{"id":373,"date":"2005-09-09T09:35:07","date_gmt":"2005-09-09T17:35:07","guid":{"rendered":"https:\/\/www.bridgeandtunnelclub.com\/wordpress\/archives\/2005\/09\/some_quietly_rejoice.html"},"modified":"2005-09-09T09:35:07","modified_gmt":"2005-09-09T17:35:07","slug":"some_quietly_re","status":"publish","type":"post","link":"https:\/\/www.bridgeandtunnelclub.com\/blog\/archives\/2005\/09\/some_quietly_re.html","title":{"rendered":"Some Quietly Rejoice"},"content":{"rendered":"

Forgetting for a minute the wider implications to the economy at large if the housing bubble actually bursts, some renters are rejoicing at the prospect of housing prices coming down<\/a>:<\/p>\n

Here’s more grist for the bubble babble: Residential real-estate prices in Manhattan have been plummeting this summer.<\/p>\n

The average price of a Manhattan apartment has dropped from $1.332 million in June to $1.145 million by the end of August \u00e2\u20ac\u201d more than 14 percent, according to the latest monthly report by the Halstead real-estate company.<\/p>\n

Likewise, the median price of the Big Apple’s condos and co-ops has dipped from a high of $831,250 in June to $725,000 in August, a 12 percent drop.<\/p>\n

While the summer months have traditionally been a slow time for real estate, this year’s numbers have taken an exceptionally heavy nosedive.<\/p>\n

. . .<\/p>\n

In June, when the average sale price for a Manhattan apartment hit $1.3 million, it was a 30 percent increase over the previous year. But the August average price of $1.145 million is less than half the yearly upswing \u00e2\u20ac\u201d about 14 percent \u00e2\u20ac\u201d from $1.001 million in August 2004.<\/p>\n

“The positive fundamentals are still there,” Heym said. “But people are starting to get a little nervous. Over the next couple of months we’ll see the flattening of prices, but they’ll still be higher than they were a year ago.”<\/p>\n

Brokers are also hearing voices of concern from their clients.<\/p>\n

“In the last week, I’ve had several sellers ask if they should lower their price,” said a Sotheby’s broker.<\/p>\n

“At this point, I’m telling them not to panic. But it’s getting close to the point where I’m telling them they have to be flexible,” a term that sellers across the country have not had to focus on too seriously.<\/em><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Forgetting for a minute the wider implications to the economy at large if the housing bubble actually bursts, some renters are rejoicing at the prospect of housing prices coming down: Here’s more grist for the bubble babble: Residential real-estate prices in Manhattan have been plummeting this summer. The average price of a Manhattan apartment has […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-373","post","type-post","status-publish","format-standard","hentry","category-real_estate"],"_links":{"self":[{"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/posts\/373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/comments?post=373"}],"version-history":[{"count":0,"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/posts\/373\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/media?parent=373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/categories?post=373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/tags?post=373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}