Sellers Slump Is A Harsh Realty In Tri-State
Thanks to the author, Braden Keil for giving us the heads up about his article in the NY Post.
Sellers Slump Is A Harsh Realty In Tri-State
November 21, 2005 -- The chill in the Manhattan residential real-estate market is blowing across the city's suburbs and outer boroughs.
From Westchester County to Fairfield, Conn., to Bergen, N.J., the tri-state area is seeing prices and numbers of sales stalling or dropping, while inventories of properties are starting to pile up.
"Sales are drying up at the top," said one northern New Jersey broker. "And now homes on the lower end [of the price scale] are sitting for weeks and months."
...
A Post survey of northern New Jersey brokers showed similar dismal results, with prices ranging from flat in working-class areas to dropping nearly 10 percent in more affluent communities.
Caveat Emptor!
Grim
Sellers Slump Is A Harsh Realty In Tri-State
November 21, 2005 -- The chill in the Manhattan residential real-estate market is blowing across the city's suburbs and outer boroughs.
From Westchester County to Fairfield, Conn., to Bergen, N.J., the tri-state area is seeing prices and numbers of sales stalling or dropping, while inventories of properties are starting to pile up.
"Sales are drying up at the top," said one northern New Jersey broker. "And now homes on the lower end [of the price scale] are sitting for weeks and months."
...
A Post survey of northern New Jersey brokers showed similar dismal results, with prices ranging from flat in working-class areas to dropping nearly 10 percent in more affluent communities.
Caveat Emptor!
Grim
5 Comments:
A Post survey of northern New Jersey brokers showed similar dismal results, with prices ranging from flat in working-class areas to dropping nearly 10 percent in more affluent communities.
Are the details of this survey available?
I don't have any more information than what is in the article, but hopefully Braden sees this thread and can comment on it.
James
The Bloodbath has began. People want confirmation when they take action.
The current information will confirm and give them comfort not to be a fool and bid on a house now.
Buyers strike.
do not bail out these morons who have spent their life savings tricking out their raised ranches and cape cods.
I think we are in for a decade long decline in RE similar to Japan in the 1990s. Think about it: all these dipshit baby boomers are counting on their homes to provide the retirement they never saved for. there will be a glut of houses on the market over the next decade. outside of immigration, population growth is flat. and mexican immigrants ain't buying $1,000,000 houses
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RickJ
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