From Reuters:
Is the housing bust about to take Manhattan?
New York City real estate prices are looking increasingly shaky as instability in two of the city’s sexier submarkets — second homes in the Hamptons, and new condos in Manhattan — register the latest signs of a housing downturn.
Property prices in the Hamptons, a fabled playground of the rich on nearby Long Island, rose steadily for almost two decades, but the prices on almost 1-in-3 of current listings have been cut an average 11 percent from the initial asking, said Sofia Kim of real estate website StreetEasy.com.
Back in town, the number of sales in new developments dropped a whopping 71 percent in April from a year earlier as condo developers enmeshed in complicated financing arrangements have been slow to slash prices even as the market corrected all around them, Kim said.
But if prices on these new condo towers do not fall to match the rest of the market and stay empty as a result, then it could eventually trigger foreclosures of entire properties, forcing much bigger price cuts as lenders seek to reduce their liability.
“If you have a property not priced at market, is it going to sell? Something has to give,” said Jonathan Miller, author of real estate broker Prudential Douglas Elliman’s market reports.
…
The elite in the real estate industry had once hoped Manhattan could escape relatively unhurt as other housing markets suffered. But the collapses of financial powerhouses such as Lehman and Bear Stearns destroyed such thinking.“What ended up killing us was the foreclosure crisis because that’s what killed Wall Street,” said Rick Hoffman, a regional senior vice president in the Hamptons for the Corcoran Group, a high-end brokerage. “It bit us in the end.”
No money for the big dig?
Loss of federal tunnel funds could mean higher taxes, tolls
New Jersey could charge higher tolls and taxes if the federal government fails to provide $3 billion in funding for a second commuter rail tunnel to Manhattan.
Construction started on the $8.7 billion project last week even though the state has few options available to plug the potential funding gap.
A weak economy could force congressional leaders to delay or reduce federal funding for a project that has received commitments from the state, New Jersey Turnpike and Port Authority that total $5.75 billion.
State officials insisted last week that the federal government will provide $3 billion toward the project. But they backed off those remarks when federal representatives acknowledged that New Jersey may not have that money.
“I think our folks, our federal representatives are working very, very hard to make sure that never happens,” said Stephen Dilts, the state’s transportation commissioner.
The situation concerns critics who say New Jersey commuters could ultimately pay too much for an $8.7 billion project that they believe will do little to relieve traffic congestion in the region.
“Everybody’s got problems with the tunnel,” said Stephen Carrellas, the state’s chapter coordinator for the National Motorists Association. “Is demand [for mass transit] going to increase like it’s supposed to increase?”
From the Record:
Despite downturn, luxury rental building opens in Weehawken
At a time when builders have pulled back sharply on home construction, Roseland Property Co. of Short Hills opened a new waterfront apartment building in Weehawken Monday.
The $120-million luxury building, called RiversEdge, is part of Port Imperial, an ambitious redevelopment of the Hudson River waterfront in Hudson County. Construction of RiversEdge began two years ago, in a more optimistic time for the homebuilding industry.
New home construction has slowed to a trickle in New Jersey and nationwide, and the National Association of Home Builders reported Monday that builders remain deeply pessimistic, citing higher interest rates and a lack of construction financing.
Residential building permits in the state are running at an annual rate of about 12,000 — the lowest level since World War II, according to economist Patrick O’Keefe of J.H. Cohn, a Roseland accounting firm. But Hudson County is one of the few places where there is significant construction activity, accounting for more than 25 percent of the state’s total building permits.
And Carl Goldberg, a partner in Roseland Property, said there is still demand for rentals so close to New York City.
i think carl may be in for a suprise
Lawyers for the poor facing layoffs
http://www.msnbc.msn.com/id/31374504/ns/us_news-crime_and_courts/
http://www.pbs.org/wgbh/pages/frontline/breakingthebank/
Well now this should be entertaining:
tomorrow – 6-16 – Frontline
Breaking the Bank
completely off topic. If you have kids, you will love this article on MSNBC about parents getting mauled by their toddlers:
http://www.msnbc.msn.com/id/31256584/ns/health-kids_and_parenting/
My 6YO has (always accidentally) left me gasping for breath on the floor a couple of times (needn’t explain how), and one Xmas eve, tried to jump in my arms, only to headbutt my glasses into my eyebrow, causing a three stitch gash (fortunately, I was at my sister’s house, so BIL (a surgeon) and sis (a nurse practitioner) stitched me up for free.)
