It may seem a little silly to talk about ongoing warning signs in the supposedly impenetrable Manhattan market when some psycho is dropping $150 million on a new pied-a-terre, but such is life. The Sun sees a sharp rise in condo owners who are defaulting on common charge payments, which was an indicator of future foreclosures during the downturn of the early '90s. Some condo board lawyers even say they are seeing default cases increase by 25% this year. Buildings that are processing liens include the Strokes-housing American Felt building on East 13th Street, the Sutton View on East 58th Street and the Carnegie Hill Tower on the UES, among others. Meanwhile, on the opposite end of the spectrum, REBNY is out with what we're hoping is the final third quarter sales report. Much like the Big Four's reports, the numbers were extremely strong. Again, many of the contracts signed were actually negotiated in Q2, so analysis is a little tricky, not that it stops anyone from trying.
· Condo Fee Defaults Surge in Manhattan [Sun]
· City's Apartments See Prices Increase in Third Quarter [Sun]
· City Sizzles Among U.S. Housing Market's Big Chill [NYP]
· When will the real estate bubble burst? [AMNY]