http://ny.therealdeal.com/articles/nyc-luxury-prices-could-drop-by-25-percenthttp://online.barrons.com/article/SB122731268710749483.html?mod=b_hpp_9_0002_b_this_weeks_magazine_hom
"The New York area, in fact, is at the center of luxury housing's latest problems. While so far the hardest-hit high-end markets have been Miami, Southern California, Las Vegas and Phoenix, the worst-off areas in coming months are likely to be Manhattan and surrounding suburbs, says Celia Chen, director of housing economics for Moody's Economy.com. These areas are home to many Wall Streeters and other financial types, and layoffs in finance show no signs of ending. Some 70,000 financial-services employees in the New York area are likely to lose their jobs by the second quarter of 2010, says Economy.com. For those keeping jobs, bonuses could be down 50% or more.
All told, luxury-home prices in and around Manhattan could drop by as much as 20% to 25% over the next 12 to 15 months, says Jack McCabe, CEO of McCabe Research & Consulting, a real-estate consulting firm in Deerfield Beach, Fla."
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Response by julia
about 17 years ago
Posts: 2841
Member since: Feb 2007
Then why are people still purchasing at record high prices. I'm sure they read all the reports.
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Response by flmd
about 17 years ago
Posts: 223
Member since: Feb 2008
julia: What are u talking about? inventory has increased dramatically over the last two months; one condo the Jasper is now a hotel and will be sending deposits back. All realtors are stating that their business has fallen off a cliff in the past two months.
there are always going to be sales...even in a downmarket
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Response by johnjim
about 17 years ago
Posts: 28
Member since: Feb 2008
Nobody is purchasing at record high prices. Most units I have been following (prewars in range from 600K-875K) have had multiple price cuts. In addition, the final prices are less than prices from late 2007/early 2008 and units are sitting for more than four months. Brokers are telling clients to look at late 2007 comps and start 10% lower.
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Response by nyc10022
about 17 years ago
Posts: 9868
Member since: Aug 2008
Flmd, ignore "her", its a shill.
Julia, cut out the act already. We know you're a broker shill, and have changed stories multiple times, and somehow seem to be the only person missing all the stats and evidence.
This playing stupid has gotten very old.
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Response by anonymous
about 17 years ago
nyc10022, why didn't you post this in the same thread as your nearly identical thread? Why do you need two threads?
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Response by nyc10022
about 17 years ago
Posts: 9868
Member since: Aug 2008
Interesting.... you posted the same post on both threads.
Don't be a hypocrite.
Two separate articles, two sets of data, two separate points. Unlike your post
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Response by anonymous
about 17 years ago
no, same identical point, same person needing 2x attention
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Response by julia
about 17 years ago
Posts: 2841
Member since: Feb 2007
nyc10022...what the...i thought we were on the same page..only asking questions...keep up the good work!
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Response by julia
about 17 years ago
Posts: 2841
Member since: Feb 2007
Also, maybe being a broker would be better...I am a small business owner both here and in florida. Unfortunately I'm closing my florida office due to lack of sales and my new york business which I've had for six years is failing which is shocking to me..
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Response by nyc10022
about 17 years ago
Posts: 9868
Member since: Aug 2008
> i thought we were on the same page..
Not in a million years.
> only asking questions
With false premises. As in lying.
"Then why are people still purchasing at record high prices. I'm sure they read all the reports."
If YOU had read the reports, you'd know that was absolutely untrue.
So, either you don't know anything about real estate, or you are lying. Given how much you post, I know its the latter.
You were outed as a shill months ago, give it up.
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Response by nyc10022
about 17 years ago
Posts: 9868
Member since: Aug 2008
> no, same identical point, same person needing 2x attention
oh my lord, you are such a hypocrite.
Noone is more starved for attention than the guy who posts about other people and their habits.
Get a life, hall monitor.
