NY Housing Market
Now that Stuyvesant Town and Peter Cooper Village go bankrupt we have proof that the housing market in New York has just begun its turn south. The stimulas money prolonged the capitulation by about a year but the word luxary will be a word of the past. Anyone still believe home prices are stabalizing?
Now that Stuyvesant Town and Peter Cooper Village go bankrupt we have proof that the housing market in New York has just begun its turn south. The stimulas money prolonged the capitulation by about a year but the word luxary will be a word of the past. Anyone still believe home prices are stabalizing?
dibs, really? these massive commercial loans?
The madman and his poor writing is back with his usual gibberish.
heaven to betsy, freddi and fannie were buying commercial mortgages? somebody call congress…
Fannie & freddie bought most of the mortgage debt on thse places!!!!!
We have proof that the owners bought ST and PCV at a price and with a business plan that assumed an incorrect view of the law. They goofed, big time, and were not prepared to carry the property as it had been previously run.
a. this post is difficult to read…literally and on many levels.
b. ST and PCV did not *go bankrupt*, at least technically.
c. this is not news; it’s been clear for at least a year that this was going to end up in the creditors’ hands; it is a by-product of the burst real estate bubble; no one will argue that.
d. this is commercial real estate; not owner-pccupied row houses.
e. keep working for your data.
yes- i believe brooklyn brownstone ppties are stabilizing.
The word “luxary” is not even a word of the past. It is not a word at all…
Is that where you live now, hannible?
It’s really comparable to a lot of Brooklyn, isn’t it.
yes