[1] grim,
This was predictable. Since Boston had a boondoggle Big Dig project, NYers felt slighted. So they have to have one that is bigger and more wasteful than Boston’s.
That will make them feel better.
NOM,
you think NY/Nj’s big dig will surpass boston??? not in its current scope. but i am sure that can be fixed
Nom,
does NY get 20 ton steel panels falling on cars as well?
so what you’re saying is … you dont like Woody Allen films?
comrad – there needs to be some kind NJ Re batsignal in the event that TSHTF and the wife and i roll up.
will you guys have wireless internet access?
we’re up for a GTG just to get our foot in the door. anyone thinking about the Shore for July 4?
WASHINGTON – Federal health regulators are urging parents to keep their children on attention deficit drugs like Ritalin and Adderall, despite new evidence from a government-backed study that the stimulants can increase the risk of sudden death.
Published Monday in the American Journal of Psychiatry, the study suggests a link between use of the stimulant drugs and sudden death in children and adolescents. The drugs, used to treat attention deficit and hyperactivity disorder, already carry warnings about risks of heart attack and stroke in children with underlying heart conditions, but researchers have questioned whether they pose the same risks to children without those problems.
Healthy children taking the medications were six to seven times more likely to die suddenly for unexplained reasons than those not taking the drugs, according to the study from the National Institute of Mental Health.
“This board, with its talk of the elderly, death,chemo, pain etc.”
Reflects life in the United States under the B.O. Administration.
We are doing Chicago for the 4th.
The interesting thing about US Modern Medicine, is we convicted Nazi Doctors at Nuremberg for similar effects.
15…..F/U dumbass. That is not funny. wtf is wrong with you people?
13. I am pretty sure people are going to die regardless of who the President is. Perhaps some of you should take the extra step and jump in front of an ongoing train. Life seems to be a little much for you.
no thanks essex,
i enjoy my personal misery way to much. Maybe this blog just attracts the masochists.
Neat. You can get “masochist” through the moderation filter here.
Yikes,
i am sure we could set up a adhoc network for the nompound, then we just need a cell connection to jump tot he web. might not be too fast though. you might have to limit the Prom consumption
still more inventory will hit the nyc markets.
alot of building still being built up and are on their way to the markets.
nyc is going to be hurt, thats for sure.
but, i don’t think it will collapse like NJ.
we shall see.
either way, someone, somewhere is kicking themselves :P
SAS
“masochist”
no masochist here. I am just naive nor an I unreasonambly optimistic.
and I’d rather believe in a public library, rather than disneyland.
SAS
SAS
I agree. As Grim has said before and i agree with, there is likely to be a re-urbanization as suburbia falls apart.
Suburbia is where the real hit will be
SAS
I have been to disneyland once. It was for a friends wedding. Its was one of the scariest places i have ever been.
about your earlier posts re. health care.
Keep in mind when it comes to pricing of health care, the philisophy is as such: Throw it all against the wall and see what sticks.
if ye face high bills, negotiate the prices. don’t be a sap, and automatically what your drug pushing Dr tell you.
ok, off for a walk with my dog (Indiana Bones).
but, don’t fret. I’ll be back.
:)
SAS
Something tells me that a bat signal would be useless. By the time you see it, too late for poor Commissioner Gordon.
And I will be in brigadoon for the 4th it seems. May organize a bbq.
opps, let me rephrase myself.
“no masochist here. I am not naive nor am I unreasonambly optimistic”
ok, gotta go. Indiana is scratching at the door.
cheerio :)
SAS
Clot, how about that NJ kid who tore up the US for Italy? Unreal that he’s from clifton. in a previous life, i had a working relationship with his father.
the brazil-egypt match was incredible.
