Topic. Just curious - the whole country collopsed yet prices in the Tri state pretty much stayed the same.
High end real estate in Manhattan is used to launder money from rich people overseas, so there is a lot of hidden demand.
you cannot apply a single standard to all real estate. there are properties that have value because they are located in high demand areas such as big cities, areas with good rent/price ratios ....and then there is real estate for the average idiot home owner... a house in the suburbs or commuter belt - plot of land is 100k - house costs 400k to build - leveraged to the sky - insane interest and payment terms over 20 years - > after 20 years the plot of land is worth 140K...the house is worn down and worth 300k (because it needs at least 100k for maintenance), you paid probably 400k+ in interest with pre 2008 rates. So you paid close to a million dollars for something that is now worth 440k...and the only way you could get out at even or at a profit is because pre 2008 all you had to find an idiot who believed it's worth 600k after a couple of years and flip it before too much interest accrued. Guess who got burned? Probably not the smart money who invested in high demand property
re: good rent/price ratios With exceptions there is no such animal today in manhattan. Most apartments have negative cash flow. Investors hope to make up the difference through ever increasing prices for for their property.
history repeats itself but honestly manhattan is also really an extreme example....it's basically the mother of high demand real estate but not necessarily it's poster child
Areas where there was shortages of viable housing prices stay relatively even. El Paso where government was shifting more Army troops into Ft. Bliss to 35,000, house prices maybe went down 2% and some areas no change. But areas where there was loss of jobs like Las Vegas and over supply plunged. I would think NYC has limited space to build would not have any changes.