One year ago this month, we made the prediction that apartment prices in NYC were heading for a fall. Based on our observations of the level of supply being added at that time, this call wasn’t exceptional in it’s prescience or it’s uniqueness, but it was correct. Though the price decreases haven’t shown up in surveys yet, this is solely because there have not been many closings at today’s bid prices. If one wanted to sell five random homes today in the next say, six weeks, you’d get 5-10% less than what you would have received last September under the same time constraints.
The next phase in apartment sales in NYC will be one of inactivity, as buyers hold back, and developers refuse to capitulate on pricing. Nevertheless, the latter are making more concessions, such as paying for closing costs or free parking, and that’s usually a sign that prices are next. A better indicator is secondary sale prices by homeowners. We’ve noted several prominent local price reductions recently and this is happening citywide. By January, I expect to see primary sellers starting to cut list prices as well. The only question is ‘How much?’
//LIC Community Carnival is this Saturday, October 1, at The Oval in Hunters Point Park from 11am to 4pm. It’s a free event for all ages organized by the New City Church, and it will feature carnival games, arts n crafts, face painting, music, etc. If you’re a parent you know the drill.
The Annual LIC Community Carnival – desde 2014!
Gantry Plaza State Park Opens Renovated Basketball Courts – as for the handball/tennis courts…
Ramen Burger Officially Opens – see pics
The Jackson Condos on Jackson/47th Aves Tops Out – lotsa topping out in LIC/NYC these days
Toyoko Inn Hotel Chain Files 50-story Building on Jackson Ave – next to Ct Square Station
LIC Rises: Tracking 2016 Development Progress and Looking Ahead – Jersey City redux