bostonbubble.com

JCK · Joined: 15 Feb 2007 Posts: 559

Prices are dropping here, but pretty slowly in the nice neighborhoods.

Check out this site:

http://www.streeteasy.com/nyc/talk

The discussions regarding NYC real estate are funny. These guys are tracking sales within the same buildings, and watching what happens when two people put their units on the market in the same building. The whole thing starts to look like a reverse auction.

One problem with Boston, I think, is that the high end is a relatively low volume market. So price comps are few, and you can't really get a good feel for what things are actually worth. In NYC, the number of high end units is so much larger, it's much easier to do the comps. So I think prices are coming down faster at least partly as a result. There's really nowhere to hide in a falling market. It's pretty tough to argue against what the place downstairs just sold for...

Guest · Posted: Wed Mar 04, 2009 3:21 am GMT Post subject:

With the debacle on Wall Street

NYC, Manhattan prices have to take a servere whack sooner than later.

Nice addresses tend to fall slower and later than the crappy Zip Codes,
nonetheless they will fall.
.
.

Guest · Posted: Wed Mar 04, 2009 3:41 am GMT Post subject:

funny how people are excited about how NYC prices are dropping below $600/sq.ft.

I recently offered to buy a unit in a middle class suburb of Boston for about $220 a sq ft and was countered back at about $240 a sq ft.

I realized with the help of someone else that my offer was too generous,
and I backed out of negotiations altogether.

Glad I did too .

now I'm looking to pay no more than 200 a sq ft, if possible Smile

BTW, I like that website link you posted Idea