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APVGUY....I had to laugh when you asked me "when have I heard of prices going down in Manhattan." I am not sure if I am dealing with a 15 year old kid, a HS dropout, or just a random person that regurgitates everything they read and hear on the news. The only people who say "when have you heard of prices going down in Manhattan" are all the Best Buy Salesman turned realtors who have flooded the business in the past 6 years who know nothing about Manhattan, real estate, or basic economics. You will find these same people also claiming "They are not building anymore land so real estate MUST go up." I love it!
Which leads me to wonder which one of these types is APVGUY...his posts are entertaining though...he says things with such conviction as if they are actually true!
instead of posting this type of BS how about answering the question?
can you?
when have prices for residential real estate in manhattan been weak?
your limited experiences hinder your ability to converse intelligently.
have you ever spent any time outside of NYC? the bronx?
Lol...I did not specifically address the question because anyone with any knowledge about Manhattan Real Estate is painfully aware that in the early 90s people were losing their shirts, especially on co-ops. Furthermore, througout much of the mid 70s RE across the city, including Manhattan was declining as well (the 2 most recent downturns)...dude before you ask these types of questions just google the info so you don't look silly.
Your assumption of my limited experiences is again laughable...you were asking about "when have you ever heard of Manhattan prices declining"....I mean come on. A person with BASIC common sense would not ask such a silly question...Best Buy wants you back...lol.
Lol...I did not specifically address the question because anyone with any knowledge about Manhattan Real Estate is painfully aware that in the early 90s people were losing their shirts, especially on co-ops. Furthermore, througout much of the mid 70s RE across the city, including Manhattan was declining as well (the 2 most recent downturns)...dude before you ask these types of questions just google the info so you don't look silly.
Your assumption of my limited experiences is again laughable...you were asking about "when have you ever heard of Manhattan prices declining"....I mean come on. A person with BASIC common sense would not ask such a silly question...Best Buy wants you back...lol.
Actually he was right about Manhattan RE being down in the 80's - early 90's. And why are you so condescending? No need for that. Your coming off like a troll.
Yeah NooYowkur...I am not quite clear on his deal...I provide facts and it is dismissed and simply "living in la la land". This guy has not idea about real estate, or even the city...his posts in other threads are just as ludicrous...I smell a troll also...hmm...
JRock...predicting that we are experiencing the beginning of a real economic slow down in the US is hardly going out on a limb...it is all over the news and according to the "experts" is already happening....you were being sarcastic right? Furthermore an economic slowdown typically sees higher unemployment, and sometimes higher crime....which of course...should not surprise you or anyone.
As for the "bargain hunting gentrifying types" ( which everyone else calls long-term investors, visionaries, entreprenuers, as well as families seeking affordable housing, people priced out of other neighborhoods, among others), they knew going in that is was going to be a 'real bumpy ride' from the getgo...so that is no surprise there.
The fact that you proclaim that Manhattan and even more ludicrous parts of Brooklyn, Queens, and the Bronx will ALWAYS be a safe investment is laughable at best. That has NEVER been the case, even as recently as the early 90's...but somehow in your crystal ball you can say with 100% confidence that those markets will ALWAYS be a safe investment as far as real estate is said ONLY be realtors..and judging by your post...you would make an excellent addition!
I misused the term investment. What I mean is if you buy property to live in. If you overpay on a house in Fieldston your not going to have to worry about a return to the bad old days. Property value sinks but the neighborhood is still immaculate.
If you overpay for a house in Kingsbridge, Bed Stuy, Mott Haven or any other neighborhood in that price range, it will be different. If things return to the bad old days get ready for people to steal the gutters off your house and the TV out of living room.
Yes weakness of the dollar vs the Euro (for ex) has been making high end NY real estate very attrative to foreign buyers/investors, which has FURTHER supported increasing prices in NYC, and has had a trickly down effect in the less desireable areas in Manhattan as well as the outerboroughs as those prices out from the ever growing Manhattan GLOBAL real estate market must now choose outlying areas.
Of course that point is not addressed in the article..the article simply says the dollar has decreased in value versus gold..therefore the Manhattan market is severely overvalued and will see a 90% decline. Hogwash!
Wait didn't you just disagree when i said certain neighborhoods in outer boroughs were safe investments (to live in, not to flip)? I guess you'll say anything to hype up your beloved Mott Haven.
I have never indicated any neighborhood or any investment, real estate or otherwise, is "safe." Please reread my article, line by line if need be, as it clearly states that prices continue to climb in Manhattan, and it HAS HAD a trickle down effect on less desireable areas of Manhattan as well as the outerboroughs. I never mentioned Mott Haven either, however the trickle down effect HAS happened there as well.
Regarding your "if you overpay in Fieldston you don't have to worry about a return to the old days. Property values sink but the area is still immacualte." So basically your assertion is who cares if you pay a cool $2 million for a 4 bedroom house in Fieldston, because even if property values "sink", and you lose $500,000 or more...who cares...no worries! The area is still immaculate! Are you kidding?
I hope you are not a money manager.
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