Categorized | Manhattan, Multimedia, Video

Real Estate Fears in NYC

By Lois DeSocio, Jacqueline Linge, Maureen Sullivan, and Brian Winkowski.

The New York City real estate market is no longer immune to the real estate drop that is hitting the rest of the country. Home values and sales have decreased throughout the metropolitan area, according to the Real Estate Board of New York. As a result, there is increasing anxiety among buyers and sellers, who are forced to navigate through news about plunging financial markets and shady mortgage lenders.

Jenny Laden is one of those sellers who is feeling the collective anxiety. She’s a single mom and an artist in Brooklyn who has lived in a Park Slope co-op in for ten years.

“All bets are off in this market and that’s very destabilizing and nerve-wrecking,” says Laden, whose home has been on the market for months. She has lowered the price twice already, and expects to have to lower it even more.

Home sales in Park Slope have decreased by 2.9 percent in the last year, with the average price per square foot for a co-op decreasing by 5.1 percent. And as noted above, it’s not just Park Slope that’s being hit with lower sales and home values – all of New York is feeling the effects of a declining real estate market, including Manhattan, Brooklyn, Bronx, Queens, and Staten Island.

Okay – so while the reasons for fear and anxiety among sellers is real and palpable, what about the buyers? How could they possibly have anxiety when the market is in their favor?

“The anxiety with the buyer right now is very different than it used to be,” says Michael Palka, the president and COO of White Cat Media, an online media company which owns and Palka owns an apartment in Manhattan and is currently looking for a bigger place.

“It used to be I’m going to get priced out and shut out of the market place and I’m going to have to move somewhere that I don’t want to move to,” continued Palka. He states that now the anxiety stems from buying an apartment prematurely, before the market bottoms out.

“I’ve seen several things already that, you know, if I would seen these a year ago, I would of jumped on them. Now it feels just the opposite. We shouldn’t go for it, because we can do even better in another six months,” says Palka.

Real estate agents are well aware of buyers freezing with indecision. There’s even a new catchphrase among some realtors—analysis paralysis. Clients get lost in the numbers and can’t make a decision. This “anxiety overload,” according to a recent study published in Realtor Magazine Online, by the National Board of Realtors, has given realtors much to fret about. They have fewer clients, so their incomes are shrinking. Many clients hesitate to drop their prices, so homes don’t sell and buyers aren’t buying in the hopes that prices will drop even more.

Christopher Ressa is a sales associate for the Corcoran Group in Manhattan. He says while it took a little longer for the recession to impact real estate in New York City, the effects are now being felt. Housing prices have fallen by 20 percent and will most likely keep falling. And despite the lowering numbers, buyers are still holding out for those bottom numbers. However, Ressa sees a silver lining behind the dark real estate clouds. He believes the declining trend will not last for long, as interest rates for home mortgages are at an all time low.

“It’s never been so cheap to borrow money,” says Ressa. “People need to readjust the way they think about lending and borrowing… if you can do it now, and still get a really good deal, the housing market in NYC, I believe, will bounce back fairly quickly.”

48 Responses to “Real Estate Fears in NYC”

  1. baja247 says:

    The global crisis is still there. Many are still affected. It’s going to it’s stable stage but it will still take a few months to years. Things are getting better, but still there’s still more things to catch especially with real estate businesses.

  2. Good things to remember. Have a great Easter!

  3. Real Estate is one of the most lucrative business to engage with. i also like to invest on it.~`’

  4. Sarah Clark says:

    Real Estate is still the best investment you can get, land properties always increase in price as time goes by.–~

  5. Gino Winge says:

    I personally feel that this one is the best work from you.

  6. I read this paragraph completely concerning the difference of latest and earlier technologies, it’s awesome article.

    Here is my web-site; pixie (

  7. very much Louis Vuitton offers a wide range of long term personalized service head lice been given customers can select the first letter of the name of stamping on all kinds of soft nickname as their leather or hand painted on a hard surface suitcase mimicmarine
    louis vuitton outlet

  8. Louis Vuitton introduced a brand zealots make crazy screaming package design year old chick this one Noe BB series is surrounded by a familiar bucket bag body contour and after that outside wrapped in purple and yellow, respectively, as well as the brand with the classic board Plaid Logo printing, compact and stylish
    cheap louis vuitton online

  9. dig this says:

    I just want to mention I am all new to blogs and absolutely savored you’re web page. More than likely I’m want to bookmark your website . You surely come with remarkable well written articles. Bless you for revealing your web site.

  10. women are thus able to repeat the look in their wardrobe at a more affordable cost described my better half to colleagues most discount louis vuitton bags look just as good as the original be sure he understands louis vuitton handbags are popular favorites amongst many people today
    louis vuitton handbags outlet

  11. Hi, I do believe this is an excellent blog.
    I stumbledupon it 😉 I am going to revisit once again since I bookmarked it.
    Money and freedom is the best way to change, may you be rich and continue to guide others.

  12. read on says:

    hermes birkin replica with box Real Estate Fears in NYC | NYC On DeadlineNYC On Deadline

  13. Jordon Retka says:

    Hey mijn naam is Dale. Ik ben een fervent gamer met een interesse voor computers. Dank voor het hebben van mij. Ha weet niet wat anders te zeggen, als je wilt weten just ask me.

  14. Tisa Shakin says:

    Si prega di vist il mio Blog http:www.blahblahblah perché ho informazioni su questo pure

  15. More Tips says:

    hermes bag fake buy Real Estate Fears in NYC | NYC On DeadlineNYC On Deadline

  16. cheap hermes birkin bag replica Real Estate Fears in NYC | NYC On DeadlineNYC On Deadline

  17. Usted tiene el público y creo que todo lo que compartiste es válido. Entonces usted también tiene un público más pequeño, pero tal vez más activo, colegas bloggers.