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Response by julia
about 17 years ago
Posts: 2841
Member since: Feb 2007
nyc10022 all the attacks..have nothing to do with the site...i'm not going to stop posting just ignore me if you don't want to read intelligent posts.
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Response by nyc10022
about 17 years ago
Posts: 9868
Member since: Aug 2008
They have everything to do with the site. If you are posting false information, that should be pointed out.
> i'm not going to stop posting just ignore me if you don't want to read intelligent posts.
Intelligent posts are great. You should try one sometime.
Playing stupid and being dishonest is not...
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Response by notadmin
about 17 years ago
Posts: 3835
Member since: Jul 2008
i have the gut feeling that once nyc real estate comes back to 2000-2002 prices the stock mkt will get hit for real. i mean, i know 14.4k to 8k was scary, but the 6k will happen as wall streeters lose all sense of hope. i'm afraid roubini will be proven correct once again.
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Response by dwell
about 17 years ago
Posts: 2341
Member since: Jul 2008
"Get a life, hall monitor." Love it!! Yeah, all those nerds I couldn't stand as a kid, now they're the hall monitors of inet boards. It all makes sense :)
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Response by aboutready
about 17 years ago
Posts: 16354
Member since: Oct 2007
Jasper a hotel? Who's going to be staying in all these new hotels? Canadians? One Harlem development became a YOUTH HOSTEL. Gramercy Green became a DORM (although I think the developer did rather well there). Soon there won't be anything for the new buildings to turn into.
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Response by notadmin
about 17 years ago
Posts: 3835
Member since: Jul 2008
> Soon there won't be anything for the new buildings to turn into.
churches, where people can go to hoping for a bottom.
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Response by joedavis
about 17 years ago
Posts: 703
Member since: Aug 2007
churches = bottom?
you mean to cover the developer's bottom?
much of the old apts in NYC are quite pitiful so if the developers were rent they could potentially find quite a market and as steve notes prices are much greater than 12x to 15x rents so that is the floor that needs to be mopped first.....
Incidentally, given your comment I am starting a church
The church of the everlasting enlightenment
If no one else volunteers, I'll be happy to be the 1st Grand Poopah
Please point me to the 1st free real estate and I shall serve (um enlighten) you well
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Response by anonymous
about 17 years ago
nyc10022
about 7 hours ago
ignore this person
report abuse Flmd, ignore "her", its a shill.
Julia, cut out the act already. We know you're a broker shill, and have changed stories multiple times, and somehow seem to be the only person missing all the stats and evidence.
This playing stupid has gotten very old.
--
julia posts about buying a studio, so what is she a shill for? Do people really think that there's someone out there who says they must post bullish news on streeteasy so that $20MM and up buyers feel more comfortable.
Also, playing stupid, nyc10022, when will you admit that you are EddieWilson and that you violated in a matter of days your promise to go away for 6 months?
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Response by anonymous
about 17 years ago
by the way, in one breathe you are playing "hall monitor" by calling julia a "shill" and then in another you don't want people to point out you, your lies (hello EddieWilson) and your annoying habits. And they say you aren't stevejhx... amusing.
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Response by Topper
about 17 years ago
Posts: 1335
Member since: May 2008
Feelin' like I'm in a junior high school yard! Weird.
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Response by nyc10022
about 17 years ago
Posts: 9868
Member since: Aug 2008
Folks like lintintin can only seem to post about people, not facts or logic.
Guess it happens when you don't have any...
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Then why are people still purchasing at record high prices. I'm sure they read all the reports.
julia: What are u talking about? inventory has increased dramatically over the last two months; one condo the Jasper is now a hotel and will be sending deposits back. All realtors are stating that their business has fallen off a cliff in the past two months.
there are always going to be sales...even in a downmarket
Nobody is purchasing at record high prices. Most units I have been following (prewars in range from 600K-875K) have had multiple price cuts. In addition, the final prices are less than prices from late 2007/early 2008 and units are sitting for more than four months. Brokers are telling clients to look at late 2007 comps and start 10% lower.
