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Prices Falling in Some Parts of the Country, Not in NYC

March 6, 2007

The New York Times wrote of the reviving real estate market in Manhattan and Brooklyn. It's an interesting article because it points out how prices are falling in some parts of the country but not in NYC. In fact, multiple bids are back. San Francisco has a lot in common with New York when it comes to real estate. There's limited supply and almost always, greater demand. Read an excerpt of the February 19th article here: "According to a report released last week by the National Association of Realtors, prices are falling in many other metropolitan areas around the country. The report covered only the last quarter of 2006, and showed a modest increase of 3.1 percent for the New York area, which includes parts of northern New Jersey. Anecdotally, there isn't much talk of falling prices in Manhattan and in the most sought-after neighborhoods in Brooklyn, where young people looking for a break, empty nesters looking for a guest room and foreigners looking for a pied-terre say they want to live. Katalin Staveley, a 30-year-old bedding designer in Manhattan, devotes her weekends to scanning the classifieds and attending open houses, searching for just the right one-bedroom apartment for less than $750,000. She can't find it.  I made a mistake, she said last week.  I should have started looking before Thanksgiving. Mr. Miller said New Yorkers had been reluctant to buy because of the feeling of an impending crash.  Last summer, a lot of information was being dumped on the consumer: stories about the glut of condos in Miami, Washington, D.C., and Las Vegas, exacerbated by the constant debate on the blogosphere about housing bubbles, mixed together with a barrage of negative predictions, he said in a telephone interview." Read the entire ARTICLE.

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