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09-15-2008, 06:02 PM
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Member
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Join Date: Aug 2008
28 posts, read 15,303 times
Reputation: 19
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How do you think todays news with Lehman will impact NYC real estate?
Obviously big news today about AIG, Merril Lynch, Bank of America and of course Lehman brothers. I am interested in hearing everyone's opinion.
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09-15-2008, 08:03 PM
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Senior Member
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Join Date: Sep 2007
2,545 posts, read 2,552,400 times
Reputation: 440
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Well all those overpriced trendy nabes landlords are gonna get hit real hard
the traditionally wealthy nabes like the UES will not be hit that hard because those peeps have enough money to ride this out anyways
nobody gonna be paying 2k for a 300 sqft apt no more, look for people to start moving further uptown and the bronx
A lot of the developers who have been building are gonna eat it bad
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09-15-2008, 08:11 PM
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Senior Member
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Join Date: Sep 2007
2,545 posts, read 2,552,400 times
Reputation: 440
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oh yeah
Hopefully some landlords will foreclose
and make it easier for some up and comers to get into the bizz
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09-15-2008, 08:20 PM
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Senior Member
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Join Date: Nov 2006
209 posts, read 224,798 times
Reputation: 50
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Does this mean that we can suddenly wait to buy 1 or 2 bedrooms in places like the West Village or TriBeCa for Washington Heights prices?
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09-15-2008, 08:36 PM
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Senior Member
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Join Date: Sep 2007
2,545 posts, read 2,552,400 times
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well Wash Hi is almost all rentals not condos
But some of those new developments on the Westside that I drive by alot, yeah those guys are gonna eat it
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09-15-2008, 11:17 PM
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Senior Member
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Join Date: Jul 2007
252 posts, read 304,690 times
Reputation: 43
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I keep missing the news on every channel. What actually happened?
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09-15-2008, 11:22 PM
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Moderator
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Join Date: Jun 2008
Location: Washington, DC & New York
3,359 posts, read 2,101,563 times
Reputation: 1000
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BofA is taking Merrill Lynch in a $50B stock deal; Lehman filed for chapter 11; and AIG is in free-fall right now, with credit downgraded and in serious need of a bridge loan to sustain operations.
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09-15-2008, 11:33 PM
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Senior Member
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Join Date: Jul 2007
252 posts, read 304,690 times
Reputation: 43
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Wow. Is there any reason as to why this all happened on the same day? Are they all inter-related somehow?
Thanks.
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09-15-2008, 11:42 PM
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Senior Member
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Join Date: Apr 2006
2,937 posts, read 939,980 times
Reputation: 473
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You know, a lot of this originated with the subprime lending practices of major financial institutions in the primary and secondary markets the past five or more years. Now the rug has been pulled from under and "sediment" is flying in all directions.
This ugly scenario coupled with the oil crisis and a presidential election year make for unsettling times. I think one should lay low as far as buying real estate in NYC now, if one has that option. Rent until the smoke clears and the dust settles. It'll take a while for owners/developers/brokers to realize that the champagne and caviar days are over and notwithstanding NYC's unique position on the demand curve for housing, the sky is no longer the limit.
In fact, the sky may be falling as we speak.
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09-15-2008, 11:56 PM
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Senior Member
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Join Date: Jul 2007
252 posts, read 304,690 times
Reputation: 43
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Hmmm...I wonder what will happen to all of the employees of Merrill Lynch and Lehman in the financial district? WIll they still have jobs?
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