Articles on The Wall Street Journal

Down Town: Home Prices On Decline In NYC... And Everywhere Else.

Home prices in New York City are in decline

Many words might pop into a prospective home-buyer's head while browsing New Construction Manhattan's NYC condo listings, but the word "cheap" probably isn't one of them. There's a reason why Manhattan apartments have proven to be such a good investment, after all -- a limited supply (as discussed earlier at the NCM blog, possibly very limited in the near team) and virtually unlimited demand has ensured that Manhattan apartments tend to hold their value very well. Of course, if you are approaching it from a buyer's perspective, it might seem more correct to say that Manhattan apartments tend to stay quite expensive. But while the Manhattan real estate market remains one of the most competitive and expensive real estate markets in the world -- and while New York City occasionally seems to be its own independent country -- the market for NYC condos is not immune from the effects of the broader U.S. economy. Which is all sort of a long way of saying that, while Manhattan apartment prices remain high, they are in fact notably lower than in years past. No, really.

Slow, Steady, But Real: Wall Street Journal Examines The Ongoing NYC Condo Market Recovery

Slow and steady in the NYC real estate raceWait, we're still talking about this summer's market for Manhattan apartments? NYC condominium sales in August? You're sure? Strangely, but inarguably, the answer is yes -- unlike with rental statistics, the indicators on the market for Manhattan apartments are a bit longer in gestation, and... well, yes, this is going to be a blog post about a recent report on the NYC condominium market for August, but it's also a post about the most recent statistics we have on apartments for sale in Manhattan. Real estate is funny that way. And what is in this report? Good news, less-good news, and more proof that -- slowly, steadily and undeniably -- the Manhattan condo market is returning to health. So, then. Cast your mind back to this summer -- it was warmer, the Mets were still bumming everybody out, and the expiration of the first-time home-buyer tax credit sent apartment sales cratering in July, to the tune of a 34% decline in sales. Which everyone expected -- the first-time home-buyer tax credit had just expired, if you're just joining us -- but which was also the biggest decline since Radar Logic began tracking these stats in 2000. This means that it would have been just about impossible not to see some sort of improvement in August -- and there was some improvement in August. As it turned out, it was the kind that those searching for NYC condos would most want to see -- one in which prices increased marginally, while sales increased at a faster rate.

Further Tales of the Manhattan Real Estate Recovery: Wall Street Journal Details Massive Second Quarter Jump In NYC Condo Sales

Has it really been almost a month since we last reported on the stupendous ongoing boom in the market for Manhattan condominiums? Well, yes, we did write this almost a month ago, but it's not like we haven't talked about it since. We've talked about absorption rate and the spike in Manhattan apartment sales, among other things, but we've always really been talking about one thing: the stupendous ongoing boom in the market for Manhattan condominiums. Today, we would like to talk about...

Rally Caps: Manhattan Luxury Apartment Sales Way, Way Up In Last Quarter

Luxury apartment sales are way up over last quarterIt's big news, of course, but the ongoing recovery in the market for Manhattan luxury condos is not exactly news at this point. But what started as a series of anecdotal incidences -- near-ubiquitous price chops replaced by price hikes at buildings like The Apthorp; the consumer confidence reflected in the preference for condos over co-ops; the continued strength of the international market -- has recently become something a lot more measurable. Between the increasingly rapid absorption rate of Manhattan condo listings and the booming market in high-end luxury condo listings, though, the bounce-back in Manhattan real estate is increasingly tough to miss. In that sense, the surge in Manhattan apartment sales in the second quarter reported by the Wall Street Journal's Josh Barbanel isn't exactly a surprise. But the scale of that surge, on the other hand, is both big news and good news. More and more, the recovery in NYC real estate is looking official. "A Wall Street Journal review of closed-sales filings with New York City Department of Finance shows that during the second quarter, which ends June 30, sales were running 80% above the pace reported a year ago," Barbanel writes.

From The Top Up: High-End Manhattan Condos Lead Rally In NYC Real Estate Market

High-End Manhattan CondosIt's been coming for a long time, and we've been writing about it for a long time here at the New Construction Manhattan blog, but it's not without some sadness that we bring news of what appears to be the demise of the buyer's market in NYC condos. This isn't to say that great deals on NYC condos can't be found -- they're still very much out there, if you know where to look -- but a recent report from the Wall Street Journal confirms what previous intimations have suggested. Namely, that prices for Manhattan condos are finally climbing from their historic lows, and that the market for high-end Manhattan condos is rallying especially hard. For NYC real estate watchers, it's good news to see the market getting healthy again. For those looking for NYC condos, though, it can be cause for consternation. How concerned should you be if you're searching for a Manhattan apartment? Not as concerned as you might think, thankfully.