Results tagged “sales”

Depending on which real estate brokerage's report you read, Manhattan home sales have fallen by either 47% or 58% during the first quarter of 2009. The NY Times, using the 58% number (from a Brown Harris Stevens & Halsted report), put the news in perspective this way: "The drop in sales was worse than the decline in the auto industry. In March, sales at General Motors were off 45 percent from March 2008."

More Americans are coping with the economy's crash by chasing a sugar high, if sales data on mass-produced proletariat candies are to be believed. Up until the fourth quarter of last year, sales of candies like Hershey Kisses, Gummy Bears, and Jelly Bellies were losing out to fancy, high-end brands; now, according to Edgar Roesch, a food analyst with Soleil Securities, that trend has been reversed. Cadbury reported a 30% rise in profits for 2008, and Nestle’s profits grew by 10.9%. At Economy Candy on the Lower East Side, owner Jerry Cohen has had to increase his orders by 10%. Of course, there's always a down side to the sugar high. Liz Josefsberg, who runs Weight Watchers meetings in Manhattan, tells the Times candy talk has dominated recent meetings: "I’m hearing a lot about Skittles and Mary Janes." (Though if Mary Jane's your problem, you're probably in the wrong meeting.) And there may be a historical precedent for the current candy renaissance; it's worth noting that Snickers, Tootsie Pops, Mars bars with almonds, and Three Musketeers were all introduced during the Great Depression.

Meet Janet Faello (and pop a Zoloft): The 53-year-old divorcee with two daughters in college has been trying since May 2007 to sell her and her ex's Long Island 6-bedroom home. Her initial asking price was $829,000, then $750,000, now $699,000. Care to guess how many offers she's gotten? If you said anything more than zero, you're not depressed enough. Faello, whose experience is emblematic of the current housing implosion, is stuck in the home, surrounded by memories of her failed marriage and steep property taxes. She tells the Times, "I’m not ashamed to say to you, I have had to borrow money from my father." The article paints a bleak portrait of NYC suburbanites who feel like hostages in homes they can't sell. Pending home sales in the Northeast fell 14.5% from December 2007 to December 2008, and are not expected to "hit rock bottom" for at least another year. As one frustrated Connecticut home seller puts it, "Sometimes dreams just blow away." For further reading, curl up with a bottle of pills and George Packer's disturbing article about Florida's housing apocalypse.

The big real estate brokerages released their 2008 4th quarter reports, and here's how the NY Times put it: "For those New Yorkers who wondered what the Manhattan real estate market might be like without the ever-rising bonuses of Wall Street’s elite, the answer is now emerging: an abrupt decline in transactions, tottering prices and buyers who are still looking but unwilling to sign a contract. "

Doesn't your heart just bleed for the luckless developers who saturated our fair city with luxury condos on the eve of this catastrophic economic collapse? Despite a concerted effort by brokers to manufacture the illusion that they're making sales, industry insiders tell The Real Deal that "little or no sales activity has taken place since the fall of Lehman Brothers in September." One top dog at a residential brokerage firm says "sales of condominiums in buildings which are not in final stages of completion of units are far and few," and at least 10% of scheduled closings are falling through because of purchasers' inability to secure mortgage financing. And some buildings, like Magic Johnson's nearly-complete Viridian monstrosity in Greenpoint (pictured), are switching to rental. But really, shouldn't they all just skip the formality and go straight to squat?

The addition of Katie Holmes to the cast of the upcoming production of All My Sons has done zilch to boost advance ticket sales, according to the Post. "I bought 1,000 tickets to the show," says one broker. "I still have them." Another wonders, "Where are all the Scientologists? Don't they want to see her?" Sure they do, but who has money left for theater after all those expensive classes on the way to OT VIII? The Post also has it that the cast has been forced to sign confidentiality agreements to keep them from blabbing about Holmes’s behavior to evil SPs.

The new Joker action figure modeled after the late Heath Ledger has started arriving in stores and is reportedly flying off the shelves, as toy collectors scoop up as many of the snuff toys as they can get their hands on. After completing filming on The Dark Night, Ledger died in January from a prescription drug overdose.

Stores were packed with post-Christmas shoppers, as retailers marked down their products in hopes of boosting holidays sales. So far, holiday period sales are up 3.6%, which is the "lower end" of expectations according to MasterCard Advisors.