Babs: 'Don't Ever Underestimate' New York
In her Daily News column on Friday, Barbara Corcoran busted out some major league cheerleading for the New York real estate market that was surprising even for her given the state of the economy and the downward momentum of apartment prices in the city: All the financial mess here in New York City is really…
In her Daily News column on Friday, Barbara Corcoran busted out some major league cheerleading for the New York real estate market that was surprising even for her given the state of the economy and the downward momentum of apartment prices in the city:
All the financial mess here in New York City is really just a speed bump on the way to future riches. I’ve lived through real-estate markets a lot more hopeless than this one, and every time the city turned around and bounced back, taking real-estate values up with it. In 1974, I listed a 14-room, park-view apartment in the famous Dakota on Central Park West. The price the seller set was absolutely nothing! Zero! The owner was willing to literally give it away if I could only find some sucker to take over his monthly maintenance. I couldn’t find the sucker. That same apartment was sold five years ago for $18 million. New York City is a boom-bust-boom town, especially when it comes to real estate. Don’t ever underestimate its power to bounce back with bigger and better values.
Go, go, go!
Ask Barbara [NY Daily News via Curbed]
What's Your Take? Leave a Comment
Be a good sport he says. I am, if nothing else, a good sport.
Your position is greedy because you have always said very clearly that your goal here is to drive housing prices down for your own benefit. Had you ever come on here and expressed any concern for anyone other than yourself your arguments would carry some more weight, had you ever told us about folks you knew who loved NYC but couldn’t afford to buy here it would have provided a context that would make your position more sympathetic. But for you its always about the macho “we go hard” bullshit that makes you sound like an a**hole of the highest order. You have always been clear that you are looking out for your own bottom line (and don’t tempt me to go reading your back posts for the proof). That is greedy.
I happen to believe that if the housing market were to collapse to the extent that you are hoping for it would mean a collapse of the very structures that make the neighborhoods we always discuss so nice. If that’s the kind of world you want to live in, fine I guess. But I can tell you that it will be a pyrrhic victory for you and a big loss for everyone else. If you don’t care then there’s nothing I can do for you but again pray that your child sees the world in a more positive light than you do, cause you set a pretty miserable example.
“Is this cheerleading? Who knows…”
YOU know that it is NOT, wasder.
“…its fear mongering and ridiculous hyperbole in the mistaken hope that it will help you buy a house at a lower price.”
Greed mongering, fear mongering. Works both ways. Be a good sport.
Honestly, I’m out on a limb about this war theory but it is one of my fears and concerns. China is a rapidly developing country that the US will undoubtably see as a threat going forward given our economic fragility and dependence on them for debt. Just my general sense on how this depression will end. I’m a firm believer in the repetition of history.
“You are pathetic…”
For that insult, from now on, you are Aquaman.
“…and your attempts to justify your own greed with discussions of the plight of your ‘peeps’ are disingenuous coming as they do in perhaps your millionth post and not before.”
How is buying a home at 3 times income, greed? How is price-fixing not greed?
***Bid half off peak comps***
“It’ll take a war with China and their growing alliance with Russia to get us out of this one.”
You are the only one taking an article about Barbara Corcoran and turning it into a discussion of war with China. Is this cheerleading? Who knows, but its fear mongering and ridiculous hyperbole in the mistaken hope that it will help you buy a house at a lower price. You are pathetic, and your attempts to justify your own greed with discussions of the plight of your “peeps” are disingenuous coming as they do in perhaps your millionth post and not before.
“In order to somehow personally drive down prices with your web based fear mongering you are both advocating that new parks projects get canceled and cheerleading for a Third World War?”
Just the parks, wasder, not the war. Please quote exactly where I cheerlead a war. As for the park, how ’bout affordable homes for families, who have already lived in the area for years and have saved to buy here, to let their kids run around the halls and backyards? I have money to burn on peak comps (why waste it?) but many of my peeps do not and until recently, they’ve been home shopping in LI and down south. But the slow but sure collapse is changing everything. Hallelujah!
“The market never recovers at all from the bottom, wherever that might be?”
Please explain, lechacal.
“a lot of people have lost their life savings by following her advice”
Good for them. If your that stupid and sheepish, you deserve what’s coming. People need to take responsibility for their thought process. Mental laziness deserves distress.
“the ongoing maintenance costs where properties are empty is going to be a serious wakeup call for the condo market”
Absolutely. Co-ops too. Perpetual articles about rising costs. Downright scary.
“Hey you folks are being too hard on poor Babs; after all she is only doing her job right? Realize people to be very successful in her position a copious amount of er… deception is vital.”
Very true. Respect her gangster.
“People please, everyone fleeing NY? Where are they going to go…”
The comfort of their parents home in Anytown, USA.
“The best and the brightest will be here.”
Shaking martinis.
“As tenant-friendly as NY is, eventually you have to pay your bills.
Supply and demand of accommodation is finely in balance and it doesn’t take much of a move in either direction to cause a big impact on pricing.”
Ding ding ding!!!
And provocateur at April 14, 2009 5:16 AM is right on the money. The whole post.
Team Bear (Grrrrrrrrr!!!)
***Bid half off peak comps***
This woman should be strung up. She could not have possibly witnessed a worse environment for housing simply because there hasn’t been one this bad since the GD. I’m definitely a member of Team Bear, although I don’t want to inflame people with hyperbole. We are nowhere near the end of this crisis and the cascading prices in metro NY are just a start. We don’t have a manufacturing base and Wall Street is a smoking hole.
She is horribly irresponsible to be this bullish, especially given her vested interests. For what it’s worth, I left metro NY and the USA about 7 months ago. I haven’t a horse in the race there, but I sold a Manhattan co-op in early 06 and I thought that I might be too late then. Prices are going back to three times income. I just hope that we don’t revisit the 1930s worldwide. I think that option is very much on the table.
bge1970, I take it your comment was aimed at what I wrote?
I didn’t say people were fleeing NY – I said that unemployed people would have to either share apartments or move out of the city. As tenant-friendly as NY is, eventually you have to pay your bills.
Supply and demand of accommodation is finely in balance and it doesn’t take much of a move in either direction to cause a big impact on pricing.
So according to her bullshit story, she couldn’t sell her first listing.
People please, everyone fleeing NY? Where are they going to go where there are more jobs? Detroit? Today Goldman Sachs said they were paying back Tarp funds cause it basically wasn’t worth the strings attached. The best and the brightest will be here.
Hey you folks are being too hard on poor Babs; after all she is only doing her job right? Realize people to be very successful in her position a copious amount of er… deception is vital.
What a greedy liar this woman is!