steve from chicago

Prepare for Shock and Awe in the New York City Real Estate Market

Things are never as good or as bad as they appear. New York financial firms were there for the good times and will reinvent themselves in the bad times. There is too much money sitting on the sidelines for things to drop 75% and the reality is that great real estate is going to retain it's value. Upper East Side and Upper West Side values should remain within 20% of their highs or close. Now would anyone want to own anything in Detroit or Toldedo? But who wanted it during the upswing. Yes weak brokers will switch jobs but the weak switched in 1999 as well. Is there a piece of real estate anywhere except perhaps downtown Tokyo that isn't worth more today after the bubble burst than it was worth 25 years ago?