NYC transitions into a cooling market

From CNBC:

NYC has moved into a buyer’s market, and is experiencing a housing trend last seen in 2009

New York City’s pricey real estate has become a “buyers market,” new data suggests, characterized by lowball offers and a rise in the number of properties staying on the market for longer.

The latest figures from Warburg Realty show that among higher-priced homes, New York City is in the throes of a “major shift” that reflects a cooling market, the likes of which hasn’t been seen in almost a decade.

“Offers 20 percent and 25 percent below asking prices began to flow in, a phenomenon last seen in 2009,” wrote Warburg Realty founder and CEO Frederick W. Peters in the report, which surveys real estate conditions around the city.

Warburg’s report dovetails with separate data showing a definitive cooling in New York’s housing market. The number of homes for sale in the city recently hit a record, according to StreetEasy data, amid fewer sales transactions. Meanwhile, September’s report from real estate firm MNS showed Manhattan apartment rental prices — the most expensive in the city — on the decline.

In today’s market, sellers should not expect multiple offers, he added. “The majority of deals result from a single offer,” Peters said — nor should they expect things to move quickly. “The days on market average has soared during 2018.”

This entry was posted in Demographics, Economics, Housing Bubble, Lowball, NYC. Bookmark the permalink.

46 Responses to NYC transitions into a cooling market

  1. grim says:

    From the WSJ:

    New York Towns Gearing Up to Fight IRS Ruling on Local Taxes

    An emerging coalition of New York municipalities is preparing to challenge proposed Internal Revenue Service regulations that clouded the ability of cities and towns to set up funds that allow residents to pay their local taxes as charitable contributions.

    The group of municipalities—which includes Westchester County—will file public comments with the IRS and is considering a lawsuit, according to Assemblywoman Amy Paulin, a Democrat who lives in Scarsdale.

    The new federal tax code signed into law by President Trump in December put a $10,000 cap on state and local tax deductions, a change that has hurt some residents in New York’s high-tax suburbs.

    State lawmakers approved a bill in March that allowed the creation of the charitable funds. Under New York’s law—which is similar to legislation adopted in New Jersey and Connecticut—localities can issue a taxpayer a credit against their property taxes for up to 95% of the amount donated to a designated charitable fund. New York may issue credits against state income tax for up to 85% of a donation.

    Fourteen New York municipalities have set up the charitable funds, according to a database of local laws and interviews with municipal officials. Charitable deductions against federal income aren’t limited, but the IRS rule would block the relief intended by New York lawmakers by requiring taxpayers to subtract the value of the state credits from the amount of their donation.

    Daniel A. Rosen, a partner at Baker & McKenzie who is working with the coalition, said the IRS proposal is contrary to the agency’s earlier treatment of donation-and-credit systems in states such as Alabama that provide state incentives for taxpayers who donate to funds supporting community college programs.

    “State and local tax benefits have never been viewed, by the federal government, like a tote bag,” Mr. Rosen said in an interview. He said he is considering a pre-enforcement challenge to the regulations, which could be finalized after a Nov. 5 public hearing.

  2. The Original NJ ExPat says:

    almost frist.

  3. The Original NJ ExPat says:

    There’s a big flashing BUY sign on the horizon…buy more pancake in a can or get priced out forever!

  4. Juice Box says:

    Gotta love EWR, air-train from the NJ transit train station froze at the station do to misalignment , feel soory for the people stuck on it for a half hour they had to send the engineers to open the doors manually to let them out.

  5. JustAsking says:

    Looking at a new house in NNJ.. DOM 100. Price cut 10% from original LP for the past 3 weeks. Thinking about going in at an offer price of 10% of current price ?. That would be 18% off from OLP. What you guys think.

  6. JustAsking says:

    OLP 735 – Going in at 605..

  7. grim says:

    What’s the price relative to market? You have the negotiating advantage if its a family house in a family town.

