Real Estate Woes

Friday, January 09, 2009

Pamela Liebman, president and CEO of the Corcoran Group, and New York Times reporter Charles Bagli look at what’s next for residential and commercial real estate in New York.


Charles Bagli and Pamela Liebman

Comments [17]

Jeff from Boerum Hill

Hmm, one way of decreasing the surplus of available residential units may be to increase the pool of potential buyers through the FHA program.

If only there was a feature discussing the ins and outs of this federal program for first-time buyers...

Jan. 09 2009 11:16 AM
Vadim from Fort Lee, NJ

Economic indicator? Since the start of the year I have noticed that there is no traffic on the GW bridge.
Doesn't this mean there is no commerce moving into New York and no one driving into the City for work?

Jan. 09 2009 10:33 AM
bill from Brooklyn

I feel sorry for the people who recently purchased properties in Prospect Heights/Eastern Parkway.

Your property values will drop like a rock in a bottomless sea.


Jan. 09 2009 10:32 AM
PJBeee from Ridgewood NJ

Niall, you should wait six months if you can. I am an optimist, but also a realist. I see things dropping even further. What we are seeing is the result of unfettered greed, and many, many people are going to hurting for a long time.

Jan. 09 2009 10:30 AM
Kate from The Bronx

The Cutting Room is closing because the landlord is doubling the rent for the current lease renewal - so not all rents are decreasing. It will be interesting to see how long the space stays empty.

Jan. 09 2009 10:26 AM
rick kreshtool from new york

the comment about the housing project;
somewhere in there they took out the $250 million for their profits, etc.
isn't that the key, all these deals where "they" take their profits and leave the banks and second investors holding the bad loans.

Jan. 09 2009 10:25 AM
bill from Brooklyn

What a great deal!! 1.57 million on an Upper East Side Apt that will be worth 900 thousand by the end of the year.

Jan. 09 2009 10:24 AM
Rosie from Prospect Heights Brooklyn

I am having a bit of buyers remorse, as we bought our brownstone in Prospect Heights at the top of the market (in April) for 2million. Now I look around at falling prices and see if we had just waited a bit we could have gotten a lot more house then we did for that price!! Is it too early to think about an upgrade? ;)

Jan. 09 2009 10:19 AM
antonio from park slope

I think home prices are going to drop 35% or more, have your guests seen the canyon of condos that are empty in brooklyn?

Jan. 09 2009 10:19 AM
Niall from NYC

I own an Australian Bakery in the East Village and we're looking to expand by leasing a second retail location somewhere below 23rd st. Should I wait six months? Are retail spaces coming down as rapidly?

Jan. 09 2009 10:19 AM
PJBeee from Ridgewood NJ

NOT an investor-driven market???? Bed-Stuy? Stuyvesant Town? Hmmmm.

Jan. 09 2009 10:17 AM
Joan Keating from Westchester County

I totally agree with Pamela's comments. I am an agent in Northern Westchester, my last 3 sales: vacant land listed at 900k I sold for 300k, a small house in Bedford, listed at 510, I sold for 475, a house in Pound Ridge sold for 825, listed originally at 925....

we are off about 30% across the board here from the HIGHEST point in 2004/5

Jan. 09 2009 10:16 AM
marcelo from NYC from NYC

Are the NYC residential RE prices REAL? or manufactured? Even without the Economic Crises, prices would still be too high. A 2br apt in 1995 was $250k. Which was affordable for a family making 200K year. Today The same apartments are selling for 1.2Mil, which is affordable for a family making how much?

Jan. 09 2009 10:15 AM
Robert from NYC

Liam, Madoff should be shipped off to a jail, behind bars to see how that feels... for a long, long time. Why he's in his "multi-million dollar Park Ave apartment" ) WNYC's words in their reporting on him, is beyond my comprehension.

Jan. 09 2009 10:07 AM
LIAM from East Elmhurst

And Bernie Mayoff the bell-weather for white collar crime right now (there are too many others) resides in comfort in his own home awaiting JUSTICE???
For a new time-a new age-a black president-they who know oppression-put that (I want to use profanity but won't) in the lousiest jail NYC (how about the Tombs) can provide.
Wow, when we commit a misdemeanor it's "AF ta da POOKIE!"
Not for this piece of (there I go again)!

Jan. 09 2009 09:55 AM

In your opinions, where is money to be made -- speaking in terms of trends -- now?

I am not referring to buying low near the bottom in order to sell "when the market picks up again." I am referring to profits in the near and medium term that take advantage of today's market conditions.

Jan. 09 2009 09:37 AM

Graffiti, crime, garbage strikes, blackouts and lets hope that when Toys R' Us goes out of business, they bring back Playland to Times Square.

Jan. 09 2009 08:13 AM

Leave a Comment

Email addresses are required but never displayed.

Get the WNYC Morning Brief in your inbox.
We'll send you our top 5 stories every day, plus breaking news and weather.