From the New York Post:
New York’s Housing Scene Is Humming Again
The fourth quarter is invariably the slowest and weakest period of the year for the city’s housing market. Because of the holiday season, New Yorkers are more interested in shopping for gifts and taking the kids to see Santa than shopping for a new residence.
Not so this year, according to four real estate pros, all of whom tell me the New York housing scene is humming again, contrary to all the gloom and doom talk you hear and read about. They all say sales in the Big Apple are beginning to display considerably more zip despite the usual fourth quarter weakness.
…
Jonathan Miller, one of the city’s leading real estate appraisers, also confirms the housing pickup. “We’re seeing a decided increase in the number of transactions ” he says. It suggests to the president of Miller Samuel that next year’s first quarter could be a good one, especially when compared to the traditionally weak current quarter.Mr. Miller, who conducts well-publicized quarterly surveys on the state of the city’s real estate business, also points to the upper end as one of the best performing sectors of the market, notably apartments at $3 million and up.
What about overall inventories? Including new construction, they’ve leveled off, he says, holding at about 7,600 units the last couple of months. Overall, though, that’s still higher than the average 4,000 to 5,000 units that have been on the market over the last five years.
Given his assessment, indications are prices could firm or head up a bit from the third quarter’s average prices.
An aticle from the NY Observer that analyses the wall-street bonus effect on housing:
“Is Bonus Bump Bogus? Wall Street’s $36 B. Test ”
http://www.nyobserver.com/20061127/20061127_Tom_Acitelli_pageone_thelab.asp
That humming you hear is a wasp nest. Lets see how far a few M&A bonuses will go to support this market. If your interested in the rich getting richer (if not bigger homes)phenomenon, see today’s NYT article http://www.nytimes.com/2006/11/27/business/27richer.html?_r=1&th&emc=th&oref=slogin
it’s the professionalization of NYC that’s keeping things afloat. NYC is becoming the playground of the ivy-league graduate doctor, lawyer or wall streeter with money to spend. there’s no room for anything else but a couple of projects.
Note an old latin phrase [spoken in latin of course]
Bewarus Falsetum Bottomet
Richard, NY has ALWAYS had those types. They’re nothing new at all. There may be a few more of them, but not so many more that they are all going to run out and buy some heinous condos.
NJGal you are wrong, NY has not always had them. Back in the 20’s only the ultra-rich lived in the city. In the 60-70’s you couldn’t pay people enough to live here due to the crime. After Guliani cleaned things up the city has gotten progressively better now also looked at as a viable place to raise children. Of course prices have continued rising where the middle class have been forced out or stuck living in rent subsidized housing. Things are changing, that is the professionalization of the city. I lived there for 10 years so I know a bit of what I’m talking about.
Even when NYC was at its worst, it always had those types., always. There may be more now, (debateable), but those tyoes have always been there.
This NJ fascination and at the same time revulsion of NYC, always amazes me.
New York also used to have bad neighborhoods. There really aren’t any anymore, at least in Manhattan. While Manhattan always had the very wealthy, it also used to have neighborhoods for the less wealthy. Those neighborhoods have been converted to $1000/sqft condos.
I’m not saying that NYC isn’t a “nicer” place to live now in terms of crime, etc. but those types of people have always existed in the city. I don’t think the change in Manhattan is because of lawyers, doctors and bankers – most that I know that live in NYC have lived here since the 1970s, when it WASN’T a nice place to live – after all, they send their kids to private schools anyway.
Frankly, I think the city stinks – there is nothing interesting about it anymore. Nothing but condos condos condos.
not sure how the NYC market could be “humming” with 70% more inventory than a year ago.
BTW, NYSAR reports median single family home price in Westchester fell 4.7% in October 2006. Sales were down 17.3%.
maybe there’s a disconnect between the suburbs and the city this time, but I don’t see why there would be.
Tomorrow: Existing home sales for October
Wednesday: New Home Sales for October
NYC still has bad neighborhoods, and the marginala areas will decline more, as the housing market declines. people that would have looked at Bed Stuy, and other so called regentrfying areas will not have to look there any more.
Once again Manhattan and NYC still has bad neighborhoods. Always had,a nd always will.