From Crain's:Sales of multi-family and mixed-use buildings across the city dropped 37% in 2008—the steepest drop in two decades. The decline accelerated in the second half of 2008, when sales volume plummeted 45% from the same period a year ago, according to a new report.
The largest declines in transactions for properties valued between $500,000 and $100 million took place in Manhattan and the Bronx. There, sales volume dipped 54% and 60%, respectively, in the last half of 2008, according to the latest New York City Income Property Report by Miller Cicero, a commercial real estate advisory firm, and Massey Knakal Realty Services, a brokerage firm. Buildings in Brooklyn and Queens saw more modest declines of 38% each.
4 comments:
Think anyone could sell phony tony como's house??
"Multi-family home sales fell in 2008"
GOOD! Hopefully builders will be less inclined to ruin more blocks building these "apartment houses".
The real question to ask: By how much were the prices inflated by the fraudulent loan practices in the early 00's?
Two and three family homes have always been the lower end of the market and it's not surprising that these people are getting hurt..many had no business buying a house.
In the end, the areas will get more affordable for families that actually want to make a life there.
In the end, the areas will get more affordable for families that actually want to make a life there.
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Sorry, the city policy is now for absentee landlords and transient populations.
And no school of urban studies or civic group will say a peep.
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