We are all waiting for the third quarter market reports, which are likely to be out in 1-2 weeks.
We all know by now that May and particularly June was a good month for anybody willing to price their product realistically.
July and August were a mixed bag. Total sales volume was definitely up from 2008, but not every project reported a lot of activity. On the other hand, i know of one Brooklyn project that moved six units in August after only 2 sales in the prior six months and that's without any large price cut, just a little more willingness to negotiate.
So there are definitely more buyers out there.
Prices look like they're down anywhere from 15% to 45%, depending on what it is and where.
Although some of the product that's worst hit may not have been realistically priced even at the peak of the market.
Most probable average price decline from the top of the market is about 25%, but the third quarter numbers may tell us something else.
Nationally
The latest Case-Shiller data, released this week, points that all but three out of the 20 metro areas surveyed prices are moving forward (tentatively). Las Vegas, Detroit and Seattle continue to slide. The NY Metro area posted its first positive month (+0.9%) but this figure mainly is driven by the suburban recovery and has very little to do with the NYC apartment market.
We all know by now that May and particularly June was a good month for anybody willing to price their product realistically.
July and August were a mixed bag. Total sales volume was definitely up from 2008, but not every project reported a lot of activity. On the other hand, i know of one Brooklyn project that moved six units in August after only 2 sales in the prior six months and that's without any large price cut, just a little more willingness to negotiate.
So there are definitely more buyers out there.
Prices look like they're down anywhere from 15% to 45%, depending on what it is and where.
Although some of the product that's worst hit may not have been realistically priced even at the peak of the market.
Most probable average price decline from the top of the market is about 25%, but the third quarter numbers may tell us something else.
Nationally
The latest Case-Shiller data, released this week, points that all but three out of the 20 metro areas surveyed prices are moving forward (tentatively). Las Vegas, Detroit and Seattle continue to slide. The NY Metro area posted its first positive month (+0.9%) but this figure mainly is driven by the suburban recovery and has very little to do with the NYC apartment market.
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