Friday, December 28, 2007

A Bearish Sign on N.Y. Home Prices - December 27, 2007 - The New York Sun

A Bearish Sign on N.Y. Home Prices - December 27, 2007 - The New York Sun:

New York City's status as a rosy exception to the nation's slowing housing market may be starting to come to an end.
Right now, most residents of NYC think that they are immune to the housing crash slump, but I'm not so sure.

Some real estate analysts say that despite the country's overall slowdown, Manhattan apartment prices will maintain an upward trajectory in the fourth quarter. "Our fourth quarter report is coming out next week and we expect price growth will continue," the chief economist at Halstead Property, Gregory Heym, said. "Several new condo developments are starting to close, such as the Plaza and 15 Central Park West, which will help push up prices."

In addition to apartment closings at new developments, where prices are often high, there are many larger units that are also closing, Mr. Heym said. Despite the market turmoil, Wall Street bonuses at many firms are expected to be solid, and with a weak dollar, foreign buyers continue to flock to Manhattan.
I guess in a few years Manhattan is going to consist of nothing but Wall Street executives living amongst a bunch of empty foreign owned apartments that are only used a couple of weekends a year.