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Good News about the market

I've decided to only post the good news, which of course appears to put me in the minority. Reporters and real estate agents alike seem to be pushing bad news as a way to create story.

Some good news in real estate This comes from my good friend Adrian Jones in New York City who knows markets and knows that I can't stand this current real estate cannibalism.

"Some good news today. The building where I bought my condo is now fully sold-out, which is good news for everyone here because there's no longer any inventory on the market. There are now fewer than 30 1BR or 2BR condos available north of 96th Street that cost less than I paid for mine. The second bit of good news is that rents in Manhattan continue through the roof, which is good for owners of real estate:

"The last time [it] was this tight was in 2000, and it wasn't as unforgiving as it is now," says Gary Malin, chief operating officer of Citi Habitats, which recently released a five-year study of Manhattan residential rentals. Save for a moment over the winter when the numbers inched up ever so slightly, vacancy rates have stayed well below one percent for a year, with Soho and Tribeca the tightest spots. In 2002, the average monthly rent for a Manhattan one-bedroom was $2,227; now it's $2,737."

Anyone else come across some good news today that needs to be shared? Some reality checks?

Steve Dalton

Senior Mortgage Banker - Northwest Indiana

Sierra Pacific Mortgage - Residential Mortgage Group

219-465-8352

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Posted by Steve Dalton - Northwest Indiana Mortgages on 08/08/2007 08:12 AM

Comments (11)

real estate market, market outlook

11 Comments on Good News about the market

AUG

2007

friends of mine in the manhatten market tell me prices are still strong, and they have no inventory to sell

Charles, any "good news" posts are OK by me. Low inventory, prices continuing up, rates sliding ... I want to hear all about them. These are the realities of the market. If you find articles or posts, please send them my way. I've had it with short sighted real estate people (didn't use professionals) who spend all their time talking negative.

Steve - I am with you, why focus on the negative. The good news in my marketplace is that if you have properties under 300,000 there are many buyers. The high end stuff is also doing very well. The current market was not unexpected, correction happens periodically but no reason to throw your arms up.

Homes priced correctly are still selling here in Indy!!

Noblesville and Fishers Indiana were listed as two of the fastest growing cities in America! Yeah!

Indianapolis has the most affordable housing in the nation as reported by Forbes yesterday.

Indianapolis and Indiana are OFF the top ten list of foreclosures.

Interest rates are still historically low!

Not short-sighted in Indy:)

Steve: I'm having trouble getting to the article. First it said I had to sign up for facebook; so I did. What is that by the way? After I signed up then it said I did not have permission to see Adrian's notes. Now I'm intrigued.

Marchel my fault entirely. It didn't occur to me that I was using a facebook link and that everyone would have to join just to get on and then couldn't read the note unless they were "friends" with Adrian.

First, I will go and get that link and perfect it so that you can go directly to his source material.

Second, yes facebook is a great social networking site, that is exploding right now. If you go to the active rain goup on facebook you'll find all your friends there and you can request to make them "friends" and then see all their posts. There is some terrific active rain and real estate activity on that site right now.

I ended up just posting the entire contents of his "note" on facebook. I left him a note making sure it's OK.

Steve: I'm having trouble finding the Active Rain group on facebook. I thought it would be under Active Rain in alphabetical order but did not find it. HELP!!

Marchel, I tried to respond a couple hours ago by blackberry but couldn't get it quite right. Here's the link to the active rainers on facebook: http://www.facebook.com/group.php?gid=2707000332 I hope that works, there's also a group for real estate bloggers

AUG

2007

Wow good news. I have been trying to listen for good news.

AUG

2007

Marchel, hope that link worked. Ronda, thanks for watching for the good news. If you find some post or send me the link

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