Let’s look at a few previous Real Estate discussions, and then go to the latest news:
Last August, we discussed why big housing sales drops do not produce big price drops — at least not right away in the official data.
And, in my own backyard, we looked at all of the high end RE speculation on Long Island.
So you can imagine that it was no big surprise for us to learn yesterday that "luxury" home prices on Long Island — defined as those costing $750,000
to $12.5 million — have slid over 5% last quarter, as Inventory levels doubled from what they were two
Here’s an excerpt:
Luxury home prices slid in New
York’s Long Island and Queens in the first quarter as more
property came onto the market and took longer to sell, appraiser
Miller Samuel Inc. and broker Prudential Douglas Elliman Real
The median sales price fell 5.3 percent to $900,000 from a
year earlier and houses took 25 percent more time to lure a
buyer, the companies said today in a report. An oversupply of
expensive houses for sale is reducing demand, said Jonathan
Miller, president of New York-based Miller Samuel, in an
In the first quarter, it took owners 121 days to sell their
homes, compared with 97 days a year earlier, a sign demand has
You can see why announcements from the NAR such as Home Prices Seen Rising in ’07 are so absurd.
Luxury Home Prices Fall in New York’s Long Island
Bloomberg, April 18 2007
LI Home Buyers Feeling in Control
Newsday, April 18, 2007
Prudential Douglas Elliman
LONG ISLAND MARKET OVERVIEW 4Q 2006