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)