Monday, Feb 09, 2009
The Queen city is finally topppled
The New York Times: Striking Declines Seen in Manhattan Real Estate Market
“The worst is yet to come; there is a blood bath coming,” said Matthew Haines, a founder of the real estate site Propertyshark.com who prepared the Corcoran report.
Posted by v stor @ 06:32 PM (419 views) Add Comment
1 Comment
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1. inflation is eating my savings said...
This will be one to watch. New York will always be a place that people want to live in.
Much of the action has been from lots of Brits cashing in on a strong pound. That accent really works.......! The American man simply cannot compete. That's another story, sorry.
Most New Yorkers do not live on Park Avenue, and the denizens of Park Avenue have, one suspects, also been burnt, perhaps more in absolute terms, at least initially. A good barometer of that would be shop occupancy on Maddison Ave.
However, NYC is NYC, people want to live there. Many of the people I know there are swallowing fat rent increases, or moving outwards, but still enjoying.
Remember that it is a market where 80% of people rent.