Would this be a catalyst for a significant drop in NYC prices since undoubtedly there will be fewer "bonuses" and more layoffs.. and NYC RE is tied to it?
value of dollar keeps on dropping and value of property keeps on dropping. Sounds like great investment.
if thats the case, then miami should be a great real estate market. buyers from asia and europe cant make up more then 5% of buyers
Miami and New York are apples and oranges. I wouldn't even compare the two. Imagine a 50 year old building selling for +$3 billion in Miami? New York City will always trade at a premium to the rest of the country.
I actually live on the upper west side and prices have really been falling for luxury doorman buildings.. Just a few months ago, sellers were getting 1150-1200 a square foot. Just yesterday, i noticed the same apts were being offered out at 1000 square foot..... and NO takers. While this is not a panic by any means, what happens if we drop to 700 a square foot. The acceleration downwards could be much faster if bonuses decline, etc....
i agree with you. but Miami is second to NYC to attracting foreign buyers. SO if you say the foreign buyer will keep the nyc real estate market buoyant, then the same should go for Miami. and when you say nyc you mean Manhattan, and when i say Miami, i mean South beach