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Forbes Magazine reports that it is.
Has the housing market scraped bottom? Not in some of the wealthier neighborhoods–places like New York City’s Greenwich Village, Santa Monica, Calif. and Chicago’s Lincoln Park. They held up nicely while the rest of the country slumped last year. This year such Tiffany zip codes are on track to fall 15% to 25%.
Why haven’t you heard about this? Statistics lag.
Bear in mind as you read the article that Forbes has a nearly unblemished record of getting it wrong in national real estate stories.
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I think it depends on the housing type. I live in Old Town Triangle and have seen falling prices on condos locally, SoNo is a great example. MLS listings on townhomes, row homes and SFHs seems to have held pretty steady though. Properties don’t seem to be moving but the kind of people that live in million dollar+ homes would rather sit on a property then sell it for less than what they think it is worth.
i never liked the homes in lincoln park.
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