$1.58, inflation outstripping wages, home foreclosures at a record and - today's news - 65,000 fewer jobs and Starbucks closing 600 "underperforming stores," it's looking bad all around. (The pic is from the Times.)Some are still spinning, though. Compare these two radically different takes on the same reports from the Manhattan real estate market, the last bastion, supposedly, of limitless growth. First, the Times, yesterday:
Apartment sales remain vigorous
in Manhattan
in Manhattan
Despite slowing sales and continuing economic worries, market studies released yesterday showed that the Manhattan co-op and condominium market remained strong in the peak spring selling season, with prices up 25 percent or more compared with a year ago, and overall prices roughly flat or just below record levels.
Average prices reached about $1.67 million for a Manhattan apartment in the second quarter, 1 percent to 3 percent below the record levels reported in the previous quarter, according to the series of competing market studies prepared by the major brokerage firms in New York City.
But these figures include a number of closings over the winter at two immensely expensive new condominium projects — the Plaza Hotel on Fifth Avenue and 15 Central Park West — that drove up average prices in the first quarter.
When these high-end sales were excluded for the second quarter, Gregory J. Heym, the chief economist of both Halstead Property and Brown Harris Stevens, said his figures still showed that average sales prices were actually up about 5 percent over the first quarter. “Prices are at incredibly high levels,” Mr. Heym said.
Yet Mr. Heym and other analysts said there was increasing concern that prices would remain flat or perhaps decline over the next year, especially if the economy continued to weaken. So far, he said, despite reports of recent and impending layoffs, the local economy has “yet to show any real weakness.”
While luxury sales remained very strong, the reports showed slowing sales and weakening prices for studios and one-bedroom apartments, where buyers are extremely sensitive to tighter lending requirements and larger down payments now being demanded by mortgage lenders.
The number of sales dropped sharply, by about 22 percent, compared with the second quarter of 2007, which was a record year for sales, according to an analysis released by Prudential Douglas Elliman. But at the same time, the number of sales was higher compared with the same period in 2006.
The inventory of unsold apartments rose to 9,968 in the second quarter, 21 percent higher than the year before, according to a tally by the Corcoran Group. But the total number of apartments listed for sale in June had fallen by 1.2 percent since April, and was reported to be below inventory levels of several years ago....
Average prices reached about $1.67 million for a Manhattan apartment in the second quarter, 1 percent to 3 percent below the record levels reported in the previous quarter, according to the series of competing market studies prepared by the major brokerage firms in New York City.
But these figures include a number of closings over the winter at two immensely expensive new condominium projects — the Plaza Hotel on Fifth Avenue and 15 Central Park West — that drove up average prices in the first quarter.
When these high-end sales were excluded for the second quarter, Gregory J. Heym, the chief economist of both Halstead Property and Brown Harris Stevens, said his figures still showed that average sales prices were actually up about 5 percent over the first quarter. “Prices are at incredibly high levels,” Mr. Heym said.
Yet Mr. Heym and other analysts said there was increasing concern that prices would remain flat or perhaps decline over the next year, especially if the economy continued to weaken. So far, he said, despite reports of recent and impending layoffs, the local economy has “yet to show any real weakness.”
While luxury sales remained very strong, the reports showed slowing sales and weakening prices for studios and one-bedroom apartments, where buyers are extremely sensitive to tighter lending requirements and larger down payments now being demanded by mortgage lenders.
The number of sales dropped sharply, by about 22 percent, compared with the second quarter of 2007, which was a record year for sales, according to an analysis released by Prudential Douglas Elliman. But at the same time, the number of sales was higher compared with the same period in 2006.
The inventory of unsold apartments rose to 9,968 in the second quarter, 21 percent higher than the year before, according to a tally by the Corcoran Group. But the total number of apartments listed for sale in June had fallen by 1.2 percent since April, and was reported to be below inventory levels of several years ago....
This seemed fishy to me, like bad news presented as good. I was vindicated by Metro, one of the two free papers distributed in the subway, today. (The cover story -
The economy's down, gas prices are up, and we're still at war in Iraq. But it's July Fourth, and I want you ... to party - offers a shabby list of 25 reasons it's still great to be American.) Manhattan apartment sales drop
Manhattan apartment sales fell the most for a second quarter since 1998 and unsold inventory approached an eight-year record, two signs prices may be poised to drop in the nation's most expensive urban housing market.
Sales fell 22 percent from a year earlier and inventory rose 31 percent to 6,869 units, New York-based real estate appraiser Miller Samuel Inc, and broker Douglas Elliman Real Estate said in a report today. The median price of a co-op or condominium apartment increased almost 15% to a record $1.03 million. BLOOMBERG
Sales fell 22 percent from a year earlier and inventory rose 31 percent to 6,869 units, New York-based real estate appraiser Miller Samuel Inc, and broker Douglas Elliman Real Estate said in a report today. The median price of a co-op or condominium apartment increased almost 15% to a record $1.03 million. BLOOMBERG
No matter which way you turn it, you get a sinking feeling - especially when the newspaper of record seems to be less trustworthy than a free rag... I'd be happy (and even smug) as a risk-averse renter if this didn't also mean that there will be more people renting.
