Thursday, January 8, 2009

The empire is crumbling

Buyers rejoice: Manhattan home prices finally fall

"It probably started at the beginning of November, but things over the last three or four weeks have changed even more dramatically," said Germano, 30, a Smith Barney financial adviser.

Posted by v stor @ 06:49 PM (949 views)
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5 thoughts on “The empire is crumbling

  • An article for all those that keep saying “Buyers are reluctant to drop their prices in my area.”

    The bigger they are the harder they fall.

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  • inflation is eating my savings says:

    Manhattan (and also North Brooklyn- nicer IMHO) is killing many of the things that make it great. Condos flying up all over the place, displacing the nice hangouts as rents became too high. Gentrification has gone too far- especially in the belt between Houston St and 14th St. Hip has been replaced by expensive homogeneity.
    Public space is at a premium, in spite of all the excellent parks. I remember hearing somewhere that in the 30s, because of the the defaults in NYC, a lot of public spaces were reclaimed, so all the little corner parks and basketball courts sprung up then. Bring it on. Without organised town planning, you need depressions to free up public space. Now that would be a good outcome from this mess.

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  • @iiems,

    That’s a good point about public space. However the best parks and green spaces are planned from above, either by monarchs (London’s royal parks, Paris’s Jardin des Tuileries) or by powerful mayors and city planners (as in New York). Having a few scrappy basketball courts doesn’t make up for a lack of actual green space.

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  • “New York City lost 10 percent of its population in the 1970s when the city’s finances almost collapsed.”

    How many will London lose? So much of London’s population is internationally mobile – whether it’s French chefs or Polish plumbers or American bankers. Those fleeing poverty in Africa or Asia will probably stay here; but those who came for the jobs and strong pound are leaving in droves. What will London be like when so many of the wealthy and ambitious people have left?

    According to Wikipokie, “By the end of the 1970s, nearly a million people had left [New York City], a population loss not recovered for another twenty years.” Is history about to repeat itself?

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  • Just to expand on the idea of people leaving London and Britain, here’s what’s happening across the pond:

    With fewer jobs, fewer illegal immigrants
    The US recession and stricter law enforcement are keeping many Hispanics from coming.
    The economic downturn – along with more aggressive enforcement – is reducing the flow of illegal immigrants to the United States.

    Not only are fewer people – mostly Hispanics – slipping into the United States, they’re getting fewer jobs. New data shows that Latino participation in the labor force – normally among the highest – has dropped along with a decline in new arrivals.

    “The picture has definitely changed,” says Randy Capps, a demographer at the Migration Policy Institute in Washington, though he cautions that it’s too early to say whether the changes are permanent. “Unauthorized Hispanic immigrants are fairly responsive to job markets.”

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