Just because it's one of the slowest weeks of the year does not mean we will shy away from some serious discussion! Especially when such an important topic has been making the rounds. That topic, friends, is the resuscitation of the NYC real estate market, rumors of which have heated up thanks to a summer surge in contract signings and some positive economic outlooks from various rich white men in expensive suits. Has the market bottomed-out at a 25% to 30% drop from peak prices, as some in the industry believe, or is there more to go? Unemployment, shadow inventory and the tarring and feathering of anyone looking to spend a big bonus should factor into the discussion. Buyers and sellers that are currently active, what's the new norm? And is it morning in Manhattan? Throw your $.02 into the comments, svp.
· Manhattan Trends Report Since November 2007 [UrbanDigs]
· Contract Signings Rise, and Deal-Watchers Exhale [NYT]