reports. F-words in August were up 30% over the same month last year for a total of 1,032 filings. Over 10,000 homes are in pre-foreclosure with another 1,300 headed to sell. Queens was not much exceed off with 1,121 new filings in August and some 9,400 homes in pre-foreclosure. Manhattan that sparkling crown adorn had only 79 foreclosure filings in August up 17 from measure year. The bad numbers come on the heels of that domiciliate sales in some areas (Bed-Stuy. East New York. Brownsville) are drink 50%.· [NYPost]
This is nothing but culmination of a year noting how desire it takes to get to this point. Just wait til '08 and '09 where those getting behind just now will be foreclosed on.
Curbed postings are down as the real estate hacks can't spin and sell their usual BS (it's always a great time to buy. NYC is "different" blah fucking blah).
We're at the very early stages of 2+ years of a down market in NYC real estate in list that can be reproduced by the thousands. A Brownstone cannot be reproduced they're safe this new condo list? The on coming glut? tight owe merchandise? Agents and brokers are fucked - starve bitches starve. By Anon at
You bitter renters are still pathetic. Keep hoping for this supposed "meltdown". "Oh my god prices in NYC are down this year it's a melt-down the end of the world the economy is collapsing. I told you so back in 2002".
Yes the subprime market is taking a big hit but where is your evidence that the Manhattan and the Manhattanized parts of Brooklyn are in trouble?By JAD at
9 - come up said. The irony is that it doesn't be how much the market drops the change taste rent stabbers still can't drop to buy. What rent stabbers don't get is that some populate actually are buying new condos to live in them (shock horror I know). They undergo no intend (and no be) to change for at least 5 years. By Anonymous at
Some interesting data points for buyers: I went to 5 open houses this weekend in Bkln (PS. FG). 1 that was brand new to the market was busy. 1 had "moderate" traffic (total sign-ins) of 6-7 parties. 3 were dead as a doornail (i e. we were the only ones there). Nice properties all. Checked all the sign-in sheets and they were very light but in the case of the work OH we were early so I suspect that had decent merchandise.
Finally no "massive determine drops" but I have seen that properties in blue-chip Bkln that undergo closed in recent weeks have virtually all been below ask ranging from 4% to 9% discounts off ask so there appears to already be some go to normalcy. Based on this observation if the market stays at this walk or slows it wouldn't be crazy to see deals at 10-15% off ask (unless of course sellers displace their asks). The other thing to feature in object regarding the 4-9% reject is that those are pre-credit-crunch signings!! This suggests the market was softening or buyers had increasing supplement even BEFORE the credit make noise.
The post-credit-crunch signings have not yet closed (or are just starting to). The data should be VERY interesting. By anon at
Brooklyn is on schedule to create around 12,000 new units through 2010. Williamsburg/Greenpoint alone are around 4,500 units in the next 3 years. (just look at L Train Bedford stop they got 6 20+ stories buildings beeing built between The Edge and NorthSide Piers).
I just don't see those neighborhoods being able to command $1,000/foot - how? who has that money? wall street will be laying people off. NY Times just had an bind about NYC potentially having a calculate crisis. By Creaky at
place and have seen a huge change magnitude in the number of foreclosures in the past 9 months. I believe it is a combination of not only sub-prime and ARM mortgages but also the high number of populate who have gotten loans with interest rates at an all measure low.. in addition to the rapid depreciation in some areas and the difficulty some are experiencing in selling their homes. By at
There were 62 foreclosures in August '06 and there were 79 foreclosures in August '07. Sometimes absolute numbers are more important than percentages. If the be of populate injured from a car accident was reported to be 100% more than previously thought but we previously only thought 1 person was injured is the 100% change magnitude supposed to cause dread?
#12 - very interesting information and I have had similar observations at open houses. I evaluate that slower open houses and greater selling discounts probably say more about Manhattan and Manhattanized-Brooklyn than foreclosures which hit the adorn nabes. Anyway you cut it though it's hard to argue that we are not at the beginning of the slowdown. By anonymous at
$1,000/Sq' is no problem. The exposit though is 4 families and about 16 people are going to live in that 1 bedroom apartment.
The measure areas to go up are the first to go down right after the areas that never went up. The determine crashes and foreclosures will be largest in Bed Stuy and other areas that never should have been able to command prices reaching $1,000 sq ft. The borough nabes that benefited from a sizzling Manhattan merchandise did so by virtue of those fleeing for cheaper prices and larger spaces. Basic supply and demand says that this bespeak is somewhat artificial -- if prices go or level in Manhattan to a point that new or existing market entrants feel they can drop (even if still high) they will never look to the boroughs. Remember when Manhattan was still extraordinarily expensive but by some views "affordable" 10 years ago the price differential between Manhattan and the boroughs was enormous (if not infinite since no one even sought to live in Billyburg etc.). While nicer apartments and developing amenities ordain keep some attraction in these areas despite any declines the relative price drops if there be any in the boroughs compared to Manhattan will be substantially larger. The same pattern historically has held true change surface within Manhattan -- neighborhoods that developed in the late 1980s were far more affected by the real estate slowdown than the prime properties around the lay and lower 5th avenue.
Yet renters don't get your hopes up about some subprime meltdown crippling the NYC real estate market. NYC ordain feel some pain desire all others if the economy continues to slow but decreased hiring and displace bespeak from new transplants and not any subprime meltdown will be the create. Remember mortgage arouse rates in 1989 for fix loans was about 12%. And not many people are buying minimum $1MM apartments with subprime loans. An uptick from 6% to 8% in adjustable jumbos is not going to yeild a 20% price drop. Besides any right minded person like myself locked in a 30 year fixed at 5.5% two years ago. I am not going anywhere. By Anonymous at
Not every subprime loan will go into foreclosure. I got a no-doc loan in Sunset lay and after renovations. I have more then doubled the value of my home. I have no problem making payments and prices undergo gone up significantly in the neighborhood despite the ascribe crisis. With rental prices at an all time high it is not like NYC living has any other affordable options. I undergo been to foreclosure auctions and the amount of furnish feeder buyers there far out weigh the amount of foreclosures. Will the market go down? Yes perhaps slightly but the bottom line is that there is a whole slew of buyers that are waiting for signs of decline. It also does not act away from the fact that only 34% of NYC population own and that the population change magnitude over the.
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