Report: Wife Scratched Tiger Woods' Face, Chased His SUV; Update: Police Unable To Interview Couple Today
GMA: Adam Lambert, No; Chris Brown, Yes
Street Artist Proposes on Subway Signage
Mayor: Sex Trafficking Victims, Please Speak Up
SLA Raids Bar for Selling Wisconsin Beer
To complement the NY Times' story about the sad state of NYC real estate, the NY Post offers the sobering news that home prices are dropping all across the country as well as here in NYC. While the Standard & Poor's/Case-Shiller July survey does not include "does not include co-ops or condos, which make up the bulk of high-end real-estate sales in Manhattan," it does include single-family homes. Some examples included in this graphic are a brownstone in Carroll Gardens (down $450K) and a Staten Island home (down $40K). As for new condo construction, Curbed spoke to some developments to see how their sales were doing (most are saying it's been slower).
Housing Prices Fell 7.4% in NYC
add to stumble upon
add to reddit
tweet this
post to facebook
Comments (14) [rss]
Post a comment (Comment Policy)
Tips
Newsmap
Contribute
Latest Tip:
The World March for Peace and Nonviolence comes to New York tomorrow, Monday, November 30, 2009, on
[more]
450k? Good grief that is a serious hit.
I'm not impressed. yes, that is a big hit on the cobble hill place. But everything is still pretty unaffordable for the normal working stiffs. I'll still need to win the lottery if i want to be able to afford a mortgage and live in a civilized home (not a studio) in this area.
my house fell 15%. good thing I just moved into it instead of the other chumps who are trying to sell a house.
Good time to buy and not a good time to sell.
What you buy now surely will be up in another 2-3-4+ years.
People who still think that getting into residential real estate as an investment will be the windfall that it was 5-8 years ago make me laugh.
Some houses are just for living, not for flipping. It is because everyone is looking for a way to make a quick easy buck that we're in the mess we're in now.
#4- maybe in 10 years. not 2-5. you better be living in that house you plan to buy
sure housing prices have fallen, but anyone thinking this is a good time to buy should realize that getting a loan from a bank is going to be very difficult these comming months.
$450K isn't a big deal considering that same house probably went from a total price of $200K 6-7 years ago to some idiotic $2 million price now that had to come down $450K. I'm sure the owner still wasn't hurt - unless he bought in recently. Prices will be falling like rain over the next 3-5 years until they get back to where they should be. What were houses bringing 9 years ago (back when people had to have really good credit, at least 20% down, pay outright closing costs, etc), then add 2% or so per year and thats what they should be bringing now. Everyone who keeps talking this crap about how they will never fall that far are either too young to know housing history in the USA or a recent buyer who is scared to death of what they got themselves into. With those old requirements put back into place, not to mention banks are not going to be lending on overvalued properties anymore (appraisers are already being told to reevaluate what the bricks and mortar costs to rebuild houses would be versus pie in the sky prices for junk in dumpy neighborhoods). So get ready for 1998 pricing even here in NYC - especially if unemployment jumps even higher and crime takes a huge spike - which is already beginning to happen if you're paying attention to the news. I'm ready for my kids to be able to actually live here in their own place again although I am kind of dreading the crimewave 70's and 80's again. Oh well. Home sweet home.
Everything is getting nice and cheap. Give it a year and the market will bottom out, then buy buy BUY. I need at least a 2 bedroom for 100k in the Hills.
Theres plenty of opportunities for those willing to take a chance and wait it out. For now, save your money
I have to say, I've always found it a little bit funny that people buying real estate one primary residence at a time do so with the concern of making a profit in the short haul. I mean, I understand making a chunk of change after 15 years that coincide with outgrowing the place, but this attitude of buying an apartment or townhouse and immediately wondering what it will be worth in three-to-five years reminds of the people who were tracking yahoo's ups and downs daily while a few people still just held dumb old unsexy junk in the staples sector for fifteen years, taking a few risks here and there like "going short" (9 years ;-)) on AAPL, that silly company with the thick gray and black laptops that was staggering along after ousting its original CEO.
Like #5 said, the quick buck mentality always gets us in a mess. The difference is some of us can wait it out a year or two or three of five or....
Nice to see prices are lowering someplace!
Stuy town will go bankrupt soon......cool!
The ghosts of the old working lower class tenants are haunting them .....wheeee!
It's a terrible time to buy: credit is tight and mortgage rates are ridiculous, as compared with the Prime Lending Rate. Residential values are totally in flux. Buy when they've settled (maybe in a year). You could buy a home right now at a 50k discount only to see its value slump another 100k. Why pay 6.8% interest on $100k that just vanished? The realtors will always tell you that "it's a perfect time to buy" That's because they are still dying out there. Wait until their corpses have been dragged away before looking.
I like the way you think NannyState. I agree that the bottom will not be reached for at least another year.
Recently, I’ve noticed that there is a new house price index that comes out before Case-Shiller’s and reports on a national and county level. This new index, IAS360 HPI was created by Integrated Asset Services who deal with default management and residential collateral valuation. It’s interesting to see in their data for August, that house prices are continuing to see declines in all three regions except for the Northeast… I’m convinced that this is truly the index to keep your eyes on if you’re trying to get a glimpse of recovery…Has anyone else been following this?
http://iasreo.com/ias360update.html