  8. grim says:

    Airtrain is a f*cking mess. Nothing worse than getting into C at midnight to find the Airtrain isn’t running. I always park in the deck – I can usually walk to the parking deck faster than the airtrain.

  9. JustAsking says:

    Commuter family town. The house is 5 houses from commuter train track and 2 blocks from train station. I don’t see any noise due to train but the closeness to train station might offeset the close-to-train-track issue. House price is little high for the town. not sure why DOM is 100+.

  10. Fast Eddie says:

    More gas tax today. It’s for the children.

  11. Blue Ribbon Teacher says:

    I do see road crews all over finishing projects that were abandoned pre gas tax. But the reality is, the money that was collected prior to should have never been squandered the way it was.

  12. Libturd...look me up in Costa Rica says:

    Air Train is another PA boondoggle. Just extend the WTC/NWK PENN PATH to the Airport. Cost will be 1.5 billion and it will last a 100 years. Not 19, like the current POS monorail. How much did the Oculus cost? 4 billion? What did you expect from that patronage mill?

  13. The Original NJ ExPat says:

    This guy is such a delusional douche bag.

    By JAMES COMEY 18 hrs ago

    The F.B.I. is back in the middle of it. When we were handed the Hillary Clinton email investigation in 2015, the bureau’s deputy director said to me, “You know you are totally screwed, right?” He meant that, in a viciously polarized political environment, one side was sure to be furious with the outcome. Sure enough, I saw a tweet declaring me “a political hack,” although the author added, tongue in cheek: “I just can’t figure out which side.”

    And those were the good old days. President Trump’s decision to order a one-week investigation into sexual assault allegations against Brett Kavanaugh, his Supreme Court nominee, comes in a time of almost indescribable pain and anger, lies and attacks.

    We live in a world where the president routinely attacks the F.B.I. because he fears its work. He calls for his enemies to be prosecuted and his friends freed. We also live in a world where a sitting federal judge channels the president by shouting attacks at the Senate committee considering his nomination and demanding to know if a respected senator has ever passed out from drinking. We live in a world where the president is an accused serial abuser of women, who was caught on tape bragging about his ability to assault women and now likens the accusations against his nominee to the many “false” accusations against him.

    Sign Up For the Morning Briefing Newsletter

    Most disturbingly, we live in a world where millions of Republicans and their representatives think nearly everything in the previous paragraph is O.K.

    In that world, the F.B.I. is now being asked to investigate, on a seven-day clock, sexual assaults that the president says never happened, that some senators have decried as a sham cooked up to derail a Supreme Court nominee, and that other senators believe beyond all doubt were committed by the nominee.

    If truth were the only goal, there would be no clock, and the investigation wouldn’t have been sought after the Senate Judiciary Committee already endorsed the nominee. Instead, it seems that the Republican goal is to be able to say there was an investigation and it didn’t change their view, while the Democrats hope for incriminating evidence to derail the nominee.

    Although the process is deeply flawed, and apparently designed to thwart the fact-gathering process, the F.B.I. is up for this. It’s not as hard as Republicans hope it will be.

    F.B.I. agents are experts at interviewing people and quickly dispatching leads to their colleagues around the world to follow with additional interviews. Unless limited in some way by the Trump administration, they can speak to scores of people in a few days, if necessary.

    They will confront people with testimony and other accounts, testing them and pushing them in a professional way. Agents have much better nonsense detectors than partisans, because they aren’t starting with a conclusion.

    Yes, the alleged incident occurred 36 years ago. But F.B.I. agents know time has very little to do with memory. They know every married person remembers the weather on their wedding day, no matter how long ago. Significance drives memory. They also know that little lies point to bigger lies. They know that obvious lies by the nominee about the meaning of words in a yearbook are a flashing signal to dig deeper.

    Once they start interviewing, every witness knows the consequences. It is one thing to have your lawyer submit a statement on your behalf. It is a very different thing to sit across from two F.B.I. special agents and answer their relentless questions. Of course, the bureau won’t have subpoena power, only the ability to knock on doors and ask questions. But most people will speak to them. Refusal to do so is its own kind of statement.

