- the city is watched for possible trends that could emerge in other U.S. cities.

"What you are seeing is a pause, a holdback," says Jonathan Miller, president and chief executive officer of Miller Samuel, a real-estate appraisal firm based in New York that prepared the Prudential Douglas Elliman report. The decrease in the number of sales came as inventory returned to normal levels after being unusually low in recent years, Mr. Miller says.]

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