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Old 18th April 2008, 06:59 PM
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Manhattan property defies gravity

Property prices in Manhattan have soared 41% at the start of this year, defying the US economic slowdown.

Despite belt-tightening and record losses at Wall Street banks, demand for luxury dwellings was strong, said the association of New York estate agents.

On average a Manhattan home costs $1.6m (£0.8m), up from $1.1m a year ago.

http://news.bbc.co.uk/2/hi/business/7353986.stm

But with Citicorp announcing another 9000 redundancies today, it seems as though reality is about to strike with a vengeance. :p
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Old 18th April 2008, 07:06 PM
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Re: Manhattan property defies gravity

It makes sense. It's like domains. Uniqueness is becoming priceless.

Massproduction long tail real-state is going south.

Home sales rise on biggest-ever price drop
http://money.cnn.com/2008/03/24/news...ng_home_sales/
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Last edited by jose; 18th April 2008 at 07:08 PM.. Reason: Automerged Doublepost
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Old 18th April 2008, 07:26 PM
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Re: Manhattan property defies gravity

Perhaps the europeans are buying up Manhattan flats and condos, at bargain prices!
in euros!

Prices have really gotten hit in SoCal

County March-07 March-08 percentage drop
Los Angeles $540,000 $440,000 -18.50%
Orange $629,000 $506,000 -19.60%
Riverside $420,000 $306,250 -27.10%
San Bernardino $369,000 $265,000 -28.20%
San Diego $490,000 $395,000 -19.40%
Ventura $566,750 $430,000 -24.10%

SoCal $505,000 $385,000 -23.80%

Source: DQNews.com

Last edited by phio; 18th April 2008 at 07:39 PM..
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Old 18th April 2008, 07:35 PM
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Re: Manhattan property defies gravity

Quote:
Originally Posted by phio
Perhaps the europeans are buying up Manhattan flats and condos, at bargain prices!
in euros!
Yes, I guess. You wouldn't get much in London at that price. But times they are a changing. Pretty funny really after the ridicule you get for going against the flow.
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Old 18th April 2008, 08:52 PM
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Re: Manhattan property defies gravity

Despite what is being said there are still areas that are doing well in Real Estate.

Here in So Florida there are some areas that one just cant give their home away but they are substandard homes in high traffic areas that mass construction hit in the 2005 rush. Unfortunately there are quite a few. Anything more than 5 miles from the beach is tough to sell. Not including the condo on the beach market which is another issue altogether.

In my area we saw a depreciation of about 15% and now they have stabilized. I have had several unsolicited offers on my home for more than what I paid which is not the norm these days.

Like anything else its supply and demand and I think there are still buyers but now those who can can be selective and choose their areas, like Manhattan.
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Old 18th April 2008, 09:08 PM
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Re: Manhattan property defies gravity

The natural market for Manhatten are those that work in Finance.

These people are still living in their own bubble, probably still burning off the bonuses they earnt when then rest of America got screwed.

The other shoe will drop soon!
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Old 19th April 2008, 08:40 AM
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Re: Manhattan property defies gravity

Manhattan will hold up not for long, Asia's decelerating fast, fortune 500 exports will face pressure next year.

Shanghai stock market chart:



If shanghai drops another 50%, i'll be moving in to buy some bluechips. LOL

Last edited by touchring; 19th April 2008 at 09:00 AM..
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Old 19th April 2008, 09:20 AM
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Re: Manhattan property defies gravity

Quote:
Originally Posted by touchring
Manhattan will hold up not for long, Asia's decelerating fast, fortune 500 exports will face pressure next year.

Shanghai stock market chart:



If shanghai drops another 50%, i'll be moving in to buy some bluechips. LOL
Yes, and Shanghai is simply dropping into concerns about Wall Street. The only people that don't seem to be concerned are those heading straight into the fire!
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Old 19th April 2008, 09:45 AM
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Re: Manhattan property defies gravity

Quote:
Originally Posted by Rubber Duck
Yes, and Shanghai is simply dropping into concerns about Wall Street. The only people that don't seem to be concerned are those heading straight into the fire!

If Asia valuation falls by another half, there is no reason to remain invested in wallstreet or manhattan.
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Old 19th April 2008, 09:54 AM
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Re: Manhattan property defies gravity

Quote:
Originally Posted by touchring
If Asia valuation falls by another half, there is no reason to remain invested in wallstreet or manhattan.
Most of the reassuring earnings are based on trade with China and India.

European firms are being hit hard by the downturn in the US. One or two multinationals with broad Asian exposure might be doing OK for now, but don't be fooled into thinking that means everything is fine on Main Street.
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