Manhattan Real Estate: It’s Over

The stories are now coming in fast and furious. The years of excess inventory. The tens-of-thousands of unsold condos. Prices plummeting. Manhattan (and Brooklyn) heading due south (no Miami pun intended).

It didn’t take a genius to figure this out, just look at any of the new condo developments at night. They’re empty.

Plus, Nouriel Roubini was talking about this years ago, long before the real estate/Wall Street bubble popped.

At any rate, here are some of the stories:

Dumbo Goes Down
Harlem, Too

An Insider on Inventory Piling Up:

1. inventory now at 11,000 listed homes, condos and coops in manhattan which is almost 3x normal
2. inventory actually grew 1200 units over the last 30-days (the attached stats are a couple of weeks old and the listing velocity INCREASED the last 2 weeks)

Condo 50% Off Auctions Coming Soon
Buyers Forfeiting Six Figure Deposits
Buyers Organizing Because They Paid Too Much (for Shoddy Buildings)

The talk is of a return to prices as they were in the mid-90s; $500/sq. ft. or less in prime Manhattan.

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2 Responses to Manhattan Real Estate: It’s Over

  1. snark says:

    Manhattan is heading for Detroit territory. There is not reason to buy in Man/Bklyn until at least 2nd half 2010 but probably later.

  2. Yes says:

    snark – Don’t know about Detroit, but by basic fundamentals NYC does have a long way to go. Agree on timing.

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