Quote of the Day
For every person crying that the sky is falling I know of another person (you and myself included) sitting on a pile of cash. Ask yourself how many people you know who are hoping to purchase a distressed property in the next year or two. I don’t understand why so many of you are so…
For every person crying that the sky is falling I know of another person (you and myself included) sitting on a pile of cash. Ask yourself how many people you know who are hoping to purchase a distressed property in the next year or two. I don’t understand why so many of you are so negative on NYC market when in reality I’m sure many of you also know people who have a lot of money right now they don’t know what to do with. These people = demand. Nothing is trading right now because everyone is in wait and see mode, but don’t confuse wait and see mode with the preamble to a cataclysmic decline in prices. It might not happen. I am much more bearish on the financial markets and the national real estate market than on NYC market.
— by setancre in Front Page Forum: Walk Away from Downpayment?
“Obama will go down as the worst president in US history”
I think our current president already has that one locked up.
And I see zero difference between he and McCain. And if he croaks (there is a one in 3 chance with his health issues) we would be left with not only the worst president in the history of America, but the most ignorant, most closed-minded and most incompetent president on the face of the planet. Scary stuff for most of us out here with half a brain…
IronBalls, please spare us the political commentary. Good for you for resisting the urge towards statism in times of crisis. Now all you need is some experience and wisdom to back up your views.
Sam,
We’re on the verge of the Great Depression II and your response is that it’s a normal part of the business cycle?
Have you ever lived or worked in Europe?
Don’t you have any idea why so many Europeans move to the US to start businesses?
US unemployment will rise to unprecedented levels if Obama puts restrictions on US corporations sending jobs overseas as he claims he’s going to do.
Corporations will simply move their entire operations to more business friendly countries and millions of US jobs will be lost, lock, stock, and smoking barrel.
Obama will go down as the worst president in US history, but it won’t matter since the US will have become just another part of the European Community, no longer the greatest free market democracy on the face of the earth.
ironballs, you and polemicist are the two posters who i think are the least knowledgable on this site. polemicist is a flake who thinks he is the new salvador dali, you seem just pretty clueless. both france and spain have thriving economies, what are you talking about? the current crisis is just the latest in a long series of crisis experienced by capital markets during the last 150 years. markets go up and they go down, that is just the way it is. what is happening today you can read about in edith wharton novels like the age of innocence. it is nothing new.
Wine Lover,
You might have to wait seventy years for prices to rebound to the price levels they reached in real terms during the recent run up.
I’ll be dead by then myself, so “waiting” isn’t an option for me.
Also, the population increases will do nothing to raise housing prices if the economy is shot and folks are out of work.
If Obama gets elected, I predict the stock market falls a thousand points the next day.
His socialist agenda coupled with help from the Democrat majority congress will do their best to make our economy resemble that of France’s or Spain’s.
Jobs will be nearly impossible to come by and the smart money will flee to parts of the world where capitalism still exists.
I’m dying to buy a place and have the money in a savings account to do so, having sold an apt in January of this year. However, I cannot find a place worth buying. They are all so wrecked. The economic situation is very grim, I am sure the layoffs will be many and house prices will continue to decline or be flat for five years or more in New York City. I don’t care; the places I am looking at cost no more than renting for double the space. I just want to buy NOW while I still have a job and interest rates are still low and the money in my savings account isn’t worthless.
really, the correct thing to do is buy when prices are down and sell when they are high. most people do the opposite. real estate is also a decision made regardless to price because of a particular person’s need at the time, so there will always be some buyers and some sellers regardless.
on the whole, the population will only increase and the demand for housing will follow.
if you can ride this thing out, condos that can’t sell will fill the market and development will slow, so the existing owned properties will become more valuable as supply of properties to sell will eventually be less than demand.
in 1996 when i was shopping for a townhouse in brooklyn the broker told me that he had lots of “me’s” but not lots to sell. we will return to this time. when, dunno… but we will eventually.
new york is special and the demand to buy here will come back strong. just not tomorrow.
Ha! My first wife would not fit under the mattress, if you catch my drift…..
Sure. I’ll check under the mattress.