James Houston, Home Owner in San Anselmo, CA

Midtown East Values Today vs. 2008

Asked by James Houston, San Anselmo, CA Sun Sep 2, 2012

All else being equal, what would be an average percentage decline in values in an apartment located in Midtown East from the height of the market in say early 2008 to today? 5%? More? If more facts are required, say with respect to a 2/2 about 1200 sq. ft. Co-Op in a highrise doorman building. Best guestimates appreciated.

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I can tell from the refinance appraisals that I am getting in that this really depends on the building. I have some people who are refinancing co-ops that were purchased or refinanced in the past few years. The decline can sometimes be because people need to get out for a reason, and there might be a building here or there that has become more difficult to find financing in, which also affects prices, or any number of factors, as previously mentioned.
If you could guide us on where your question is coming from, that could be helpful. Are you looking to refinance, and are curious what your value will come in at, or are you looking to buy an apartment that was purchased in 2008?
0 votes Thank Flag Link Tue Sep 11, 2012
Cliff: The decline in value varies from market area to market area, however I would say that midtown east probably experienced a 10 to 15% decline in 2008-2009. Some of that is adjusting, but (again depending on location) in general, currant prices are at 2005 levels. That being said, there are highly desirable building that did not experience any drop in market value and have continued to trade at 2007 prices.

If you have specific properties that you would like me to research, I can give you a more specific answer, of course.

Happy to help.


0 votes Thank Flag Link Tue Sep 11, 2012
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