Tuesday, September 16, 2008

Tuesday Morning Links

Lots of links today and I could probably add more! Quite a day yesterday, the worst on the street since 9/11. At least Bloomberg was cool and reassuring.
Cardboard boxes are replacing bonuses this year. I think this hurts the $2Mil and up condo market the most. Most Wall Streeters saw this coming which is why we have seen a slowdown in the middle of the market ($2 Mil-$5 Mil) over the past several months. Looking forward, affordability and value will rule the market. I would expect the lower end (under $2 Mil. and especially under $1 Mil) to be fine, while discounts and negotiability are a certainty for the entire market.
Top Outer Borough Condos- Long Island City Rising (The Real Deal)
Manhattan Median Sales Prices Drop 6% (NY Times)
As Bonuses Dry Up, So Could Condo Sales (NY Times)
Olsen Twins Slash Price For Penthouse At Morton Square (Cityfile)
Google Co-Founder Pays $8 Mil for West Village Duplex (Cityfile)
Bloomberg Says City Is Prepared To Deal With Job Losses (Observer)
56 Leonard Revealed, And It Is Something! (Curbed)
Raw Stanhope Penthouse Sells For $34 Mil, Was Asking $47Mil (The Real Deal)
San Gennaro Menace? (Curbed)

2 comments:

  1. You have it backwards.

    The lower end will get killed more than the high end. Those are the apartments that associates, VPs are buying - and they've been laid off in droves. The lower range is also more dependent on financing than the high end.

    Either way, the NYC real estate market is only headed south. Not even the most pollyannish of real estate brokers can come up with credible alternative viewpoints.

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  2. Well, I don't dispute that you have a good point.
    My reasoning on the low end doing better than the market (not saying price appreciation here, just on a relative basis) is from my experience out in LIC the last couple of weeks- it's been busy. The reason it's busy- discounts, incentives, and value.
    But, there is no doubt that recent layoffs, tumoil and boxes instead of bonuses will have a negative impact on prices.

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