Manhattan, NY

Surprising some analysts, prices continued to rise in the 3rd quarter, according to recently released numbers. The average sales price in Manhattan climbed by 8.1% to roughly $1.5 million. The average price per square foot increased 4.1%.

The disparity between the two numbers is a reflection of the fact that new luxury apartments fueled much of the price increase in Manhattan.

These numbers however, are incidental in comparison to the changes in inventory and the number of sales. Manhattan saw a decrease in sales volume of 24.1%. While some of this decline is surely buyers sitting on the sidelines while the macroeconomic situation sorts itself out, the larger portion of the decline likely comes from a longer-term softening of demand.

The national recession and the current financial market madness plays are both major factors in the reduced demand the New York real estate market. Today the Dow briefly dipped below -800 for the day before rallying back to close at a 3.8% loss for the day. It is hard to imagine many buyers seeing a -800 next to the sign for the Dow Jones Industrial Average on CNBC getting up from in front of their TVs and saying, “Well, honey, let’s go real estate shopping.”

Similarly, today was especially bad news for Mahattan real estate market in terms of foreign demand, with the euro falling to its current level of $1.35. Still, it’s important to not confuse the dramatically horrid news of the past two weeks with the current state of the New York City real estate market.

Today’s events were not in response to new events so much as the world’s financial markets waking up to the fact that Europe’s major economies are also in serious trouble, just as much as the US is. No one – other than, perhaps, John McCain – would say the “fundamentals of the market are strong” when talking about the short term of the NYC real estate market.

In many measurements of the market’s 3rd quarter performance – especially those including surrounding suburbs – the year-over-year numbers saw a significant increase, but the quarter-on-quarter numbers showed an equitable decline. That’s always a bad sign in terms of the capacity for prices to fall at a rapid pace.

Looking beyond 2009, however, the picture does not look especially bad, so long as no near-depression breaks out on the national level. As the government begins its bail-out program in full earnest, many of the jobs lost in New York City’s private sector financial industry will be absorbed by a government which will need thousands of new financial analysts to manage its expanded role in the financial markets.

The macroecononmic picture is indeed bleak right now, but New York City will do far better than most cities in the coming years.

3rd Quarter of 2008 Expected to be the Final Quarter of NYC Housing Boom [Elika Blog Post]

New York City-Manhattan---A Feng Shui Consultant's Day....

The San Gennaro Feast in Manhattan is something I NEVER miss. I know some people LOVE New York City....and others are not so fond of it! The San Gennaro Feast runs every year and is the oldest, largest and best known Italian Feast. St. San Gennaro is the patron Saint of Naples and people come from all over the world each year to attend this festival. Feast of San Gennaro

1.5 million attended this year. Laura Cerrano and I accounted for two of those : ) If you can't stand crowds, noise or unpredictable weather, this is not something you would enjoy. In fact I was dismayed to hear from one of my AR friends that last years post-when not a DROP of rain was predicted but we had a heavy and unrelenting downpour is the way I will be remembered....OUCH!

That post was SUPPOSED to show Determination and Creativity from Feng Shui Consultants in New York who have learned to "Go With the Flow." I guess not. You need Persistance AND Creativity in New York City But if you love fairs, you'll adore this one! This year we have a balmy 89 degrees and it STILL did not stop the crowds.

Here are some shots of a special day in Manhattan at their famous San Gennaro Feast--Seen through Feng Shui Eyes!

The end of the Road....and the Beginning of Chinatown!

Posted by Feng Shui Long Island & New York http://www.FengShuiLI.com

The USS Intrepid was towed to its home at Pier 86 in Manhattan from Staten Island yesterday after being moved to undergo almost $120 million worth of repairs and improvements. The interior of the ship has been completely renovated.

The World War II-era aircraft carrier made its way through New York Harbor, passing the World Trade Center site and the Statue of Liberty along the way. 400 guests and former crew members attended while hundreds of New Yorkers greeted the ship with waving American flags along the west side of Manhattan.

The Intrepid had served as a sea, air and space museum for 24 years at its Manhattan dock before it sailed away in December 2006 for an overhaul. The Intrepid floating museum is scheduled to reopen on November 8th. The Intrepid is also a unique venue available to host events.

Avenel NJ - Commuters Delight -- price recently reduced to $359,950 !! (edit/delete)

Don't miss viewing this spacious, updated Colonial close to major highways and walking distance to the train in Avenel NJ. Enjoy the sun drenched living room with the bay window that easily flows to the dining area and into the 2 yr young kitchen. The kitchen is complete with corian counter, ceramic backsplash, tile floor and more !!

Call today for a viewing appointment:

Peter Ciurczak - REMAX Diamond Realtors

(908) 391-4528

http://www.pciurczak.remax-nj.com

pciurczak@remax.net

The new Museum of Arts and Design, which occupies a 54,000-square-foot space at 2 Columbus Circle, opened today.

Its permanent exhibit contains more than 2,000 objects, including the largest collection of contemporary jewelry in the country.

This weekend, the museum will be free and open to the public from 10 a.m. to 5 p.m.

The museum is housed in the former "Lollipop Building" that for the longest time was covered in scaffolding. It had the nickname The Lollipop building because it's Venetian inspired vertical palazzo had perforated port like holes at the base - hence lollipops.

One of New York's most photographed buildings it never received landmark status. It has been on the National Historic Trust's 100 most endangered sites on earth.

For years preservationists have been fighting to stop them from changing the facade. The architecture is 1960's urbanisim. Since it was not a pre-war but post war the landmarks commission never held hearings to save the facade. Many argued that it should be saved because it is bizarre looking.