Now that the latest market reports have confirmed the inevitable, that Manhattan real estate has hit a wall and will look pretty crummy when the next batch of numbers come out, it's time to look ahead to greener pastures. When will the market rebound? For a while now, there's been a lot of talk about spring '09. Why? Well, the theory is that mortgage rates will have come down more, lenders will be unfrozen and a lack of new development will help inventory move. In fact, some buildings even closed up their sales offices with an eye on reopening in this magical, mythical spring. And now, the new Luxury Letter from Elliman's Luxury Loft team also endorses the Spring Theory. Quote: "There will be a significant up-tick in transactions in the 2nd quarter. (New Yorkers have herd mentality: once word gets out of deeply discounted buys (cheaply financed), a bottom will emerge." But is it wishful thinking? After all, we were just getting used to the idea of Bubble 2010. Don't rob us of our '09 purge!
· Fourth Quarter Market Reports: Calm Before the Storm [Curbed]
· Curbed IMterview: Jonathan Miller Dishes on Q4 Numbers [Curbed]