New York is Dead

marketsurfer · Nov 12, 2008

Rent is still holding up except for financial district where it has slipped a little. Other than a few "almost homeless" businessmen walking around, I don't notice much difference. restaurants packed, luxury goods still selling, positive vibe.

http://www.elitetrader.com/vb/showthread.php?s=&threadid=144476&highlight=homeless

EMRGLOBAL · Nov 12, 2008

I agree Surfer. Our label has a apt on 32 ave. Things are normal. Other than the high flying Lofts and WallStreet Renters who occupied those lofts, most people are going about life as normal.

A lot of people got in after 911, bought in Battery Park all the way up to the East Side. There were fire specials during that time.

Rent Control is no longer, so only those who can afford to live in Manhattan are going to survive.

NYC is far stronger than Houston, Dallas or any other city in the Texas area. The only reason Texas RE is holding steady is that is CHEAP when comparied to the East and West Coast. Wages are also depressed in those area's.

I think Houston, Dallas, and San Antonio will weather the Depression and continue to have stable prices.

Mecro · Nov 12, 2008

Quote from marketsurfer:

Rent is still holding up except for financial district where it has slipped a little. Other than a few "almost homeless" businessmen walking around, I don't notice much difference. restaurants packed, luxury goods still selling, positive vibe.

WTF are you talking about?

Restaurants, bars & lounges going out of business nonstop. Some places still operating HAVE NO CASH. Vendors are refusing to accept checks from some places, employees can't even get paid. For rent signs everywhere.

You might be able to pull your biased rah rah rah rhetoric on those who don't live near the area, but not on those who actually live in the city and are in the mix.

I went out with my girl yersterday to a hot spot and they were kissing her ass like no tomorrow cause she often sets up events for drug reps. It was like desperate and this place is actually doing fine. They are scared and obviously see the trend, as well as feel it.

You want more stories? I know plenty of RE owners who have built downtown residential in the 2002-2005 times. They used to let tenants break leases because it was pretty much a shoe-in that they would rent the apartment out for as much or higher within weeks. No more, and these tenants are begging to do so.

New York City just got hit with this only a few months ago. It has just begun.

Equalizer · Nov 12, 2008

Quote from marketsurfer:

Rent is still holding up except for financial district where it has slipped a little. Other than a few "almost homeless" businessmen walking around, I don't notice much difference. restaurants packed, luxury goods still selling, positive vibe.

http://www.elitetrader.com/vb/showthread.php?s=&threadid=144476&highlight=homeless

Surf, what colour are those glasses of yours?

Surdo · Nov 12, 2008

Quote from marketsurfer:

Rent is still holding up except for financial district where it has slipped a little. Other than a few "almost homeless" businessmen walking around, I don't notice much difference. restaurants packed, luxury goods still selling, positive vibe.

Surfer:

I live in 10021, the most expensive zip code in this city, I counted 10 stores FOR RENT signs within a 5 block radius last night on my way home. You need to get new glasses my brother, things are not as rosey as you claim!

surdo

FutureQuants · Nov 12, 2008

New York WILL SURVIVE!!!!

To much has happen for NYC to go Down... Too Powerful as well....

I'll be there in a second, when a 1/1 is $800..... yeah in your bra!!!!

Mecro · Nov 12, 2008

Quote from FutureQuants:

New York WILL SURVIVE!!!!

No doubt about it. I'm actually happy to see this crap happen and hope more and more of these financial parasites and leeches will be washed out. As well as the arrogant developers who are getting their asses handed to them.

Now if we could just get Bloomberg to STFU and GTFO. While we are at it, clean house at the MTA. Bunch of crooks.

Cutten · Nov 12, 2008

Quote from marketsurfer:

Rent is still holding up except for financial district where it has slipped a little. Other than a few "almost homeless" businessmen walking around, I don't notice much difference. restaurants packed, luxury goods still selling, positive vibe.

http://www.elitetrader.com/vb/showthread.php?s=&threadid=144476&highlight=homeless

Yup, just like the band who kept playing on the Titanic after it struck the iceberg.

When the cops raid the whorehouse, the piano player may get ignored initially, but they still take him away in the end.

ByLoSellHi · Nov 12, 2008

theboxer · Nov 12, 2008

Quote from JamesVU2000:

NYC was a total dump in the 70s. I expect to the next decade to be a total disaster there.

Yes, but on the bright side: New York had character back then. I'd like to see the starbucks barnes & noble NYU people to leave, and NYC get its do-it-yourself character back.