New York is Dead

Quote from sammybea:

Toll Brothers CEO is now admitting the NYC market is "dead." The supply in manhattan is overwhelming right now.. well at least in the one bedroom market. Anyone want to venture a guess when this will turn around??


http://norris.blogs.nytimes.com/2008/11/11/toll-on-ny-its-dead/
More...
2 to 5 years ... too much excess.

The people who paid those insane prices for the studios and 1 bedrooms have to be flushed out.

Either from losing their jobs or from "daddy" not being willing to foot the bill anymore.
 
Every market segment will correct, this city was built on leverage. It'll be a great oppurtunity to pick up some good real estate in Manhattan.
 
I am in real estate in Houston...in the mid 70's I had a client that officed at 30 Broad (backdoor to NYSE)....

We paid more office rent than they did....LOL....

How time changes everything.....

SteveD
 
I think we'll see a huge surge in crime too, just recently crime in Manhattan was at an all time low....probably because everyone and their mother had plenty of credit to spend on whatever they wanted.

When the credit dries up, the guns and knives come out. Glad I'm not living there!

Quote from JamesVU2000:

NYC was a total dump in the 70s. I expect to the next decade to be a total disaster there.
More...
 
You must log in or register to reply here.
Back
Top