Lisa Chow
Lisa Chow is the economics reporter at WNYC. She tries to explore in her stories surprising aspects of New York’s many economies—in plain view or hidden, in neighborhoods or sectors.
Analyst: Manhattan Real Estate Market to Continue Slide
Friday, October 02, 2009
New York, NY –
If you thought you missed the boat when it comes to buying at the bottom in Manhattan's real estate market, some analysts say, don't worry, you haven't. WNYC's Lisa Chow reports.
REPORTER: Your broker may be telling you housing prices are hitting bottom now, or they already have. Yes, on the whole, prices from the spring to the summer were flat. And there was a big jump in the number of sales, with new buyers coming into the market.
But Jonathan Miller, president of an appraisal company Miller Samuel, says Manhattan's still going to see prices slip over the next two to three years.
MILLER: fundamentally we're still dealing with an economy with high unemployment, and a large loss of high wage earners. and a lot of new development housing stock. that's why I don't think we're at a bottom.
REPORTER: And Miller says it's still very tough to get a mortgage, with banks requiring 20 and 30 percent down. What fueled the summer rush, he says, was low interest rates, the federal tax credit and buyers more confident after seeing stock prices start to rise again. For WNYC, I'm Lisa Chow.
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