Flmd, ignore "her", its a shill.
Julia, cut out the act already. We know you're a broker shill, and have changed stories multiple times, and somehow seem to be the only person missing all the stats and evidence.
This playing stupid has gotten very old.
nyc10022, why didn't you post this in the same thread as your nearly identical thread? Why do you need two threads?
Interesting.... you posted the same post on both threads.
Don't be a hypocrite.
Two separate articles, two sets of data, two separate points. Unlike your post
no, same identical point, same person needing 2x attention
nyc10022...what the...i thought we were on the same page..only asking questions...keep up the good work!
Also, maybe being a broker would be better...I am a small business owner both here and in florida. Unfortunately I'm closing my florida office due to lack of sales and my new york business which I've had for six years is failing which is shocking to me..
> i thought we were on the same page..
Not in a million years.
> only asking questions
With false premises. As in lying.
"Then why are people still purchasing at record high prices. I'm sure they read all the reports."
If YOU had read the reports, you'd know that was absolutely untrue.
So, either you don't know anything about real estate, or you are lying. Given how much you post, I know its the latter.
You were outed as a shill months ago, give it up.
> no, same identical point, same person needing 2x attention
oh my lord, you are such a hypocrite.
Noone is more starved for attention than the guy who posts about other people and their habits.
Get a life, hall monitor.
nyc10022 all the attacks..have nothing to do with the site...i'm not going to stop posting just ignore me if you don't want to read intelligent posts.
They have everything to do with the site. If you are posting false information, that should be pointed out.
> i'm not going to stop posting just ignore me if you don't want to read intelligent posts.
Intelligent posts are great. You should try one sometime.
Playing stupid and being dishonest is not...
i have the gut feeling that once nyc real estate comes back to 2000-2002 prices the stock mkt will get hit for real. i mean, i know 14.4k to 8k was scary, but the 6k will happen as wall streeters lose all sense of hope. i'm afraid roubini will be proven correct once again.
"Get a life, hall monitor." Love it!! Yeah, all those nerds I couldn't stand as a kid, now they're the hall monitors of inet boards. It all makes sense :)
Jasper a hotel? Who's going to be staying in all these new hotels? Canadians? One Harlem development became a YOUTH HOSTEL. Gramercy Green became a DORM (although I think the developer did rather well there). Soon there won't be anything for the new buildings to turn into.
> Soon there won't be anything for the new buildings to turn into.
churches, where people can go to hoping for a bottom.
churches = bottom?
you mean to cover the developer's bottom?
much of the old apts in NYC are quite pitiful so if the developers were rent they could potentially find quite a market and as steve notes prices are much greater than 12x to 15x rents so that is the floor that needs to be mopped first.....
Incidentally, given your comment I am starting a church
The church of the everlasting enlightenment
If no one else volunteers, I'll be happy to be the 1st Grand Poopah
Please point me to the 1st free real estate and I shall serve (um enlighten) you well
nyc10022
about 7 hours ago
ignore this person
report abuse Flmd, ignore "her", its a shill.
Julia, cut out the act already. We know you're a broker shill, and have changed stories multiple times, and somehow seem to be the only person missing all the stats and evidence.
This playing stupid has gotten very old.
--
julia posts about buying a studio, so what is she a shill for? Do people really think that there's someone out there who says they must post bullish news on streeteasy so that $20MM and up buyers feel more comfortable.
Also, playing stupid, nyc10022, when will you admit that you are EddieWilson and that you violated in a matter of days your promise to go away for 6 months?
by the way, in one breathe you are playing "hall monitor" by calling julia a "shill" and then in another you don't want people to point out you, your lies (hello EddieWilson) and your annoying habits. And they say you aren't stevejhx... amusing.
Feelin' like I'm in a junior high school yard! Weird.
Folks like lintintin can only seem to post about people, not facts or logic.
Guess it happens when you don't have any...