NYC real estate is cracking

New York City Real Estate Market Slows as Wall Street Cuts Jobs

By Sharon L. Lynch

March 31 (Bloomberg) -- New York City's residential real estate market is showing the first signs of fallout as U.S. banks and securities firms cut the most jobs in seven years.

http://www.bloomberg.com/apps/news?pid=20601109&sid=ahgWx1z6LFxE&refer=home

 

As long as the dollar is in the toilet, the market shouldn't have a major correction. Foreigners are the underpinnings these days. But clearly, there is pressure from the Wall St. fallout and layoffs.

 

The numbers would look worse if they were ex-plaza, ex-15cpw, etc.

 

Why would foreigners want to catch the falling knife and buy assets in US$ now?

 

They are more interested in the currency gain than the mkt prices. And there is no falling knife in Manhattan now.

 

Not to mention that most foreign buyers are all cash types; they haven't been conditioned to load up on credit like we have. I think the impact of the foreign buyer in NYC is a total spin job by greedy NYC real estate brokers who attempt to keep prices high to protect their commissions.