Property Grunt

Thursday, January 04, 2007

A deviation of sorts.

I spotted this on Inman

Existing-home sales lose ground in New York
November activity declines by double digits from 2005 level
Thursday, January 04, 2007

The buyer's market in New York state continued in November as sales and prices of existing single-family homes fell for the third straight month, according to preliminary data accumulated by the New York State Association of Realtors.

There were 7,802 existing homes sold in November, down 13.8 percent from the November 2005 sales total of 9,053. November's activity fell 11.1 percent from October's sales total of 8,775.

So while Manhattan hold its own the rest of the state begins to crash and burn reflecting the overall national trend.

So what does this all mean? There are many places in the great state of New York that are just as comparable to Manhattan in price and amenties. Westchester County alone is considered to be one choice areas to live in. Why is it that they are getting hammered and Manhattan is not?

Also what does this mean for Manhattan? Is this a sign for things to come? Is Manhattan next on the bubble hit list? Or does foreshadow Manhattan's new role as the light in the darkness of a housing recession?

And why is discrepancy occuring between Manhattan and the rest of New York housing market? Are we getting the complete picture of the Manhattan market or is there some type of culinary conspiracy taking place within the confines of the real estate community?

I'm just asking.