Just how sick is the housing market? - Page 202 - PhillyBlog

Gekko · #**2011** (**permalink**) 02-26-2008, 04:29 PM

Quote:

Originally Posted by SuzyH

I'm impressed that he was able to support his statement from Sunday's paper. It appears that he is not a minion for Bob Toll and he was not fabricating his story. Good for him. Apparently this writer does have integrity.

i'm skeptical. but i don't doubt there's still a few greater fools still out there.

Gekko · #**2012** (**permalink**) 02-26-2008, 04:31 PM

Quote:

Originally Posted by Tim K

Tuesday: The Wall Street Journal reports that the Case-Shiller Index will indicate that home prices are holding up Nationally.

Timmy - was this a prediction?

grass_222 · #**2013** (**permalink**) 02-26-2008, 07:38 PM

Do you think it will has any impact on Philly's real estate price?
http://www.observer.com/2008/new-yor...elphia-freedom

Malloy · #**2014** (**permalink**) 02-26-2008, 07:58 PM

Ya, 8,000 people isnt exactly an impressive number.

I bet 8,000 'New Yorkers' went back to the city of Boise they spent their 1st 18 or 21 years in.

CityFashionista · #**2015** (**permalink**) 02-26-2008, 08:14 PM

Quote:

Originally Posted by grass_222

Do you think it will has any impact on Philly's real estate price?
http://www.observer.com/2008/new-yor...elphia-freedom

I think that if more NYers knew that it was a realistic option more of them would look into it.

Many NYers have insane commute times already if they do not live in Manhattan or Brooklyn Hieghts, Park Slope or somewhere like that. I know I did when I lived there.If you want to have a home with a lot of space and/or luxury and live in a urban place at 1/3 the price for that space or luxury Philadelphia is for you.

There are many places in Manhattan or the hip parts of Brooklyn where 600k wont get you too much. Maybe it will get you 1000 sft if you're lucky and look pretty hard.

Its quite different in Philly. You can get something pretty nice in a lot of great city areas. It is something I'd think about if I were still in NY.

phillyzcool · #**2016** (**permalink**) 02-26-2008, 08:31 PM

Quote:

Originally Posted by shorelover2007

For what it's worth, there's a fairly favorable article in today's INQ about the local market. It says that numbers are down, but dollars on what's sold are up, and includes some examples of *bidding wars* that took place recently.

I'm glad you used quotes around "bidding wars" because the article describes no such thing. The writer is taking liberties with the term in a big way. The article described two property that got four offers. Since we do not know what the offers were (all could have been below or near asking), there is no way to call that a bidding war. A true bidding war occurs when potential buyers try to outbid each other after their first offers are made. Nothing about that occurring was mentioned in the article.

Another fluff piece from the Toll-owned Inquirer.

omnivore · #**2017** (**permalink**) 02-26-2008, 08:35 PM

Quote:

Originally Posted by grass_222

Do you think it will has any impact on Philly's real estate price?
http://www.observer.com/2008/new-yor...elphia-freedom

My understanding is that the desirable parts of NYC have held their value better than anywhere else in the US so far in this downturn. That means that the price pressure that's driving to the move to Philly (according to this article) is still very much a factor. Which is good news for the Philly market ... maybe some of NY's strength will rub off on us.

DrGoogle · #**2018** (**permalink**) 02-26-2008, 08:46 PM

Here's a way to thwart that argument - Start posting Philadelphia housing numbers and not Vegas! Ingenious!

Quote:

Originally Posted by Gekko

philly is special and different. everyone wants to live here. all the new yorkers are moving here and commuting.

phillyzcool · #**2019** (**permalink**) 02-26-2008, 09:02 PM

Quote:

Originally Posted by omnivore

My understanding is that the desirable parts of NYC have held their value better than anywhere else in the US so far in this downturn. That means that the price pressure that's driving to the move to Philly (according to this article) is still very much a factor. Which is good news for the Philly market ... maybe some of NY's strength will rub off on us.

Not true. NYC's values declined 5.6% in 2007. That puts it about in the middle of the pack.

http://www2.standardandpoors.com/spf...ase_022603.pdf

Tim K · #**2020** (**permalink**) 02-26-2008, 11:52 PM

Quote:

Originally Posted by Gekko

Timmy - was this a prediction?

No. It was as I quoted it. From Monday's Wall Street Journal. I could dig it out of the trash and scan it if you'd like?