A new report suggests NYC's real estate downturn is deepening, and may not hit bottom for months

[Yo_Mama_Been_Loggin]

There may be another bear market under way – in New York City real estate.

For much of 2018, housing in the Big Apple has been entrenched in a buyer's market, where prospective homeowners are able to extract lower prices from those looking to sell.

A new report from Warburg Realty underscores just how deep the problem is, with the real estate firm estimating prices have tumbled between 10 and 20 percent since peaking in 2015. Since the start of the fall season, reluctant sellers have relented and offered steeper discounts on their homes, Warburg said, adding that the market may not hit bottom for months.

"The news from the post-Thanksgiving period is that this price capitulation has begun driving deals," wrote Frederick Peters, Warburg's CEO, in the firm's fourth quarter NYC market report. "In December sellers whose pricing reflected the new market realities sold their properties, especially where inventory remains limited."

https://www.msn.com/en-us/money/markets/a-new-report-suggests-nycs-real-estate-downturn-is-deepening-and-may-not-hit-bottom-for-months/ar-BBRCV0d?li=BBnb7Kz

[Agschmid]

1. I'd be interested to see how Amazon effects this.

[edhopper]

3. A little in the asking prices.

but 25,000 jobs over 17 years really isn't a lot in NYC. Even in Long Island City where it will be built in a few years.

[edhopper]

2. NYC has two real estate markets

multi million dollars apts sold to the very rich and foriegn investotrs (read money laundering) and middle class housing. (which is still expensive)
Which of these is more down?

Reading the article, this is Manhattan, where prices were driven by other factors.

[brooklynite]

4. FWIW - December isn't prime house buying time...

Let's see what happens in February when Wall Street people spend their year-end bonuses.

[mercuryblues]

5. I bet that includes 666 5th Avenue

Kushner is gonna have to trade more classified info with the Saudi's to keep his money pit. I wonder how many will end up dead this time?