Gothamist: Manhattan Apartment Sales Still Strong

esquared

Wed, 02 Jul 2008 16:50:49 -0500

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

Ph

Wed, 02 Jul 2008 14:08:22 -0500

Why would anyone want to take your beer?

JacqueMehoff

Wed, 02 Jul 2008 13:30:00 -0500

thankfully Pb is still cheap. molon labe.

Anna_Merkin

Wed, 02 Jul 2008 12:16:31 -0500

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.

eyekantspel

Wed, 02 Jul 2008 12:09:34 -0500

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.

Anna_Merkin

Wed, 02 Jul 2008 11:41:42 -0500

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.

kcin122

Wed, 02 Jul 2008 11:32:54 -0500

have you even been to chicago?

Anna_Merkin

Wed, 02 Jul 2008 11:17:21 -0500

Dubai's more akin to Chicago, I think.

SP

Wed, 02 Jul 2008 11:13:07 -0500

New York is dead. Welcome to New Dubai. This site should relaunch itself as NewDubaist

frankbooth

Wed, 02 Jul 2008 10:59:07 -0500

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

frankbooth

Wed, 02 Jul 2008 10:40:53 -0500

That's right kids.. Buy now or be priced out FORVERER!

Mr Mel

Wed, 02 Jul 2008 10:39:30 -0500

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.

WesleySnipesAlot

Wed, 02 Jul 2008 10:36:12 -0500

Yeah it is really a great book!

Jen Chung

Wed, 02 Jul 2008 10:30:43 -0500

Thanks, matty. And WesleySnipesaLot, that looks like a good resource, because stats are very good at lying.

matty

Wed, 02 Jul 2008 10:27:44 -0500

"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.

WesleySnipesAlot

Wed, 02 Jul 2008 10:16:41 -0500

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