Forbes isn’t buying real estate here, betcha

According to this article in Forbes, “experts” predict a further 25% drop in prices for NYC area real estate. I believe that includes the stretch from northern New Jersey to Bridgeport, so obviously, your results may vary, but that’s good news for renters who want to become buyers. Not so good for any of us who’d like to be sellers. The problem with a report like this is that, even if the prediction is wrong, what buyer, reading it, is going to rush out and buy a house at today’s price? I don’t think I would.

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One response to “Forbes isn’t buying real estate here, betcha

  1. anonymous

    Upscale parts of NYC region and SF/LA were late to the depreciation and distress sale party…the fun is only starting

    The “rich” can keep up appearances longer than the less sophisticated masses…but basic laws of physics and economics still apply

    And upscale areas of Manhattan (esp condos like TW and 15 CPW, etc) run into risks of being discretionary 3rd or 4th homes for (formerly) wealthy people from NYC suburbs, CA, etc etc….no one “needs” to own a non-primary home, let alone a costly, rarely-used, depreciating non-primary home…