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Somehow, in spite of the faltering economy, brokerage firms say second quarter apartment sale prices were about the same or maybe even slightly higher than in the first quarter--though sales were down 22% versus 2007's second quarter. The NY Times noticed, "Strong luxury sales and faltering studio sales had the perverse effect of catapulting the median price — the price of the apartment exactly in the middle of all sale prices — to a record. It was close to or slightly above $1 million..." Brokers are also cautiously optimistic that the NYC real estate market won't fall as they have in other parts of the country.
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http://www.amazon.com/How-Lie-Statistics-Darrell-Huff/dp/0393310728/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1215008127&sr=8-1
"NYC real estate market won't fall like the rest of the country."
You should say "like other parts of the country" in stead of "the rest of the country" SF, chicago, Seattle, Dallas and other major cities are weathering the storm quite well - for now at least.
Thanks, matty. And WesleySnipesaLot, that looks like a good resource, because stats are very good at lying.
Yeah it is really a great book!
Manhattan real estate prices will remain high as long as the Euro and other currencies devour the dollars. Ask any of the new construction site realtors who is buying and they'll tell you that can't count the different nationallities.
That's right kids.. Buy now or be priced out FORVERER!
Just kidding.. there are other perspectives on the broker data out there.
Manhattan apartment sales dropped the most for a second quarter since 1998 and unsold inventory approached an eight-year record, two signs prices may be poised to drop in the nation's most expensive urban housing market.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a05lmF8fkldM&refer=home
New York is dead. Welcome to New Dubai. This site should relaunch itself as NewDubaist
Dubai's more akin to Chicago, I think.
have you even been to chicago?
I've lived in Chicago and I've been to Dubai. While it may resemble some people's notion of NYC on a superficial level (the massive consumption and ostentatious behavior, the latter being more akin to LA or late-90's Silicon Valley, IMO), the fact of it's strength is owed to an economy that balances trade, manufacturing, and financial services. It's geographically positioned well, serving as a gateway of sorts to the East. For that reason, I liken it to Chicago.
NYC has weathered the storm fairly well so far, mostly because it was too expensive and restrictive (with coops) to become a speculator market the way Vegas and Miami did.
Still we are not immune from the economic downturn.
The outlook for most of the financial services industry does not seem very good - big banks have been laying people off. Tax revenues are drying up. Cost of living (oil, gas, milk, etc) is going up. Crime is creeping up.
Airlines are cutting flights and raising ticket prices because of high fuel prices, which will hurt the NYC economy to the extent it relies on tourism.
Most 401ks took a hit with the stock market drop to 11000. Credit market it tightening. Most teaser balance transfer checks from the credit card companies now carry a hefty uncapped 3% fee --effectively charging a year's interest at 3% upfront, offsetting whatever low rate is being offered.
There are still a lot of people who support their lifestyle with borrowed money, indentured servants to their debt because they lack the ability to distinguish want from need.
I think we've been getting by okay because the job market hasn't been hit too badly so far, but I'm concerned that it's just a matter of time.
If the job market dries up there are a lot of people living a paycheck or two away from a train wreck who are going to get hurt.
eyekantspel, you absolutely nailed it.
Tomorrow's jobs numbers will give us a little more insight on the trend. I suspect that the jobs market will continue to degrade, beginning to take a greater toll on the financial services industry and the other sectors (e.g., personal services, arts, entertainment) that benefit from high employment and pay in that industry.
Further, Paulson suggests that the European economy is beginning to exhibit signs of weakness too - particularly, UK.
From a U.S. perspective, it will also be interesting to see how much of a protectionist sentiment arises over the coming months.
thankfully Pb is still cheap.
molon labe.
Why would anyone want to take your beer?
and here are more contradicting story to this; according to Crain's Manhattan housing market slows -- I guess statistics do lie.
http://www.crainsnewyork.com/apps/pbcs.dll/article?AID=/20080702/FREE/248085512/1059