This blog’s contributors call it like they see it. If you want disney land and “pat your bottom” news coverage why dont you watch CNN.
There is a sh@tstorm brewing and it is going to get a hell of a lot worse before it gets better.
#23 kettle1,
Just think how hard places like Atlanta and Charlotte will get hit with $4 a gallon gas on top of a lousy economy.
#21 sas:but, i don’t think it will collapse like NJ.
Than you have not been to lower Manhattan lately.
June 12 (Bloomberg) — Merck & Co.’s Singulair and similar asthma treatments need to add an alert about suicides, hallucinations and other psychiatric disorders linked to the medicines, U.S. regulators said.
The Food and Drug Administration asked the companies to include the alert in the products’ prescribing information, or label, the agency said today on its Web site. London-based AstraZeneca Plc’s Accolate and Cary, North Carolina-based Cornerstone Therapeutics Inc.’s Zyflo, both asthma drugs, also will have to change their labels.
I feel like such a sap for living within my means and paying my bills. just think of the good times I could have had buying a house I couldn’t afford, then helocing it, and getting a loan mod from our government and crying how I was tricked by the mtg man and re agents. If I was an economist, I even could have gotten a book deal too.
The U.S. Food and Drug Administration is investigating the psoriasis drug Raptiva for a possible link to a rare, but often deadly, brain infection called progressive multifocal leukoencephalopathy (PML). At least two people have died and others may also have developed PML while taking Raptiva, made by Genentech. Raptiva has also been associated with meningitis, immune-mediated hemolytic anemia, and other life-threatening infections.
Safe,
atlanta serious has long term water supply issues
Lurker from previous thread…
Busy with repairs in the house (floor refinishing; fence in the backyard a few feet before the ditch/pit; general cleaning up — the power washer from Home Depot is great [http://www.homedepot.com/webapp/wcs/stores/servlet/ProductDisplay?productId=100669159]). Never knew so many tools existed!
S
CNNMoney:
Big banks still not lending
Loan volume at the 21 largest recipients of government funding fell 7% during the month of April, according to a survey by the Treasury Department.
http://money.cnn.com/2009/06/15/news/companies/tarp_banks_lending/index.htm
Stu,
I am shocked!!!! i thought turbo timmy and paulson fixed the problem and the resession was ending….
Question for realtors or gurus: I was browsing through property sales records on app.com. I found some relocation companies bought and sold properties. For example, WEICHERT RELOCATION RESOURCES,INC bought a house and then sold it 3 months later at 40k lost. What are these relocation companies? What is the nature of the sales?
Thanks!
Another ? for the realtor gurus. Anybody do a recent 203k? Does the lender currently reduce the max mortgage amount by the amount of the repairs due to c-s price forecasts, or do they currently increase by the repair amount?
http://www.scribd.com/doc/16442781/Black-Swan-Capital
It’s easy to say that big banks are not lending. But I wonder how much of it has to do with people not seeking capital.
Individuals and companies are not buying vehicles and equipment.
For all you DM-haters & U-6 lovers…..I have found YOUR theme for 2009…..or at least gary’s….sorry man…
http://www.youtube.com/watch?v=H2lbiS1fris
And disclosure of former nicknames in the previous thread was a happy face moment.
jcer = “Oracle of Chaos” made me clap my hands.
My nickname was always “Sparky.” Can you believe that? I’m a short person who has a propensity to fall into accidents that involve the ER.
But Sparky it’s been. Whenever I shake anyone’s hand (especially a CEO or Director) or even touch a filing cabinet, I deliver a shock that can ignite a gas station. Some folks tell me it’s my straight hair. I think it’s just my evil streak finding equilibrium.
There. Sunshine has been blown.
But Sparky it’s been. Whenever I shake anyone’s hand (especially a CEO or Director) or even touch a filing cabinet, I deliver a shock that can ignite a gas station.
Pat: is that a standing warning not to fart and shake your hand concurrently?
#106 from prior thread:
Clotpoll says:
June 15, 2009 at 11:04 am
Here’s Jeana’s life coach. I’ve actually seen this guy live.
