will NYC/Manhattan real estates go down ....

[Dancing Fire]

with all these big financial institutions disappearing in the pass few months?

 

[strmrdr]

yes

 

[goobear78]

No.

 

[Ellen]

Not just NY. Hubby talked to his brother last night, and his DIL''s father was down in Florida last week. Beachfront condos, normally starting at 500,000 were severely discounted. He picked one up for the bargain basement price of 150,000.

 

[CDNinNYC]

I''ve already noticed a drop in prices for the units in our condominium.

 

[Beacon]

NYC prices should soften. Many people either out of work, reduced bonus or just reluctant to take on a bigger property. However, I doubt a real estate wipeout is in store.

 

[diamondfan]

Seems like certain things might move a bit but not tons. Florida has been in the toilet for a long time now.

We were at the beach over the summer and saw some homes, prices were down a bit but not much. Now I am curious what the impact of these financial crises will be. Hard to know, seems like it does not go down when I am the one looking at something. But really, it has to have some ripple effect.

 

[Harriet]

Date: 9/30/2008 11:27:18 AM
Author: Beacon
NYC prices should soften. Many people either out of work, reduced bonus or just reluctant to take on a bigger property. However, I doubt a real estate wipeout is in store.

Has that ever happened in NYC?

 

[LAJennifer]

Date: 9/30/2008 11:16:51 AM
Author: Ellen
Not just NY. Hubby talked to his brother last night, and his DIL''s father was down in Florida last week. Beachfront condos, normally starting at 500,000 were severely discounted. He picked one up for the bargain basement price of 150,000.

Where in Florida? I want one.

 

[stone_seeker]

I hope so. $2000 / square foot in manhattan is ridiculous.

But i doubt it will soften that much, especially with the government protecting the banks. Why do you think all the NY congresspeople voted Yes yesterday?

 

[Beacon]

Date: 9/30/2008 12:35:16 PM
Author: Harriet

Date: 9/30/2008 11:27:18 AM
Author: Beacon
NYC prices should soften. Many people either out of work, reduced bonus or just reluctant to take on a bigger property. However, I doubt a real estate wipeout is in store.

Has that ever happened in NYC?

There have been bad times, especially in the mid seventies, the late eighties. In the aftermath of 1987 crash many people lost their job. As I recall smaller apts, like studios and one bedrooms fell worst.

 

[purrfectpear]

They already have been for the last several months. See curbed.com

 

[Dancing Fire]

Date: 9/30/2008 12:35:16 PM
Author: Harriet

Date: 9/30/2008 11:27:18 AM
Author: Beacon
NYC prices should soften. Many people either out of work, reduced bonus or just reluctant to take on a bigger property. However, I doubt a real estate wipeout is in store.

Has that ever happened in NYC?

oh yes, i remember maybe like 20 yrs ago when Donald Trump was walking down the street in NYC with his wife,he pointed this panhandler saying...you know honey this guy is in better financial shape than i''am at least he''s not $300 million in debt.

 

[elle_chris]

It already has. People are selling before they go into or are in the middle of foreclosures. Co-op boards are now rejecting wall streeters because they stopped considering their bonuses as part of their incomes. The financial sector here accounts for something like 10% of the buyers so they just slammed the door in our faces. There''s no choice but to lower prices. The question is how much lower? I haven''t seen a significant difference.

 

[Beth]

"Beachfront condos, normally starting at 500,000 were severely discounted. He picked one up for the bargain basement price of 150,000."

I am interested in this as well. Seriously. Can you provide more info?

 

[Harriet]

I'm wondering about an extreme decline a la South Florida.

P.S. Beacon, remember my previous rental? Apparently, the price has dropped from $1.88 (insider price) to $1.2m. Only 6 out of 15 units required for conversion have been sold.

 

[Ellen]

LA and Beth, hubby didn''t say where, don''t know if his brother told him, or knew exactly. I will see what I can find out.

 

[Ellen]

I just asked hubby, it was in Tampa. And I forgot an important point, this was completely furnished.

 

[Linda W]

Date: 10/1/2008 8:17:22 AM
Author: Ellen
I just asked hubby, it was in Tampa. And I forgot an important point, this was completely furnished.

, the humidity would kill me.

 

[Dancing Fire]

Date: 9/30/2008 9:55:16 PM
Author: elle_chris
It already has. People are selling before they go into or are in the middle of foreclosures. Co-op boards are now rejecting wall streeters because they stopped considering their bonuses as part of their incomes. The financial sector here accounts for something like 10% of the buyers so they just slammed the door in our faces. There''s no choice but to lower prices. The question is how much lower? I haven''t seen a significant difference.

depending on how over priced was the properties.

 

[tradergirl]

Oops! NY prices decline sharply. But I thought it was different there!

http://www.nakedcapitalism.com/2008/10/quelle-surprise-manhattan-real-estate.html

 

[Harriet]

Big surprise. We are not nibbling as we expect further downside.

 

[Allisonfaye]

I heard some realtor report on the news yesterday and they were actually reporting the average price/psf was up from something like $1,150 to $1,190. I didn''t hear who the person was. I found it kind of hard to believe.

 

[diamondseeker2006]

Date: 10/4/2008 6:17:07 PM
Author: Harriet
Big surprise. We are not nibbling as we expect further downside.

Sounds like you guys were very smart to wait to buy. You should have a good opportunity to buy soon, it sounds like.

 

[Harriet]

There will be more clarity about the housing market here come year end. Right now, we're doing research into the South Florida market.

 

[diamondseeker2006]

Date: 10/4/2008 9:21:27 PM
Author: Harriet
There will be more clarity about the housing market here come year end. Right now, we''re doing research into the South Florida market.

Sounds like a good time to buy vacation property as well!

 

[Pandora II]

Yes - we''ve dropped 9.4% in central London. Can''t believe that NY doesn''t have the exact same problems...

 

[Eva17]

NYC reaching a slowdown? the prices don''t drop as dramatically as other areas,

the inventory goes really low and helps to stabalize the prices somewhat.

alot of owners will rent rather than sell, which keeps inventory down too.


if it does get soft, foreign investors buy up more apartments..... which also keeps the pricing from getting too soft.

 

[Dancing Fire]

Date: 10/7/2008 9:45:08 PM
Author: Eva17
NYC reaching a slowdown? the prices don''t drop as dramatically as other areas,

the inventory goes really low and helps to stabalize the prices somewhat.

alot of owners will rent rather than sell, which keeps inventory down too.


if it does get soft, foreign investors buy up more apartments..... which also keeps the pricing from getting too soft.

don''t count on it...the whole world is in a recession.

 

[tradergirl]

DF: Someone better clue her in on that dollar rally and oil price drop. That "foreigners will buy" thing is so 2007.

It''s a profoundly wrong time to be buying real estate anywhere IMO.

www.patrick.net (see the left hand column)