I briefly covered the key points in the 1Q 2009 Manhattan Market Overview I prepare for Prudential Douglas Elliman released today.  Sorry about the audio quality – I am slowly figuring this thing out.

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3 Responses to “[Special Report] Manhattan Market Overview 1Q 2009”

  1. Julia says:
    April 5, 2009 at 3:54 am

    Hi Jonathan,

    Just finished reading your new report and i’m thankful to you for opening the data further by discriminating betwen new developments and resales. This is the most “juicy” report i’ve read so far, it’s analyzed in much more depth and also the market is giving a lot to talk about!

    A question though i meant to ask a long time ago… regarding “Days on the Market”. As i understand this indicator only includes closings, disregarding listings that were taken out of the market due to lack of demand and unwillingness/inability to lower prices. Is that so?

    If so, other indicators that would be very fun to be able to follow to complement “days on the mkt” and “quantity of inventory” could be “quantity of listings that were taken out of the market” and quantity of contracts that are not closed on (“walk aways”, as this units come back to mkt). Also it would be interesting to see in what type of units both indicators are concentrated (this might be too much, but it will provide a lot of meat into how each player w/in it’s own market is adjusting to the new reality) .

    You talk about a “shadow inventory” of units from new developments that should come soon to market. Many of them might end up being offered for rent instead, it would be nice to know if there’s such a trend (which i suspect might be a new development, no pun intended).

    thanks a lot, -julia

    • with total delight just discovered the CRE report! i’m gonna jump on it now
  2. Julia says:
    April 5, 2009 at 5:00 am

    forgot about this other question. “Listing Discount” is the final sales price with respect to the original listing price? or with respect to the most recent listing price? given that there are so many reductions on asking prices, it’d really make a difference how it’s calculated. Finally, what’s the correlation between the residential mkt and the income property? does one recovers before the other?

    thanks again, – julia

  3. jonathanmiller says:
    April 5, 2009 at 6:35 pm

    Thanks Julia – shadow inventory is definitely a growing trend. The listing discount formula can be found here: http://ms.clash.outthinkgroup.com/reports/methodology.php