If I’d had a 30.06 in my hands (unlikely to happen at a RE sales rally), I’d have pulled a Lee Harvey on this huckster:
http://www.yourcoach.com/.
It’s a good damn thing that I monitor this damn board even when I don’t actively post.
Guess what?? You ain’t in position to threaten any damn body, you damn wild eyed radical. All this terrorist talk has driven you crazy and you now what to off a damn life coach; somebody who has not done one damn thing to you.
That damn mangy mutt of yours is real damn close to having his ass be grass.
We tried that once, I think.
Four of the newbie guys on my team stood shoulder-to-shoulder and smiled.
I walked across about fifty feet of nylon carpet and put my hand out.
They all backed down.
No coverage in the MSM on the BRIC meeting in Yekaterinburg?
US officials wanted to attend the Yekaterinburg meeting as observers. They were told No.
http://www.counterpunch.org/hudson06152009.html
Pat says:
June 15, 2009 at 9:59 pm
We tried that once, I think.
Four of the newbie guys on my team stood shoulder-to-shoulder and smiled.
I walked across about fifty feet of nylon carpet and put my hand out.
They all backed down.
Why am I not surprised that you’re trying to hurt people for absolutely no reason other than your sick little amusement? No doubt you’d invite someone to sit in a damn chair for a litle “shock”. Tell you what. why don’t do the world some good and shake Clodhopper’s hand while he stands in a pool of water?
Lady, you are the absolute worst person here. I just want you to know that I know that and want to be sure that everyone else knows that as well.
More on the BRIC meeting.
The leaders of Brazil, Russia, India and China are gathering in the Russian city of Yekaterinburg Tuesday, during which they are expected to discuss ways to reduce their reliance on the US dollar.
http://www.chinadaily.com.cn/china/2009sco/2009-06/16/content_8286654.htm
Re, are you asking me out on a date?
You’ve been really nice to me lately.
I was not aware of this before I read about it here. So glad people are working together to solve this problem.
“Than you have not been to lower Manhattan lately.”
yes, i know what you mean. its sure slow, but collapse? i don’t know if i would go that far. however, i am looking for a small apt downtown. If I see a good deal, i may snag one.
SAS
“It bit us in the end.”
one question no one seems to have an answer is where did all the profits do during the run up?
a topic your wee main stream media dare not touch.
CNBC = shysters mouthpieces
SAS
#34 Raptiva was pulled from the market a few weeks ago.
WHAT?????
Lady, I don’t know what your problem is, but I’ll be damned if I’m gonna get caught in your little Charlotte’s web here. You’re like that spider that kills her mate, only you do it by shocking the hell out of someone. Let’s get something straight, I HAVE ENOUGH EXCITEMENT IN MY DAMM LIFE. I don’t need any damn near death experiences. Thank you.
Pat says:
June 15, 2009 at 10:36 pm
Re, are you asking me out on a date?
You’ve been really nice to me lately.
reinvestor… You are the anti-john here. Take my remark as you see fit!
S
Humm, Albany almost makes Trenton look like a citadel of sanity:
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/15/AR2009061502832.html
Oops!
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/15/AR2009061503045.html
Sastry,
Memorize the layout at Home Depot yet?
Shore,
I do, being a renter :)
Sean says:
June 15, 2009 at 10:20 pm
More on the BRIC meeting.
The leaders of Brazil, Russia, India and China are gathering in the Russian city of Yekaterinburg Tuesday, during which they are expected to discuss ways to reduce their reliance on the US dollar.
The problem is, India and China (bigger bricks in BRICs) are extremely dependent on exporting stuff or services to the U.S., so they desperately want to not let USD depreciate against their currencies. Brazil is much less export dependent, and doesn’t have a huge stockpile of Treasuries – so they don’t really care. Russia is listed with BRIC for the reasons I don’t understand – their economy other than energy and metals was stagnant at best through 2000s (OK there was a plenty of RE build-up based on oil/gas riches and slave central-asian labor). Essentially the same Hugo Chavez’s Venezuela but bigger and with A-Bombs.