I'm assuming the bubble for the NYC RE will pop soon since all the hedge funds are going straight to the shitter.
I just sold my place in the city and the prices are still sky high. Do not forget NYC is still a #1 destination for a lot of people. I do not see prices coming down at all. Every year this place is getting more and more crowded and since Manhattan is an island, the space to build is limited. Also NYC is not Detroit. Plenty of wealthy folks reside here and more nad more are coming from around the globe. When i was selling my place, there were literarily dozens of people interested and the one who bought it thinks the price was a bargain. I bought theplace in 1994 and got exactly 24 times more for it then what I paid then. Btw.It made my brokers account look pretty.
You got in and out at a good time. A former neighbor of mine, in NYC, brought his condo in 1989 at the height of the last real estate bubble, and had to wait about ten years before values matched and exceeded his bases. Since values have declined in the past it can happen again. That's why I sold all my real estate holdings and became a renter.
Between 19990 and 2005 Japan realestate plunged 70%, why, bad loan on the books! When New York, California are on the brink of bankruptcy is the time to buy.