U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-03-2019, 07:20 PM
 
3,616 posts, read 3,444,311 times
Reputation: 2688

Advertisements

is this true, or is it a trap? any manhattan owners here willing to share how much your property has devalued since the 2nd quarter?



Now's your chance: Prices are plunging

https://www.cnn.com/2019/10/02/succe...rop/index.html





(CNN)The real estate market in Manhattan took a sizable hit this summer, with fewer sales and falling prices.

The average sale price for condos or co-ops in Manhattan was $1.66 million during the third quarter, down 14% from last year, according to a report from Douglas Elliman Real Estate. The number of sales also fell 14% year-over-year, marking the lowest third quarter sales total since the financial crisis, the report found.
More from Success
They're making paper out of stone -- and saving lots of trees
The best questions to ask in a job interview
How to step back and delegate without losing control




"This is the worst real estate market we've seen since 2008," said Shaun Osher, founder and broker at Core Real Estate. "The worst for sellers. We are fully in a buyer's market. Now is one of the most opportune times to buy that I've seen in 30 years in real estate."
Reply With Quote Quick reply to this message

 
Old 10-03-2019, 07:24 PM
 
11,283 posts, read 9,632,012 times
Reputation: 6992
I bought back in '97. Even if prices come down off the top, I'm still vastly ahead, and my costs are much cheaper than renting the same apartment.

Would I buy today, NYC? Questionable.
Reply With Quote Quick reply to this message
 
Old 10-03-2019, 08:58 PM
 
Location: Earth
4,665 posts, read 3,237,498 times
Reputation: 3500
wait for the recession
Reply With Quote Quick reply to this message
 
Old 10-03-2019, 09:12 PM
 
Location: Confines of the 101 Precinct
20,349 posts, read 35,367,648 times
Reputation: 8760
Quote:
Originally Posted by Dangerous-Boy View Post
wait for the recession
It's not a real recession until you can buy a turn-key SFH in the outer boros for 150K, otherwise who are we fooling
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence

Forum TOS: http://www.city-data.com/forumtos.html
Reply With Quote Quick reply to this message
 
Old 10-03-2019, 09:28 PM
 
11,283 posts, read 9,632,012 times
Reputation: 6992
I will point out that in the 2008-10 recession, Manhattan real estate did better than most, and really wasn't badly hit, if at all.

Quote:
Originally Posted by Dangerous-Boy View Post
wait for the recession
Reply With Quote Quick reply to this message
 
Old 10-03-2019, 09:32 PM
 
Location: New York, NY
1,974 posts, read 1,349,833 times
Reputation: 2403
It’s the top end condos that are coming down. The market has been saturated with them, with more coming online over the next few years. The Russians and Chinese mega rich can only buy so much.

My place in Hamilton Heights has tripled in value over the past ten years. From a few hundred thousand to a million. I bought in during a co op conversion. I once rented this place. Lol.
Reply With Quote Quick reply to this message
 
Old 10-04-2019, 01:53 AM
 
73,753 posts, read 73,583,647 times
Reputation: 51320
Quote:
Originally Posted by BBMW View Post
I will point out that in the 2008-10 recession, Manhattan real estate did better than most, and really wasn't badly hit, if at all.
we sold two manhattan co-ops we owned in 2008-2009 for a mere 10% less than the all time high
Reply With Quote Quick reply to this message
 
Old 10-04-2019, 05:31 AM
 
21,788 posts, read 14,465,561 times
Reputation: 15338
Quote:
Originally Posted by WhyRUMad View Post
It’s the top end condos that are coming down. The market has been saturated with them, with more coming online over the next few years. The Russians and Chinese mega rich can only buy so much.

My place in Hamilton Heights has tripled in value over the past ten years. From a few hundred thousand to a million. I bought in during a co op conversion. I once rented this place. Lol.
It's more than just that.

NYS and NYC imposed/raised various taxes on buying homes > one million; so there was a rush to beat that deadline, now things have slowed.

You also have the SALT deduction issue making some people think twice about buying property in high tax NYS/NYC.

Yes, there is too much inventory (at all price points, except "middle class" whatever that is) of condos, and more is coming on line weekly as long planned projects hit the market.

Quite honestly things are over priced for what people are getting. Many of these new buildings have flashy amenities, but are built like garbage. Units tend to be small for what one is getting unless you're talking about the very high end (and even then..).

Big problem is that unlike previous real estate booms, banks did not largely fund all this new construction on their own if at all. Rather developers got investors, floated bonds (on Israel market) and used programs like Eb-55 and others to get some or a major part of funding.

Now they're stuck having to pay off those investors/notes and aren't meeting sales figures. Worse they cannot discount too much otherwise won't make money needed to pay off funding, but also make a profit.

Oh and things aren't going to get any easier for foreign money to buy property in NYC or elsewhere in USA. Treasury department is ramping up things regarding such buyers especially in markets like NYC, south Florida, etc..

If this country and or state/city goes into recession then all bets are off.
Reply With Quote Quick reply to this message
 
Old 10-04-2019, 07:25 AM
 
76 posts, read 27,135 times
Reputation: 107
Prices may be coming down for the high end places but not for the modest one bedroom coops in my neighborhood. Believe me, I look at listings every damn day.
Reply With Quote Quick reply to this message
 
Old 10-04-2019, 08:16 AM
 
1,976 posts, read 722,600 times
Reputation: 2098
Quote:
Originally Posted by jnyc212 View Post
Prices may be coming down for the high end places but not for the modest one bedroom coops in my neighborhood. Believe me, I look at listings every damn day.

I'm out of the country at the moment, but I would agree with your assessment, at least as of a few weeks ago. Prices in two places in NYC that I occasionally look up are staying flat, with maybe some tiny amount like $2k to $5k taken off (small units in Tudor City in Midtown East), vs. either staying flat or climbing by more than 10% second year in a row (Parkchester, the Bronx). "Now" is always the right time to buy in the lower end of the market, not because prices on that end ever get lower (unless the neighborhood slides into crime), but because they can only get higher in the future. Recession did not have any major effect on the low end of housing in NYC in 2009 - the prices just stayed flat for a few years instead of climbing. There are certain types of properties in NYC (very small ones, or located in the Bronx) where the price cannot go any lower because it is already at the minimum, independent of the rest of the market.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:




Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top