Archive for Geezer Rants
Home Prices Continue to Improve While Consumer Confidence Declines
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All real estate is local.
As I previously discussed here, the S&P/Case-Shiller indices are virtually useless for tracking Manhattan residential sales. Case-Shiller does not include sales of co-op and condo apartments even though those property types account for 99% of what is sold in Manhattan.
The data through August 2009, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices show that the annual rate of decline of the 10-City and 20-City Composites improved compared to last month’s reading. This marks approximately seven months of improved readings in these statistics, beginning in early 2009.
This perceived improvement of real estate prices, if you can call smaller declines an improvement, is as irrelevant now as when I reported the uselessness of the S&P/Case-Shiller doom-and-gloom report back in June .
What I do believe is significant is that the Consumer Confidence Index as reported today by The Conference Board today dropped to 47.7 from a revised 53.4 in September. A measure of employment availability deteriorated to a 26-year low.
Unemployment in New York City (specifically in Manhattan) is very high. This fact, in addition to the seasonal slowdown in residential sales, will cause price reductions on properties where the sellers are motivated to move.
The Most Annoying Words In Real Life & Real Estate
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A "Wordle" of 2br/2bth co-ops & condos =>$1M in Manhattan
In a recent Marist poll, nearly half of Americans – 47% – said they find “whatever” most annoying. The other sayings weren’t quite so loathed. 25% say they find “you know” most grating; 11% can’t stand “it is what it is”; 7% would like to ban “anyway” from all verbal exchanges; and 2% reported that they could do without hearing “at the end of the day.”
After reading thousands of Manhattan apartment descriptions, I have come up with my top list of real estate words and phrases that I find most annoying:
- Boasts
- Oversized (also ample or generous)
- Sun-drenched
- Residence
- Triple mint
Here’s a “finger-nails-on -the-black-board” apartment description:
This triple mint, sun drenched apartment boasts oversized windows and generous maintenance. You must call me for the non-negotiable price, a private showing or whatever. Anyway, if you have to ask the price this residence may not be for you. You know, at the end of the day it is what it is.
