new york city real estate price erosion

Discussion in 'Economics' started by the gardner, Feb 4, 2008.

  1. manhattan is just starting to feel the pressures from the national real estate storm ...prices have droped 5 percent and rents are down 7 percent....bonuses are down ...and layoffs up...recession is looming on the horizon....cap gains on real estate will rise with a democratic white house win .....all bad signs

    some economists forecast a 15 to 30 percent drop in nyc real estate in the mid seventies.....some forecast it will be 2014 until prices reach their highs again

    and yes the gm building is fore sale ...but who will buy it...when no one is lending money ....or willing to buy any cdos

    what goes up MUST come down g
  2. as this storm worsens their will be a rush for the exits...a rush to lock in the massive gains that have accumulated over the past 7 years

    .....why own a 1.5 millon dollar apt in nyc when you could buy citigroup at a massive discount 50 percent with a dividend

    people who wait to sell will be sorry they did....just look at the charts from the mid seventies ...price per sf etc ....and they scream get out now

    manhattan is an island but it is not immune to the health of the u.s.economy ....and the global economy

    and somehow i just dont think their are enough europeans with big money to keep pushing nyc prices higher ...

    and dont believe your real estate brokers their grasping ....reaching out into thin air in the hope that the party will continue
  3. Those $1 million studios need to drop 90% to come back down to reality.
  4. and somehow i just dont think their are enough europeans with big money to keep pushing nyc prices higher ...


    Interesting is the fact, that nyc real estate brokers are only in the begining stages of marketing to Europeans. They may not push price further but stall any decline.
  5. ever think the strong euro has something to do with it??

  6. many brokers are marketing to europens......and are giving new yorkers false hope...spinning lies and they can sell their oun apts before you sell yours

    and the europeans like europe.....get it .....after all why buy somthing in us dollars if you own euros now

    europens when and if they ever buy en mass will wait for real estate to drop further ....down 30 percent ie until its really cheep

    they dont live here....and they will not live here.....

    nyc is going lower right now .....and lower still next wk
  7. What's happening in the other boroughs with prices and number of sales?
  8. cstfx


    Do you have a link to this info? Would like to read more about it.
  9. nyc prices

    yesterdays nytimes...........its all their data

    and today goldman sachs has been downgraded by opco...not good for nyc prices

    new york is the castle ...and its the castle that is always last to fall ......and the castle walls are now breached....
  10. sps_45


    It really sounds like you know what your talking about. I better list my place tomorrow or else.

    Love this, everyone is a real estate expert.
    #10     Feb 5, 2008