  18. Devora Soppe says:

    I’ve also found some of the blogs I read (or used to frequent)have a certain group of the “usual” commenters. After finding one very “agreeable” commenter on one blog, I then found the same commenter on another blog taking a polarized stance from the opinion they had agreed to on the other blog!

  19. kiss fm says:

    You can certainly see your skills in the work you write. The world hopes for even more passionate writers like you who aren’t afraid to say how they believe. Always follow your heart.

  20. Ridiculous story there. What occurred after? Good

    Feel free to visit my homepage :: renovation hardware

  21. Kirk Lilja says:

    Erg leuk en informatief artikel uit elke hoek. Please post meer!

  22. Ich bin sehr gespannt auf Teil 2 dieses Blog

  23. Spero che posso ottenere un feedback con esperienza dai professionisti che sono stati lì e fatto e stanno facendo attualmente nel mondo del lavoro a partire da oggi. O qualsiasi grande consiglio sarà molto apprezzato!

  24. Merci pour votre apport sur CE SUJET.

  25. ¿Qué planeta es usted amigo?

  26. También he encontrado algunos de los blogs que leo (o solía frecuente) tienen un cierto grupo de los comentaristas “habituales”. Después de encontrar un comentarista muy “agradable” en un blog, entonces encontré el mismo comentarista en otro blog de tomar una posición polarizada de la opinión que habían acordado en el otro blog!

  27. birkin bag price Real Estate Fears in NYC | NYC On DeadlineNYC On Deadline

  28. hermes tote bag replica Real Estate Fears in NYC | NYC On DeadlineNYC On Deadline

  29. Non so dove stai ricevendo le tue informazioni, ma ottimo argomento. Ho bisogno di trascorrere un po ‘di tempo di apprendimento più o comprensione più. Grazie per il magnifico informazioni che stavo cercando questa info per la mia missione

  30. Grazie per la critica sensata voi. Io e il mio vicino di casa si stavano preparando a fare qualche ricerca su questo. Abbiamo ricevuto un libro superiore al riguardo dalla nostra biblioteca locale e la maggior parte dei libri in cui non come influensive come le tue informazioni. Sono abbastanza contento di vedere queste informazioni, che ero alla ricerca di un lungo periodo di tempo.

  31. Je voudrais avoir la possibilité d’écrire aussi bien que vous faites!

  32. Halten Sie auf dem Schreiben, denn dies ist die Art von Sachen, die wir alle brauchen

  33. Very nice and informative article from every angle. Please post more!

  34. Weird , your posting shows up with a black hue to it, what shade is the primary color on your site?

  35. Sono stato a lungo membro del * 3DGM * forum ma purtroppo è stato morendo nel corso degli ultimi anni. Ho deciso che questo grande forum sarebbe un ottimo posto per fare un nuovo inizio!

  36. hoi iedereen, ik ben bezig met een universitair project over deze onderwerpen en ik heb wat aanvullende informatie die mij kan helpen in mijn werk. zou u mij helpen?

  37. ive mit Windows-basierten Computern arbeitet seit 17 Jahren, seit ich 5 (gespielt Duke Nukem 3D und ich war alles in lmao) war und bin vor kurzem versucht, linux aus verschiedenen Gründen zu lernen. in der Schule Ich bin ein Computer Information Systems major, und im Übergang von dort Sachen mit Netzwerken zu tun, eine bereits getroffene Cisco Ausbildung Klasse vor ein paar Jahren, und ich plane, ziemlich tief in die.

  38. Was würde ich nicht geben, eine Debatte mit Ihnen zu diesem Thema haben. Du sagst einfach so viele Dinge, die aus dem Nichts kommen, die ziemlich sicher Id Im, haben eine faire Chance. Ihr Blog ist gut visuell, ich meine Leute nicht langweilen werden. Aber andere, die an den Videos und dem Layout sehen gewohnt so beeindruckt sein zusammen mit Ihrer generischen Verständnis für dieses Thema.

  39. Some of the comments seems out of proprtion but in general the original post is a good little piece of work.

  40. Je me joins à ce sujet dans la tentative de comprendre une question très importante dans la vie. Que dois-je faire pour vivre?

  41. Je suis une personne âgée à la retraite, et j’espère être de quelque secours ici

  42. cheap hermes birkin bag replica Real Estate Fears in NYC | NYC On DeadlineNYC On Deadline

  43. Ich bin gerade erst anfangen, um wieder in meine techy selbst! Die Armee hat wirklich versucht, es zu vernichten aus mir heraus … sondern etwas über Computer / Biotech / Healthcare tech … Ich kann sie nicht allein lassen! Ich versuche, wieder lernen, all das Neue

  44. quindi sono qui per imparare, e di aiutare gli altri con quello che già so. ill vedere tutte in giro, Cheers

  45. Un grand nombre des commments sur ce blog montrent qu’il ya une complète ignorance de ces choses

  46. Grüße und Begrüßungen. Ich bin von den meisten genannt Jang Englisch-Lautsprecher, die mit mir zu sprechen auf einer regulären Basis. Ich bin ein Programmierer von etwa 3, 4 Jahre Erfahrung (meist Web, aber vor kurzem mobilen Client-Seite), die derzeit in Seoul, Korea, mit den meisten meiner jugendlichen und professionellen Jahren in Toronto, Kanada verbracht entfernt.

  47. J’espère que je peux obtenir de la rétroaction expérimenté des professionnels qui ont été là et il fait et font actuellement dans le marché du travail d’aujourd’hui. Ou tout grand conseil sera grandement appréciée!

  48. sell says:

    fake hermes purse forum Real Estate Fears in NYC | NYC On DeadlineNYC On Deadline