Manhattan Real Estate Brokers Say "Manhattan is Different" and they are right

Article Submitted by: William Li
Real Estate


but, not for the right reasons.

 

Submitted: Sep 22, 2008    Views: 103    Comments: 0    Likes: 1   


Manhattan real estate brokers have said Manhattan is different for years.  These profound folks are quick to list the reasons -  it is an island, there is foreign money coming in, the coop structure prevents overleveraged borrowing, etc.

Well, Manhattan is different.

But, it is different because it is the biggest bubble imaginable that has been led for years by people paying fortunes for dark hole-in-the-wall apartments which they overbid for with their  Wall Street bonuses.   These folks are suddenly not just out of bonuses, but also out of jobs.

Real estate in Manhattan will lose half of its value in the year.

Watch and learn.




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