Goldman: NYC Prices Have a Ways to Go
“New York apartment prices are very high relative to the observable fundamentals. Using three alternative yardsticks—price/rent, price/income, and affordability—we find that prices would need to decline by 35%-44% to return to the valuation levels seen in the 1995-1999 period, before the start of the recent boom.” — Goldman Sachs via Curbed
Genius really really pure geniuses. How did they get to to that conclusion? I get it they had a meeting with Standard and Poors who is good at downgrading stocks after they go bankrupt. Greed ruined this country
thanks Legion, everybody lets go celebrate because its all just a blip! Lost your job? Net worth falling off a clif? No worries! Go buy that Chanel bag for your girl because whatever you lost will be back in your account in the near future.
11217,
lol , you read my mind. by the by, cornerbodega, who said I didn’t like reality? I’m simply pointing out how myopic so many posters on brownstoner are. I learned my lessons from the 90’s tech bubble meltdown and the last crop of wall street crooks and ponzi scheme artists. I should have learned from the 80’s junk bond meltdown, but I wasn’t an investor at that time.
bottom line, markets will go up and come down again, new scam artists will arise with new “financial products” that are sure to produce profits like a magician waving his wand over a top hat.
by all means invest in real estate and stocks and bonds. just don’t expect to get a nobel prize for pointing out that the sun also rises.
I hate to point out the obvious, cornerbodega, but you are criticizing Legion for “wasting an hour of his life with his post” and meanwhile you are talking to yourself and making posts at 3:14, 5:40 and 5:52am on a Friday night…
Legion, if you don’t like reality why don’t ya watch another episode of Sex and the City. Then hit up the MePa district for some celebratory nightlife. Congrats on wasting an hour of your life with your post…
“So if Nyc the financial capital of the world is going to fall this much how much will the rest of country fall? So a place like New jersey or say Virginia will fall what say 99%”
LOL How do you even respond to this? This statement pretty much sums up the extreme level of ineptitude that is Sebb “the moneymaker”…
Dibs, Manhattanites don’t move to bedstuy
denton – i can name many institutions that bet against real estate earlier than goldman AND didn’t end up getting stuck in it as well. read goldman’s q4 results for more.
oh god