{"id":48722,"date":"2023-01-05T08:24:46","date_gmt":"2023-01-05T13:24:46","guid":{"rendered":"https:\/\/www.rightwinggranny.com\/?p=48722"},"modified":"2023-01-05T08:24:46","modified_gmt":"2023-01-05T13:24:46","slug":"an-indication-of-things-to-come","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=48722","title":{"rendered":"An Indication Of Things To Come?"},"content":{"rendered":"

On Wednesday, The New York Post<\/a> reported that the price of apartments in Manhattan is dropping.<\/p>\n

The article reports:<\/p>\n

Manhattan apartment prices fell 5.5% year-over-year in the fourth quarter of last year \u2014 the first time that residential real estate values in the borough dropped since the second quarter of 2020.<\/strong><\/p>\n

In the last quarter of 2022, co-ops and condominium apartments in Manhattan were sold for a median price of $1.1 million, according to a report<\/a> by appraiser Miller Samuel Inc. and brokerage firm Douglas Elliman Real Estate.<\/strong><\/p>\n

Even though sales and prices were still higher compared to the fourth quarter of 2019, there was a sharp drop in listing inventory<\/a>, according to the appraisal.<\/strong><\/p>\n

The median price of condos and co-ops sold during the fourth quarter of 2019 was $999,000.<\/strong><\/p>\n

The combination of higher interest rates and high prices have led to lower demand, the analysts wrote in their report.<\/strong><\/p>\n

The article notes:<\/p>\n

Of all transactions in the fourth quarter of last year, 55% were all-cash deals \u2014 the highest proportion since Miller Samuel and Douglas Elliman started tracking these trends.<\/strong><\/p>\n

Analysts do not believe that the fourth quarter is the start of a severe drop in home prices.<\/strong><\/p>\n

The $1.1 million median sales price in the fourth quarter represents the seventh consecutive quarter above that threshold.<\/strong><\/p>\n

Although I suspect that the general slowing of the economy plays an important role in the drop in home prices, I also wonder if public safety concerns about living in New York City are part of the problem.<\/p>\n

On November 3, The New York City Police Department<\/a><\/strong> released their crime statistics for October 2022:<\/p>\n

On enforcement, NYPD officers in October 2022 made 4,367 arrests for complaints of major felony crimes, a 16.5% increase over the 3,749 arrests for major felonies in the same month last year. Arrests for major felonies are up 25.8% (39,742 v. 31,582) so far in calendar 2022, compared with the first 10 months of 2021.<\/strong><\/p>\n

Overall index crime in New York City increased in October 2022, by 5.9% compared with October 2021 (10,930 v. 10,324) driven largely by a 19.3% increase in grand larceny auto (1,244 v. 1,043), a 9.6% increase in grand larceny (4,564 v. 4,163), and a 8.9% increase (1,388 v. 1,274) in burglary.<\/strong><\/p>\n

Those numbers show a significant increase in crime. I have to believe that would have some impact on the housing market in the City.<\/p>\n","protected":false},"excerpt":{"rendered":"

On Wednesday, The New York Post reported that the price of apartments in Manhattan is dropping. The article reports: Manhattan apartment prices fell 5.5% year-over-year in the fourth quarter of last year \u2014 the first time that residential real estate … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[16143,16142,8321],"class_list":["post-48722","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-crime-in-new-york-city","tag-manhattan-apartment-prices","tag-the-new-york-post"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/48722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48722"}],"version-history":[{"count":1,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/48722\/revisions"}],"predecessor-version":[{"id":48723,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/48722\/revisions\/48723"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}