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Does it add up? Metro reports NYC property values down nearly 25% July 9, 2009

Posted by John Watch in News Feed.
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  “The real estate crisis that’s slammed the rest of the country is finally catching up to New York, with home prices dropping by nearly 25 percent.”

Price plunge
Manhattan: Down 19% to $1.3M
Queens: Down 13% to $403,000
Brooklyn: Down 12% to $503,000
Staten Island: Down 10% to $388,000
Bronx: Down 9% to $356,000

Above reported by: NYC Metro Newspaper

For starters, according to the price plunge graph above, the only borough that has property values down anywhere in the vicinity of 25% is Manhattan with 19%. And since Manhattan “usually bolsters the citywide average” as the article states, it shouldn’t be cited as the true indicator for all of NYC.

The problem that continues to persist in today’s market analyses is the complete neglect of property data reporting on a micro level. Based on our findings in recent reports and public records, property value declines affect some units differently than others, based on price per square footage.

So does it add up? It depends on the sector of the market that is being analyzed. Based on price per square footage, some units have flat property values while others suffer declines. But the findings in most of today’s reports DO NOT qualify as legitamate observations for the entire market. They just don’t. Because whenever you compare apples to oranges, you never can get a complete understanding of what’s really go on.

So if the newspapers and the media can’t get it right, who can you trust?

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