Inventory has nowhere to go but up, but don’t expect a surge. Click to expand. (Source: Miller Samuel Inc.)
The word all of us have been using to describe the housing market in Manhattan is “stable.”
Well, as any prospective buyer of a well-priced apartment will tell you, much of the market has changed in a big way. Open houses of new listings are jammed, and that is just part of the evidence.
The chief reason is inventory that is sharply down from previous years.
Respected appraiser/data hound Jonathan Miller has pulled together some astounding numbers. Continue reading
Prof. James A. Wilcox
Reading an op-ed piece by James A. Wilcox in the New York Times yesterday, I was struck by the novelty of his ideas for what amounts to government-backed insurance against a loss in home equity.
But the more I read the column by the respected economist, a business professor at the University of California, Berkeley, the more dubious I became. He writes:
Down-payment protection would provide a sensible and affordable way to restore confidence.
He contends that a large number — perhaps two million — of potential buyers who are renting or living with relatives hesitate to take the risk of making a purchase even if they have good jobs and credit histories. Says he:
While near-record numbers of houses all over the country are empty, the sidelines are crowded with this huge ‘shadow demand.’
His solution for activating that demand, whatever its dimensions, would be Continue reading
Nobody likes stale peanuts, pastry or bread (except perhaps cooks preparing croutons or turkey stuffing).
Nobody is a fan of stale listings either. (You knew I was headed there, I’m sure.)
Unfortunately, those buyers seeking a tempting apartment that has been newly offered on the Upper West Side will encounter, instead, a collection of co-ops and condos turning grey and grubby with age.
Employing statistics from the OLR (Online Residential) database — which many brokers use, including me — I arbitrarily checked time on the market of listings offered at prices between $450,000 and $1 million. Continue reading
(Flickr photo by Martino!)
I’ve heard it said that our housing market is going to swoon next year.
I’ve also heard it said that it’s boring, stable and unlikely to dip more than a few percentage points, if at all.
Do you know? I sure don’t. That’s because of scenarios that are unknowable, of which herewith a few: Continue reading