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November 1, 2007
Housing price crash
Like it or not, NYC real estate - Manhattan or Brooklyn or the other 3 boroughs will experience price declines in the next year. Every now and then, you will see a property going quickly at its ask price or even above due to a very specific situation (someone fell in love with that house and is recession-proof). Those cases will be far and few in between. You can't really protect yourself against the vicissitudes of the economy. As much as you can, consolidate, pay off your debt, and accumulate as much savings as possible. If you feel like your job isn't that secure and your mortgage is too big, sell now. Save yourself pain further down the road.
Comments
And your point?
Posted by: guest at November 1, 2007 11:34 AM
And you know this how? Have you seen the Nov. 1, 2008 edition of the New York Times?
What about property that hasn't been put on the market yet, will that go down too? Can it go down if it hasn't even been listed yet? And tell me when the last time was that every property went for its asking price......
If I had a nickel for everyone who claims to predict the future with certainty....
Posted by: guest at November 1, 2007 11:48 AM
whoa, i bet this guy is the dude from that journeyman show ... you know, he's from the FUTURE! one minute he's unclogging the sink, next minute he's saving our collective past asses with salient info from beyond! thank you, noble time traveler!
of course, with this ability he should go back to 1982 and buy the Montauk Club.
Posted by: Jimmy Legs at November 1, 2007 12:00 PM
Others probably know him as 'The What'!! The dumb-ass himself!!
Posted by: guest at November 1, 2007 12:07 PM
what debt? you have debt? oh, poor you.
Posted by: guest at November 1, 2007 12:27 PM
i dislike people who preach.
they are usually hypocrates.
Posted by: Ysabelle at November 1, 2007 12:30 PM
Yes, what do you recommend for people like us who don't have massive mortgages, or could pay them off if they wished.
Posted by: guest at November 1, 2007 12:55 PM
WILL THIS PERSON WHO CAN FORSEE THE FUTURE GIVE ME A LIST OF STOCKS TO INVEST IN. I'D ALSO LIKE EARLY INFORMATION ON THE KENTUCKEY DERBY WINNER
Posted by: guest at November 1, 2007 1:46 PM
If you don't have any debt or a massive mortgage and most of your equity is in real estate, you are still losing money as the real estate market weakens. I would suggest keeping investments diversified, even if it means taking out a mortgage on your house.
Posted by: guest4 at November 1, 2007 3:20 PM
Omer?!?
Amy
Posted by: Anonymous at November 1, 2007 3:24 PM
Yikes!
All this advice will land everybody in the poorhouse.
When in doubt, do nothing.
Now is not the time to go into debt.
Moderation, moderation, and more moderation.
Posted by: Ysabelle at November 1, 2007 4:13 PM
Why is everyone so offended by this post? I don't get it.
Posted by: guest at November 3, 2007 7:04 PM
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