Residential market to drag feet through 2009

TRD New York /
Jan.January 07, 2009 03:35 PM

Residential real estate professionals expect low prices and declining sales to
carry on through the year. In a discussion on the state of the 2009 market on a CNBC segment, Gregory Heym, chief economist at Brown Harris Stevens, said there will continue to be fewer sales this year because of increasing layoffs and the decline of Wall Street bonuses. The median price in Manhattan fell 2 percent between the third and fourth quarters of 2008, according to a fourth-quarter BHS report. However, Paula Del Nunzio, a senior vice president and managing director at BHS, said that “unique” apartments, like a penthouse, or a particularly large or small apartment, will always fetch a high price, no matter what the state the market is in. CNBC’s Diana Olnick said that while low interest rate loans are available, loans in Manhattan probably won’t have low rates because the median co-op price is twice the conventional loan limit.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
305 East 61st Street and Jason Carter of Carter Management Corp. (Google Maps; Carter Management Corp.)

Upper East Side condo conversion fetches $51M at auction

Upper East Side condo conversion fetches $51M at auction
If you’re looking for something to munch on while working from home, The Real Deal has compiled a list of the best snacks on Amazon (Product images via Amazon; iStock)

Devour these snacks to help enjoy your workday

Devour these snacks to help enjoy your workday
(iStock)

Banks required balloon payments, stayed mum on foreclosure moratorium

Banks required balloon payments, stayed mum on foreclosure moratorium
2700 Atlantic Avenue (Google Maps)

Developer plans 200-unit, mixed-use project at East NY border

Developer plans 200-unit, mixed-use project at East NY border
Airbnb CEO Brian Chesky (Getty, iStock)

Why Airbnb is going public in a pandemic

Why Airbnb is going public in a pandemic
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...