Market Conditions in 10014>Question Details

Hatch, Home Buyer in 10014 zipcode

are prices higher or lower than they were12 months ago?

Asked by Hatch, 10014 zipcode Fri Jan 30, 2009

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April 28 (Bloomberg) -- Eli Broad, a philanthropist and co- founder of KB Home, the fifth-largest U.S. homebuilder by revenue, said he expects home prices to drop another 20 percent.

``I don't think we're anywhere near a bottom in housing,'' Broad told Bloomberg TV at the Milken Institute Conference in Beverly Hills, California. ``We're going to have a big inventory of unsold, unoccupied homes that's going to take three or four years to clear out.''…

20% drop is too conservative. Panic will grip this economy in due time. Cans of soup will get the bid like never before!
0 votes Thank Flag Link Tue Aug 2, 2011
Nominally prices are down a paltry amount as the bailed out banks using mark to make believe accounting are well capitalized to be able to hold back staggering amounts of home inventory. In terms of ounces of gold and silver, home prices have taken a free fall.

It will get much worse for sellers and much better for buyers.
0 votes Thank Flag Link Tue Aug 2, 2011
In our area, Averages are down a little for Distressed properties, but regular sales are up about 1 1/2% for the first quarter.
I think right now, the speculation about the flood of foreclosures is keeping the SS & REO's down.
Quantity is up from first qtr last year
0 votes Thank Flag Link Tue Aug 2, 2011
Prices are lower "depending" on your price range. The luxury sector has been hold up strong. The studios and 1-2 brs have had price adjustments. Beware, if you're holding out for the price to go down more and interest rates go up you'll be paying more the unit then if you were to purchase when the rates were steady.

Always think outside the box.

Please Contact:Tony Lara
Licensed Real Estate Salesperson
Charles Rutenberg Realty
127 East 56th Street, 4th Floor
New York, NY 10022
(212) 688-1000 x 435
0 votes Thank Flag Link Tue Aug 2, 2011
Everything is lower.

This is a good thing. Good for the consumer, banks, investors, etc.
0 votes Thank Flag Link Sun Feb 1, 2009
Actual sales prices for re-sales are down 10-20% across the city and the deals that have been signed the last 3 months. Developers are giving some incredible discounts and incentives to sell their new construction condo inventory, serious sellers are paying higher 7 and 8% commissions to compete with new buildings. It's an incredible opportunity for buyers who can qualify with the very strict bank requirements (most are requiring at least 25% cash down) and tightening co-op board requirements as well. My team is ranked top 1% in the U.S. for rental and sales volume, let me know if I can be of further assistance. Check out my credentials and some of my listings on my web site if you have a few moments.
Web Reference:
0 votes Thank Flag Link Sun Feb 1, 2009
Manhattan's "bubble" has held for a long time but is completely burst in most areas and thinning out considerably near the bursting point in other areas...but yes it is safe to say that prices have gone down. Now's a good time to put in a bid and grab a great deal for yourself!
0 votes Thank Flag Link Sat Jan 31, 2009
NYC real estate, especially Manhattan, has held pretty strong throughout the last couple of years. However, prices in Manhattan have also dropped from a year ago. It's a great time to buy.

Ralph Windschuh
Century 21 Princeton Properties
0 votes Thank Flag Link Sat Jan 31, 2009
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