Mario Peters, Home Buyer in Giethoorn,  The Neth...

Offers wanted for NOHO / TRIBECA / SOHO / GREENWICH VILL condo co-op

Asked by Mario Peters, Giethoorn, The Netherlands Sun Apr 13, 2008

I am from The Netherlands and would like to buy a condo or co-op in forementioned areas. I would like to know if and when Manhatten prices will be hit by the current crisis (just share some of your ideas with me) because they seem to be on the same level as in the past months

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What is your time horizon? What are you hoping to do with the apt? What is your budget? The entire area is slowing down. Gail's post is short and exactly what you'll get from everyone who's listed as "Real Estate Pro". Why? Because if the market slows down, they make less money, so they need transactions. They may just be the most optimistic people in the world, but I suspect there's a bit more to that. Manhattan is slowing down. Here is a bloomberg article about Manhattan have the largest decline in sales in 18 years. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a… Job cuts are still coming, the slow down will continue unles the economy turns around which isn't looking like its happening quickly. But hey, we americans could use the foreign influx of money, so buy away, just don't expect to make money, especially with the exorbitant fees real estate costs to buy and sell.
0 votes Thank Flag Link Sun Apr 13, 2008
A lot has changed since 2008 when the question was posted. The areas that you inquired about are still exceptional locations in NYC and some of my favorite. Currently prices are holding steady, in Tribeca you can purchase a two bedroom for approx $1.165 million, or a loft for approx $1.360 mill. In the village a convertible three bedroom is priced at approx $1.16 mill..interest rates are low, sellers are nervous, it's a solid buyer's market. There's no free lunch and sellers arent' giving their units away but they are certainly more flexible then in the past. ”. If I may be of service feel free to contact me anytime. If you are searching for a good mortgage broker feel free to contact Patricia Lavigne of Manhattan Mortgage she’s at 212-745-9012 or plavigne@manhattanmortgage.com. Please note that I do not receive any compensation for referrals. Best of luck and I’m here if you need anything.

Tony Lara
Licensed Real Estate Salesperson
Rutenberg Realty
tlara@crrnyc.com
0 votes Thank Flag Link Wed Feb 23, 2011
Manhattan has been holding it's own so far. Hard to say that we can be completely insulated from the rest of the country, the economy, with the credit being difficult to obtain and yes loss of jobs in the financial sectors of the industry right here in NY. However, I will tell you that the areas that you are mentioning have a limited inventory of resales especially when it comes to loft-like properties which lot of people are interested in. Lot of sellers that can not get their price take the properties off the market to wait it out and that keeps the inventory down. There are still a lot of new developments but they are also still selling well partially due to the people like yourself that are coming in large numbers from abraod and buying with the "cheap dollar".......... I think these are just a couple of reasons why the prices seem to be on the same level as you are tracking them....I like to look at the market in segments and not as an overall market. Upper East Side cookie cutter coop 1 bedrooms may come down in price while the lofts downtown are holding up..................With all that being said there are some good values out there and much better negotiability on some of the properties, where the seller really needs to sell. You will then not see the difference in the asking price , but it will manifest on a level of negotiability and on a level of an individual offer..........
0 votes Thank Flag Link Mon Apr 28, 2008
Zack come on, Media is barely a friend to us. They over exhadurate everything, always have and always will. All this news of recession puts people into a paranoid state of mind. I'm not just talking Media and real estate, but when it comes to anything. Kids and hip hop music, video games, etc... I grew up watching horror movies and violent movies and turned out just fine, I used to listen to "Grangsta Rap" back in my days none of that influenced me to do anything stupid, nor has it influenced anyone of my friends. Yet media bashes our violent music and violent movies for kids being corrupted. If they didn't have anything to bash they wouldn't be in the News business.
Thats all I have to say regarding that.
Regarding job loses it is very unfortunate and I do feel extremely bad for anyone who lost a job, a friend of of my lost a job at J.P. Morgan and she held a senior position. Regarding Citigroup, they are the one's who are responsible for all that is happening right now.
Many of our brokers have worked in this industry for decades, and have seen our markets go up and down like a rollercoaster, people pull through and at the end if you buy smart and you can afford to buy it is a smart investment. People need to live somewhere, and not everyone wants to pay close to $5K for a 2 bedroom in an OK building as a rental.
Lets agree to disagree, you make some valid points, and I strongly believe that New York is unlike any other market that will hold its own in tough times.
0 votes Thank Flag Link Sun Apr 27, 2008
I don't take offense. I'm not negative because of the media, I'm negative because of the data.

Here is a paper by the Center for Economic Policy that they predict NY real estate prices will drop massively in the next few years:
http://www.cepr.net/documents/publications/ownrent_2008_04.pdf

Here are the futures data for the Case-Schiller index for the NY Metro area, the financial world is betting on a 20% decline in the NY metro area in the next 5 years:
http://www.cme.com/trading/dta/del/delayed_quote.html?Produc…

And here is the case schiller index data which has shown that the NY metro area has fallen every month for the last 15 months:
http://www2.standardandpoors.com/spf/pdf/index/CS_HomePrice_…

I'm not negative because of the media, and blaming the media is just trying to cover up the problem. I'm negative because 2 weeks ago, Citigroup and Merrill Lynch said they were laying off 13,000 people, last month JP Morgan said ~10,000 jobs would be cut from Bear Stearns. The economy is in recession home prices are so unbelievably out of whack with incomes and rents that its completely unsustainable. Its odd you blame the media, the media is your friend actually. They're the ones clamouring for a gov't buyout that would let some of this disasterous bubble hold its value which just makes home ownership much more difficult for the average person.

Zack
0 votes Thank Flag Link Sat Apr 26, 2008
No offense Zack, but you may be the most negative person who is throwing off answers here. You haven't said one positive thing in any of yoru responses, and as long as people keep on bashing our market because News said so, everyone is going to have your mind set. For someone who is living in Westchester, and they are doing great out there I'm not sure where all of your hostility is coming from. Maybe you were misguided by a broker in your previous deal, and that is between you and him or her, most brokers who care about their profession try to guide people in the right direction and disclose all facts. If I try to misslead someone now just to get a quick sale that wont do me any justice in years to come. I rather point someone in the right direction, help them find the perfect property for them and years down the line help them sell it for a profit and find them a replacement home, this way everyone comes out on top and no one feels cheated.
0 votes Thank Flag Link Sat Apr 26, 2008
Stop listening to the News, we all know that News overexadurates EVERYTHING, they make an elephant out of a mouse if they have to. Manhattan prices went up by over 3% in 1st Quarter of 2008, if you count sales in 15 Central Park West and The Plaza Hotel, they went up over 13%. We are not going to crash here in Manhattan, and I'm sorry if you feel that way. We are an Island and we are running out of space to build, we can't expect anywhere but up. There are somewhere around 6000 thousand listings and 8 Million people living in NY. Downtown where you want to live is considered to be a HOT AREA, and prices there are higher than say Upper East Side or West. Mario question for you? Are you looking to buy an investment or to live here as a Resident. If you are looking for an Investment you can pretty much forget looking at Co-ops, Condos would be your option. It would be very helpful for you, and I don't know what your situation is at the moment to have a US bank account, it would just make your financing much easier.
This really isn't a Trulia type of a conversation, if you need more information shoot me an email at Alen.Moshkovich@elliman.com or call me 212-418-2066 so we can discuss this, and I can send you our 1st Quarter 2008 Manhattan Market Overview.

Best Regards
Alen
0 votes Thank Flag Link Fri Apr 25, 2008
Manhattan continues to appreciate. Buy now!
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Sun Apr 13, 2008
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