Quote from Trend Fader:
Dude, you are clueless whats going on in NYC. Stop listening to all of the BS and gloom and doom crap. Read the article from the NYTIMES a few weeks ago,,
http://www.nytimes.com/2007/02/19/n...63a668a&ei=5070
I know you aren't addressing me, but let me chime in.
TF, New York is strong, no doubt.
I haven't heard any argue with you that the prime areas, and now even secondary areas of New York, are strong.
I just said that New York won't always be as strong as it is now, especially when we enter the next bear market. When brokers and investment bankers see their incomes drop, all those 3 million and up condos won't move as quickly, either new, or on the secondary markets.
Your response seems to indicate we will never have another bear market. It's my opinion that this is denying the inevitable cycles of history.
And here's a hedge: New York is qualitatively different, juts like London is, from the rest of the country. There are families in New York that own brownstones or other properties that will never sell their property. They'd rather, as any intelligent person in their shoes would want to do as well, prefer to pass the property down to successive generations of their family.
New York is one of the few cities I've seen where core properties (Manhattan for example) are literally not for sale at any price.
There are weaker, tertiary sectors that won't weather the inevitable downturns that we will see in the future as well, though.
Cheers.
