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  1. I don’t see any demographic issues having a huge impact on NY real estate prices, because NY is such a place that so many people from around the US and the world want to live or own property in.

    As soon as prices drop a bit, there are crowds waiting to jump in and stabilize things.

    This was clear in the latest downturn, where NY prices did not drop nearly as much as other formerly hot markets.

  2. The downside of Arizona is that you are totally car-dependent. You can’t walk anywhere. My friend has 4 cars: one for each member of his family (he has two grown kids at home). I couldn’t take that.

    I’d have to say that one of the best aspects of NYC is that it is pedestrian-friendly.

    Also, in my friend’s neighborhood, you don’t see a soul at night. You could die in the middle of the street and no one would know till the next morning.

    I guess I’m an urban New Yorker, including the right to gripe ;-).

    See you next week.

  3. Denton, about the time I was buying my building, a friend made the argument for the collapse of NY real estate market due to shifting baby boomer demographics (i.e. the wholescale sale of NY properties to buy in the sunbelt). It turns out that the market crashed for other reasons, but I guess that retirement of baby boomers will be a net depressor on NY prices.

    I wasn’t too happy to hear his ideas at the time, but I asked.

  4. This is so typical of the OT. So some people like AZ & some people like NYC. There’s no value judgment involved – it’s a matter of taste. Unlike, say, my wanting to vomit over the idea of Mother Theresa as an icon & someone else’s refudiating FDR.

  5. In defense of the Arizona position:

    One of my sisters has lived there several years and loves it for just the reasons benson stated.
    Born and raised New Yorker, doesn’t miss NY one bit.

    bonus: owns a nice pink-handled handgun.

  6. Lech;

    Indeed. I am in Arizona to visit Intel. Intel has one of its largest engineering and manufacturing facilities here. These are people who build something, something that is at the epicenter of today’s modern world.

    I am sure they would be distressed at Cobble’s “Snort!”.

  7. re Arizona, Mrs D’s job is really stressful, unlike mine. She’s been slightly accusatorily pointing out that she has friends her age who are already retired.

    We have a lot of equity in this house. We have some in our house upstate too. And as I mentioned the other day, our neighbor bought a doublewide in Florida for 30k.

    If we sold our properties here after paying off loans we would have deep into six figures, not to mention regular retirement accounts. If we moved to the heart of the housing crisis, say FL, AZ, NV, etc., I’m sure we could buy a nice place for 100k.

    With no debt in a low cost of living environment, how much would we need to live? Not that much. And we could always take some crappy part time jobs, she’s particularly employable.

    Of course that would be the end of NYC for us. I guess I owe Mrs. D this scenario.

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