What's NYC latest unemployment rate?

While there are some areas in NYC that are pretty much recession proof, no areas are depression proof.

And the operative words are 'some areas.' Areas such as the upper east side of Manhattan or waterfront...

There are areas of New York that will get blown out in this downturn.

But if we get a depression, all bets are off - you know - depression as in where vast family fortunes are lost, including property...
 
Quote from fx255:

Crgarcia is correct. There is so much wealth (both US and foreign) in Manhattan. A few newly poor i-bankers isn't even going to make a dent.

An example of high end real estate thats selling quite well, not that anyone from Lehman will be living here:

http://www.nysun.com/new-york/a-high-end-tribeca-tower-rises-amid-falling/85811/
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Right, it isnt going to make a dent, come on, who are you kidding, I dont care how hot NYC Real estate is, the good times and great bonuses are coming to an end. NYC real estate is going to fall hard, prices are going to come down dramatically over the next 18-24 months. You will be reading articles about 10 million dollar penthouse apartments going for 5-7 million, you have no clue the magnitude of this credit crisis, this is worse than the great depression, I think we are lucky to be in a recession at this moment, I think things are alot worse than what they make it out to be.
 
Quote from ByLoSellHi:

While there are some areas in NYC that are pretty much recession proof, no areas are depression proof.

You know - depression as in where vast family fortunes are lost, including property...
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I dont think the word depression would ever make it to wallstreet, they would just call it a really DEEP recession.
 
Quote from S2007S:

Right, it isnt going to make a dent, come on, who are you kidding, I dont care how hot NYC Real estate is, the good times and great bonuses are coming to an end. NYC real estate is going to fall hard, prices are going to come down dramatically over the next 18-24 months. You will be reading articles about 10 million dollar penthouse apartments going for 5-7 million, you have no clue the magnitude of this credit crisis, this is worse than the great depression, I think we are lucky to be in a recession at this moment, I think things are alot worse than what they make it out to be.
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I think you missed my point. NY is more than just sell side bankers, heck Wall St. is more than just sell side bankers. You're pretty naive if you think a ton of hedgies didn't make serious coin on Lehman's demise. One man's bust is another's boom--that's the nature of the market. Trust me, $10M penthouses will not be going for $5M anytime soon here--Manhattan isn't Miami.

Don't misunderstand, I'm not saying there can't be a downturn or that things will always be hot, but NY's real estate, and economy in general are pretty strong compared to the rest of the country, and this I don't see changing for various reasons. If I were a betting man (and I am) I would wager you will not see anything like So. Cali or FL here because the supply/demand fundamentals are just different. I guess we'll just have to wait and see.
 
Quote from crgarcia:

Don't hold your breath for this.

Even if there's a liquidation of real state, wealthy foreign investors would buy it when they haven't finished placing the "for sale" sign.
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They don't want cheap overpriced condos, of which there are too many already.

Do you even realize that most of these projects being built now are only going forward because it is more expensive to back out of the construction loan? The developers are just winging it and skimming whatever money they out of the loan, since the bleak results are obvious to them.
 
Quote from Hydroblunt:

They don't want cheap overpriced condos, of which there are too many already.

Do you even realize that most of these projects being built now are only going forward because it is more expensive to back out of the construction loan? The developers are just winging it and skimming whatever money they out of the loan, since the bleak results are obvious to them.
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Bingo!

A great non-NY example of this is
MGM Mirage's cash-strapped 11 billion CityCenter project - likely to rise to 18 billion, by the time everything is said and done.


Good luck on that banks, investors and MGM Grand.



http://online.wsj.com/article/SB121909732201551013.html?mod=googlenews_wsj
 
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