When i said the crisis won't end until Manhattan real estate drops 40%, people think it is funny.

[touchring]

Now, i think even 40% is too little. Definitely more than 60% fall.

Prime real estate in HK fell 60% during the Asian financial crisis, and it is not even one third as serious as the current crisis.

[Chomsky]

Re: When i said the crisis won't end until Manhattan real estate drops 40%, people think it is funny

I believe it. Though the conservative nature of co-operative ownership has at least kept the worst kind of mortgages largely out of Manhattan RE, a fact that has thus far spared the area of the declines seen in other hot markets across the U.S.

[phirang]

Re: When i said the crisis won't end until Manhattan real estate drops 40%, people think it is funny

It will be the '70's all over again...

hopefully, enough chaos returns to manhattan that there'll be a nightlife again, as opposed to the yuppie retail therapy imposed on the place.

I'll be on the look out for cheap real estate near columbia...