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Curbed Roundtable: October State O' the Market Report

Lately, the bad news is everywhere. First, there was this scary graph in the Times. Then the real bombshells hit, in the form of declining home sales and prices nationwide. Still, despite surging foreclosure numbers in parts of Brooklyn, Queens and the Bronx, many still doubt that any of this affects the Manhattan market. And, truth be told, we haven't really seen many repercussions in Manhattan, perhaps because foreign buyers are snapping up condos like they're going out of style. But are they going out of style? The first real moment that gave us pause on this topic was during a conversation last week with a real estate professional about how lovely the East Village's Flowerbox Building turned out. Her comment: "$10MM for one of those apartments is utterly absurd, and they are fortunate that they closed all those deals before the market went kerpluey." Jarring honesty, but hey, isn't she right? The thought of someone paying $10 million to live near Avenue D sounds infinitely more ridiculous now then it did just five months ago. But is this just an isolated case of silliness, or do you actually think there's some wide-ranging change ahead? Will there always be buyers lined up to sink their cash into overpriced boutique condo projects?
· Your Morning Credit Crunch: 'Neighborhoods are Wiped Out' [Curbed]
· Your Morning Credit Crunch: Sales, Prices Plunge [Curbed]