Thursday, September 13, 2007

The Final Straw

Is it possible that the previously untouchable Manhattan Real Estate market is about to be breached? Hovanian cut its prices on condos in West New York by 20%. Now those of you who don't know New York well may think that West New York is way out in the boonies near the Erie Canal and Niagara Falls, but it is not.

It is right across the Hudson River from the Big Apple, and if you look out the window of the condo you bought that just went down in price by twenty percent, you can see the glittering skyline of the unbreachable New York City market where you better damn well pay what they are asking and be glad to pay it.

New York City is the castle "keep" of Real Estate in the United States, so to speak, and this may be the residual effect of the Hedge Fund melt down the last two months as those bonuses become a trickle.

Struggling Hovnanian Offers Deep Discounts in Weekend Sales Blitz

NEWARK, N.J. (AP) -- Hovnanian Enterprises Inc., struggling like other home builders, is offering six-figure discounts on some of its properties this weekend as it attempts to draw interest in a slumping market. The sales blitz involves dropping prices by more 20 percent on some of its prime real estate. The largest discounts are on the most expensive homes, including a 3-bedroom condominium by the Hudson River in West New York, which has been reduced $240,000, or 22 percent, to $862,000 this weekend.

Full Story


Adventures In Money Making said...

Jim rogers sold his manhattan home.

i think the housing market has a ways to go before we hit bottom. (on the coasts that is)

Eric J. Fox said...

I agree completely. I am posting on it tomorrow also.