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New York real estate has its worst quarter in 6 years


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2018 Jan 3, 9:48pm   3,447 views  15 comments

by Patrick   ➕follow (55)   💰tip   ignore  

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

Comments 1 - 15 of 15        Search these comments

1   anonymous   2018 Jan 3, 10:10pm  

Uh-oh. That's bad for Trump. Hopefully he doesn't take it out on us all.
2   BayArea   2018 Jan 4, 7:34am  

Good!
3   theoakman   2018 Jan 4, 7:46am  

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.
4   anonymous   2018 Jan 4, 5:06pm  

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.
5   anonymous   2018 Jan 4, 5:19pm  

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.
6   Shaman   2018 Jan 4, 7:29pm  

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.
7   WatermelonUniversity   2018 Jan 4, 7:30pm  

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.
8   WatermelonUniversity   2018 Jan 4, 7:33pm  

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.
9   Strategist   2018 Jan 4, 7:35pm  

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.
10   WatermelonUniversity   2018 Jan 4, 7:40pm  

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.
11   anonymous   2018 Jan 4, 8:35pm  

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!!!
12   Strategist   2018 Jan 4, 9:23pm  

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?
13   MrMagic   2018 Jan 4, 9:36pm  

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.
14   WatermelonUniversity   2018 Jan 4, 10:25pm  

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?
15   MAGA   2018 Jan 4, 11:35pm  

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

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