    Agents will summarize every witness encounter in a detailed report called a 302, and then synthesize all the interviews into an executive summary for the White House. Although the F.B.I. won’t reach conclusions, their granular factual presentation will spotlight the areas of conflict and allow decision makers to reach their own conclusions.

    It is idiotic to put a shot clock on the F.B.I. But it is better to give professionals seven days to find facts than have no professional investigation at all. When the week is up, one team (and maybe both) will be angry at the F.B.I. The president will condemn the bureau for being a corrupt nest of Clinton-lovers if they turn up bad facts. Maybe Democrats will similarly condemn agents as Trumpists if they don’t. As strange as it sounds, there is freedom in being totally screwed. Agents can just do their work. Find facts. Speak truth to power.

    Despite all the lies and all the attacks, there really are people who just want to figure out what’s true. The F.B.I. is full of them.

    James Comey is the former F.B.I. director and author of “A Higher Loyalty: Truth, Lies, and Leadership.”

  14. The Original NJ ExPat says:

    So if somebody comes forward and says that boofing is really anal, do we need another hearing?

  15. grim says:

    Urban dictionary says boofing is sticking ketamine up your assh*le at a rave.

    Who knew.

  16. chicagofinance says:

    Comey’s screed is nonsense. He said the time limit is a problem, but the FBI can work around it without concern. OK, so what then?

    The point of the time limit is to combat the allegation against Feinstein of stonewalling…… I think this compromise is excellent….. maybe he needs to go away…

  17. Fast Eddie says:

    USMCA – another win.

  18. ExEssex says:

    11:25 admit it – you’d let Comey make you feel cheap.

  19. Grim says:

    Damon nailed it on snl

  20. D-FENS says:

    Kinda hypocritical though no? He worked with Weinstein on countless projects…

  21. Blue Ribbon Teacher says:

    To be fair to him, he never saw anything or heard anything on that matter.

  22. Libturd...look me up in Costa Rica says:

    I’m just glad he didn’t say boffing. For the record, I don’t think boofing, as it is defined today, even existed back then. I haven’t been following closely. What did he say? This is from his yearbook, right? Not even sure how his yearbook is admissable in any way. Heck, in my college yearbook, I’m pictured as a member of the Caribbean Student Organization.

  23. No One says:

    I watched a bit of SNL, but they are so one sided in their targets of ridicule, when there are such ripe targets on “their” side, that I don’t enjoy the show.

  24. grim says:

    So what if boofing means anal sex? I don’t understand, are democrats saying that anal sex is illegal? Why are democrats so obsessed with this? Did the previous leader of the FBI say that an FBI investigation was warranted because the accused may have lied about having anal sex? How are we so sure that Bart O’Kavenaugh wasn’t on the receiving end?

  25. No One says:

    Maybe “boofing” is what they now call “cheesing”

  26. joyce says:

    “The revised pact needs to be approved by all three governments, including the US Congress, which won’t consider the agreement until 2019.”

    Fast Eddie says:
    October 1, 2018 at 11:35 am

    USMCA – another win.

  27. Fast Eddie says:

    Just watched the Matt Damon piece – some of it was pretty good, pretty funny. Overall though, somewhat bland. Nothing compares to SNL of yore. They wouldn’t dare touch a Ford character not because SNL would think it’s insensitive but because it doesn’t play along with their narrative.

  28. chicagofinance says:

    Here is a old video from Georgetown Prep just posted to You Tube

  29. chicagofinance says:

    That is a really good point…….. where is the balance?

    Fast Eddie says:
    October 1, 2018 at 12:38 pm
    They wouldn’t dare touch a Ford character not because SNL would think it’s insensitive but because it doesn’t play along with their narrative.

