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New York real estate has its worst quarter in 6 years

By Patrick following x   2018 Jan 3, 9:48pm 988 views   16 comments   watch   sfw   quote     share    


https://www.cnbc.com/2018/01/02/manhattan-real-estate-prices-and-sales-fell-ahead-of-tax-changes.html
Manhattan real estate sales and prices took a fall in the fourth quarter, and they're likely to slide even further this year after the new tax rules take effect.

Total sales volume fell 12 percent compared with the fourth quarter of last year — the lowest quarterly level in six years, according to a report from Douglas Elliman Real Estate and Miller Samuel, the appraisal firm. The average sales price in Manhattan fell below $2 million for the first time in nearly two years.


#housing
1   anonymous   ignore (null)   2018 Jan 3, 10:10pm   ↑ like (0)   ↓ dislike (2)   quote        

Uh-oh. That's bad for Trump. Hopefully he doesn't take it out on us all.
2   APOCALYPSEFUCKisShostikovitch   ignore (32)   2018 Jan 4, 4:56am   ↑ like (0)   ↓ dislike (0)   quote        

Why does Obama hate FREEDOM?
4   theoakman   ignore (0)   2018 Jan 4, 7:46am   ↑ like (2)   ↓ dislike (0)   quote        

Patrick says
https://www.cnbc.com/2018/01/02/manhattan-real-estate-prices-and-sales-fell-ahead-of-tax-changes.html
Manhattan real estate sales and prices took a fall in the fourth quarter, and they're likely to slide even further this year after the new tax rules take effect.

Total sales volume fell 12 percent compared with the fourth quarter of last year — the lowest quarterly level in six years, according to a report from Douglas Elliman Real Estate and Miller Samuel, the appraisal firm. The average sales price in Manhattan fell below $2 million for the first time in nearly two years.


#housing


They were poised to fall and need to fall desperately. You have to be a millionaire to live in Brooklyn now.
5   anonymous   ignore (null)   2018 Jan 4, 5:06pm   ↑ like (1)   ↓ dislike (0)   quote        

Btw oc market is already hanging on a thread. 1.7% forecast for 2018. With trump tax scam it will go down this year FOR SURE.
6   PrivilegedtobeWhite   ignore (1)   2018 Jan 4, 5:19pm   ↑ like (2)   ↓ dislike (0)   quote        

anon_604a7 says
Btw oc market is already hanging on a thread. 1.7% forecast for 2018. With trump tax scam it will go down this year FOR SURE.
Good.
7   Quigley   ignore (0)   2018 Jan 4, 7:29pm   ↑ like (0)   ↓ dislike (0)   quote        

anon_604a7 says
Btw oc market is already hanging on a thread. 1.7% forecast for 2018. With trump tax scam it will go down this year FOR SURE.


While I don’t really agree. Land here is still too precious with too many desiring a home. But even should it go down a bit, I’m fine with that. I have no plans to sell in the next 20 or so years.
8   WatermelonUniversity   ignore (6)   2018 Jan 4, 7:30pm   ↑ like (1)   ↓ dislike (0)   quote        

lets hear from the Trump supporting CA republicans in here.

thanks to Trump your RE investments in CA will go down like NY.

any thoughts? and be honest please.
9   WatermelonUniversity   ignore (6)   2018 Jan 4, 7:33pm   ↑ like (0)   ↓ dislike (0)   quote        

NY land is also very precious but look what happened.

Quigley says
anon_604a7 says
Btw oc market is already hanging on a thread. 1.7% forecast for 2018. With trump tax scam it will go down this year FOR SURE.


While I don’t really agree. Land here is still too precious with too many desiring a home. But even should it go down a bit, I’m fine with that. I have no plans to sell in the next 20 or so years.
10   Strategist   ignore (1)   2018 Jan 4, 7:35pm   ↑ like (0)   ↓ dislike (1)   quote        

just any guy says
anon_604a7 says
Btw oc market is already hanging on a thread. 1.7% forecast for 2018. With trump tax scam it will go down this year FOR SURE.
Good.


I'm willing to bet OC median home price increases will be closer to 10% than 1.7% in 2018.
11   WatermelonUniversity   ignore (6)   2018 Jan 4, 7:40pm   ↑ like (1)   ↓ dislike (1)   quote        

any good reasons or just wishful thinking?

BTW i think my AAPL will go up 1000% this year. just because i say so.

Strategist says
just any guy says
anon_604a7 says
Btw oc market is already hanging on a thread. 1.7% forecast for 2018. With trump tax scam it will go down this year FOR SURE.
Good.


I'm willing to bet OC median home price increases will be closer to 10% than 1.7% in 2018.
12   anonymous   ignore (null)   2018 Jan 4, 8:35pm   ↑ like (1)   ↓ dislike (0)   quote        

Yep - so glad we sat sidelined to see OC jump up +50% for the last 5 years while we waited out that 5-10% drop we knew was "just around the corner ".

Take THAT OC!!!
13   Strategist   ignore (1)   2018 Jan 4, 9:23pm   ↑ like (0)   ↓ dislike (0)   quote        

BorderPatrol says
any good reasons or just wishful thinking?

BTW i think my AAPL will go up 1000% this year. just because i say so.


No, no wishful thinking. Based on:
1. Shortage of homes. Still not enough homes being built.
2. Falling unemployment.
3. Rising wages.

Number 1. greater shortage than 12 months ago.
Number 2. Even better than last 12 months.
Number 3.Continuously improving.

Why do you think otherwise?
14   MrMagic   ignore (9)   2018 Jan 4, 9:36pm   ↑ like (2)   ↓ dislike (0)   quote        

Patrick says
Manhattan real estate sales


I really can't figure out who the hell would want to live there. I traveled/worked around the 5 boroughs of NY early in my career, and if I NEVER go back to that shit hole of a town, it will be too soon.
15   WatermelonUniversity   ignore (6)   2018 Jan 4, 10:25pm   ↑ like (0)   ↓ dislike (0)   quote        

because zillow says 1.7%.

what you say tend to be true but i'm pretty sure they already take those factors into account.

i'm afraid this year OC and LA will be 0% or negative.

Strategist says
Why do you think otherwise?
16   jvolstad   ignore (0)   2018 Jan 4, 11:35pm   ↑ like (0)   ↓ dislike (1)   quote        

Maybe we should take up a collection for the out-of-work Realtor's.......or maybe NOT!




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