Northeast U.S. Housing Market – New York

The “Big Apple” Houses The Epicenter

• The economic recession seems to have begun on Wall Street, right in the heart of Manhattan.

• A few New York City boroughs, Queens, Staten Island and Brooklyn, are hosting more buyers in the market because of demand, low interest rates, and federal government’s first time buyer tax credit.

No Where To Hide In NYC Boroughs

• NYC boroughs are being drastically hit by the economic crisis.

• Rental vacancies are not being filled, bankruptcy filings are increasing, and businesses are closing up.

• The average price of a Manhattan apartment has dropped 25% in the past year, to nearly $1.25 million.

“The City” - Manhattan

• Manhattan residents are trying to stay positive as the decline of their residential market is hopefully near the very end, with home prices beginning to increase.

• In 2009, Manhattan’s housing prices declined 29.7%, still much to low for NYC’s top borough.

NYC’s Worrisome Parts

• Long Island’s housing market is suffering tremendously, with home values declining 20.3% in 2009.

• The boroughs of the Bronx, Brooklyn, Staten Island, and Queens have watched their housing values fall on average of 15.8% in 2009.

Lesser Concerns In Buffalo

• Upstate New Yorkers are simply rolling with the punches of the housing market woes, unlike the city folk, who is constantly on the go and stressed.

• Buffalo’s market is falling with mostly foreclosures, dropping the average house value to 12.2% in 2009.

Albany Fights The Market

• The state capitol’s housing market troubles are not as serious as many of other New York cities.

• The 2009 housing deflation for Albany of 9.6%, is looking like the “Cradle of the Union” will be able to overcome the financial deficits.

The Orangemen Are Stabilizing

• In northern New York, Syracuse has battled some economic and financial distresses, including job layoffs and home foreclosures.

• Syracuse’s housing market is starting to become a little more stable, even though values decreased 9.1% in 2009.

Rochester Looking In Good Shape

• The Rochester housing market is driven by the basic family folks looking for a change, however the credit crisis has dropped home sales.

• Mortgages are still the main cause for declining home values in Rochester, deflating 8.8% in 2009.

Wall Street Brokers’ Estates Falling In Value

• Glens Falls is a wealthy suburban community, housing many Wall Street big shots, who bought multi-million dollar homes during the real estate boom.

• But, these expensive homes are falling in value at double digit rates.

• Glens Falls residents are watching their home values drop 18.9% in 2009.

Market Overview: 2009City Decline

Manhattan -29.7%

Long Island -20.3%

Buffalo -12.2%

Albany -9.6%

Syracuse -9.1%

Rochester -8.8%

Glens Falls -18.9%