New York Real Estate Slowdown Less Likely
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Urban Digs has a great post on the reasons New York City (Manhattan) Real Estate will not be as likely to have a major slowdown as other cities such as Miami and Las Vegas are likely to have. It covers some of the more obvious point covering economic and scarcity of land, but they have a great point on the make up of property ownership and the prevalence of Co-ops.
75% of New York City is Co-op: This is a biggie when looking at home ownership in New York City. 75% of the city is made up of Co-op’s. As we all know, Co-ops as private corporations that sell stock in the company rather than real property (as Condo’s are) when a transaction takes place. We also know that Co-ops have board policies that restrict who can and cannot buy and live in the building. The reason is that the current shareholders of the company (the building itself) must protect their interests by limiting the type of person that buys into the corporation. With these restrictions in place, buyers must meet financial and personal guidelines to be approved by the board. via Urban Digs.
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Tom,
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Edward
Thanks for the clarification. Great stuff!
Tom 
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Comment by Empty Spaces on 25 February 2006:
spoken like a true real estate agent!!!
i read the post and had some problems with the reasoning.
points 1,2,& 5 are all applicable to tokyo, japan, where land is even more scarce. Japan just got out of a down cycle where prices dropped and stayed flat for 15 years. all these things could be equally applicable to NYC.
point 4 is irrelevant to the pricing of NYC.
point 3 is the only relevant point with some truth to it. I’ve heard many co-ops don’t allow mortgages on the the apartments and buyers must pay cash. however I don’t know whether the number is really 75% or not. But if the US goes into a depression which is might[seeing as we have an inverse yield & a spike in oil prices, but of which have been linked to previous recessions] the owners might suffer during this period too.