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https://www.bloomberg.com/news/articles/2017-01-04/manhattan-home-prices-fall-as-sellers-concede-to-slowing-market
Manhattan Resale Home Prices Tumble the Most in Four Years
Manhattan resale home prices tumbled by the most in more than four years, a sign that sellers are lowering their expectations in a slowing market where buyers have the option to walk away.
The median price of previously owned condominiums and co-ops fell 6.3 percent in the fourth quarter from a year earlier to $900,000, according to a report Wednesday from appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It was the first annual decline since the beginning of 2015, and the biggest since the third quarter of 2012, when resale prices dropped 8.1 percent.
http://www.nbcnewyork.com/news/local/NYC-Luxury-Real-Estate-Market-Drops-in-2016-Report-408408555.html
NYC Luxury Real Estate Market Drops in 2016: Report
New York City's luxury real estate market cooled considerably this year, with the number of high-end sales down 18 percent, realtors Olshan Realty Inc said Tuesday.
Olshan blamed co-ops for the decline, as demand has shifted to condos instead. But even still, the "golden years" of new condo construction have passed, the firm added.
A total of 1,102 properties had contracts signed for $4 million or more this year, down sharply from 2013-2015 but still higher than 2012, before the condo boom started.
Do you people understand what is about to happen?!!!?!
http://www.zerohedge.com/news/2016-12-28/more-bad-news-nyc-real-estate-luxury-co-op-contracts-collapse-25
I do.
http://www.wsj.com/articles/chinese-developers-reassess-u-s-projects-1480435760
Excerpt, Q3 10-Q (all amounts are in millions):
NOTE 5: COMMITMENTS AND CONTINGENCIES
Plans for our Manhattan full-line store, which we currently expect to open in 2019, ultimately include owning a condominium interest in a mixed-use tower and leasing certain nearby properties. As of October 29, 2016, we had approximately $201 of fee interest in land, which is expected to convert to a condominium interest once the store is constructed. We have committed to make future installment payments based on the developer meeting pre-established construction and development milestones. In the event that this project is not completed, the opening may be delayed and we may be subject to future losses or capital commitments in order to complete construction or to monetize our investment in the land.
No discussion about this -- yet. When the analysts take it up in earnest, it will already be too late. It is already.
Manhattan FLS is a real crowning achievement for the company for the new century. A peak of sorts.
No takers bro