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Yes, it will crash. Water tables are rising, our infrastructure is crumbling, the next economic down cycle is coming, a terror attack is unquestionably going to happen again, and eventually everyone is going to realize "WTF was I thinking? This place is a f-ing s**t hole! I'm out of here!"
But I hope not, because the value of my place has skyrocketed over the past years! I need some SUCKER to eventually buy it.
if 2008 did not crash our market odds are thin much else will . we were on the verge of total financial collapse world wide
Sept. 11th, 2008, and Hurricane Sandy. Three major crises did not permanently damage NYC's market. Nothing save the destruction of the city is going to crash NYC's market permanently.
What do you think? Looks like there is already an oversupply and aggressive building continues. Foreign buying of NYC real estate has slowed a bit as dollar strengthened. It looks like luxury nyc real estate will take a big hit soon. I wonder if it will trickle down to the outer boroughs as theyve seen prices rise in recent months since manhattan is too expensive. I am in the market to buy but think i will hold off and see what happens.
Just do some research. What happened in the 70s, and then again in the 90s with teh savings and loans and before that in the 1920s. But you will always have those who will say "ohhh but this time is different"! Yeah just like the several other times prices were out of line with local incomes and a crash occurred. I did my first degree in Economics, and one thing you are taught is when market fundamentals are out of wack, there will ALWAYS be a correction, despite wishful thinking.
What do you think? Looks like there is already an oversupply and aggressive building continues. Foreign buying of NYC real estate has slowed a bit as dollar strengthened. It looks like luxury nyc real estate will take a big hit soon. I wonder if it will trickle down to the outer boroughs as theyve seen prices rise in recent months since manhattan is too expensive. I am in the market to buy but think i will hold off and see what happens.
I have been waiting to buy too since 2014. I believe that we are now on the other side of the peak. the size and depth of the slope are determined by a few factors. even if it does go down very much, the dip will nevertheless make it a buyer's market and give the buyers more options and power to negotiate down a transaction.
sit tight with your cash for that juicy transaction moving slowly towards you....
i thought our manhattan co-ops were in a bubble when we first bought in to the partnership back in the early 2000's . boy was i wrong . they have not stopped going up .
there is always new money dying to get invested here . i couldn't believe we sold 2 apartments in 2008 and for only 10% less then the record high . other areas were collapsing all over the country but we basically snapped right back and never really plunged .
who knows, i think there is a huge demand still for housing in NYC. my issue is every potential buyer hopes for a slight crash to get a better deal on a home. However, while you are waiting for the crash that may never come at least in your lifetime, house prices continue to rise and dream of home ownership goes out of reach.
as john templton said , the two most costliest words in the english language have always been thinking "this time is different "
trying to time something rarely works with any asset class .
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