Tuesday, August 22, 2006

Update from NYC

The NYC market, like most markets, has cooled considerably since last year. Someone pointed out recently that during the last housing downturn, many NYC families became trapped in their 2 bedroom condos because prices declined too much, forcing a much longer stay in the City than was originally planned. The “trapping” arises when a newly married couple decides to invest in a two bedroom with plans to sell three or four years later when junior eventually arrives. Back in the late 80’s and early 90’s though, when junior finally did arrive, the co-op “investors” were already underwater making the move to Chatham or Shrewsbury very expensive or impossible. At least in this decade though, NYC is much safer than it was in the late 80’s so trapped co-op owners might not be as desperate to escape when the first kid arrives.

From Today's NY Post - Snip…

["We have a classic stand-off between buyers and sellers in New York," said Miller Samuel CEO Jonathan Miller. "Housing inventory is at the highest level since the late 1980s and demand has cooled off."

In the second quarter of last year, it took 102 days to shift a unit on average. By the second quarter of 2006 this had soared to 144 days.]

Full article…


Anonymous Anonymous said...

It's not only Manhattan, but the outer boroughs as well. Take note sellers and brokers in Monmouth and Ocean. Less houses selling in Staten Island and Brooklyn as well as in North Jersey will mean less buyers flocking to the shore. Time to get real with your pricing - the glory days have ended.

Tuesday, August 22, 2006 9:47:00 PM  
Anonymous Anonymous said...

"Time to get real with your pricing - the glory days have ended."

Amen brother...

Wednesday, August 23, 2006 4:07:00 PM  
Anonymous Anonymous said...

July June
2006 2006
Total number 91,000 102,000
Under $150,000 14,000 16,000
$150,000-$199,999 21,000 23,000
$200,000-$299,999 27,000 30,000
$300,000-$399,999 12,000 17,000
$400,000-$499,999 5,000 6,000
$500,000-$749,999 7,000 7,000
$750,000 and over 4,000 3,000

New home sales actually rose for homes over 750K but fell 4.3% overall the 300 - 400K homes biggest hit.

Mr. Rant

Thursday, August 24, 2006 10:08:00 AM  

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