  30. Blue Ribbon Teacher says:

    SNL used to be a show that we all would talk about on Monday morning at school. The goal of the cast was to be funny and memorable. We all still remember all those skits. Some even became movies. It’s a rare day when an SNL skit is either funny or memorable and it’s been that way for almost 20 years.

    I’ve said it before, political comedy has become incredibly lazy to the point where they think you should laugh just because you are on “their side”. I would hardly call half of these people comedians. Insert them into a random group of people and you would hardly refer to them as the “funny one”.

  31. ExEssex says:

    12:39 lightweight amature BS — nobody takes off the undies to do that….the cotton burn flare is part of the fun…..

  32. The Original NJ ExPat says:

    Lying about what you meant by boofing when you were 17 means you are unfit to sit on the Supreme Court. If you lie about both boofing and the meaning of “Devil’s Triangle” you should be imprisoned for life. Unless you are a liberal. Then you can lie about anything you want. Keith Ellison can drag his girlfriend all around the house by her hair or feet and that’s just fine for a state attorney general, the guy who would prosecute such charges.

    So what if boofing means anal sex? I don’t understand, are democrats saying that anal sex is illegal?

  33. Libturd...look me up in Costa Rica says:

    I thought the Ellison thing was a fake? Also, not sure that any of the yearbook stuff mattered in any way. In about 5 days, Kav will be confirmed and all of this nonsense will be over. If there was any evidence, it would most likely have surfaced by now. Everyone needs to just chill. Focus more on Menendez. That douche needs to be jailed at this point.

  34. grim says:

    Important distinction, the charges were dropped against Menendez – that doesn’t mean he wasn’t guilty. That doesn’t matter I suppose.

  35. Libturd...look me up in Costa Rica says:

    Ellison is asking for an investigation last I heard. Kav was trying to avoid one! But everyone needs to chill. The way it works is, if there is no evidence, he serves. It’s really simple.

  36. The Original NJ ExPat says:

    Monahan said on Twitter Wednesday that while she welcomed the investigation, she sees it simply as a way for Ellison – who is not seeking re-election to Congress – to try and diminish the impact of the allegations on his campaign for state attorney general.

    “I am glad it will happen, but he is well aware he will be out of Congress before it is complete,” she tweeted. “He makes himself look good before the election.”

  37. The Original NJ ExPat says:

    It’s kind of unique that the Cubs and Brewers are playing a one game playoff right now, even though both teams know their next game is at home, they just don’t know which series they’ll be playing. The loser will host a one game do-or-die wild card game and the other will have home field advantage for the NL Division Series.

    If the Cubs beat the Brewers at Wrigley today it’s entirely possible that their next game will be…playing the Brewers at Wrigley.

  38. No One says:

    “Devil’s Triangle” is a track from King Crimson’s 1970 album “In the Wake of Poseidon”

    Much better to win today to be playing a 5 game series than face an elimination game.

  39. grim says:

    Christ, so devil’s triangle is even worse? Kavanaugh and cronies dropped acid and went to town on a bunch of synthesizers.

  40. HEHEHE says:

    Nobody’s going to be happy about this FBI investigation. I seriously doubt it’s going to provide any actionable information. Just kicked the can down the road a week.

    NYT has this new guy claiming Kavanaugh got really drunk in college and a couple of times got belligerent. On that basis I think about 99% of the male and female population isn’t qualified for the Supreme Court.

  41. grim says:

    Looking at some excerpts from Mark Judge’s book – Wasted: Tales of a Gen-X Drunk – Kavanaugh is guilty by association.

  42. HEHEHE says:

    I was perplexed why they didn’t re-try Menendez. If nothing else another pending trial may have been enough for him to step down and the Dems to get a replacement from someplace other than the Hudson County cesspool.

  43. The Original NJ ExPat says:

    Isn’t that the only kind of guilty these days? I think everybody who has interacted with Pumps can be classified as low IQ and uneducated.

    Looking at some excerpts from Mark Judge’s book – Wasted: Tales of a Gen-X Drunk – Kavanaugh is guilty by association.

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