Is New York City Real Estate In Free Fall?
Scary headline for sure, but I am taking my cues from ABC News’s Brian Ross.
Top Broker: NYC Real Estate Already in Steep Decline
“Investment Banker” Now a Dirty Word at Park Avenue Co-Op Apartments
This will be interesting to see the media elite who are concentrated in New York and have been pretty well insulated from the housing downturn to be active participants.
Of course, if they lived in flyover country they would be fine, but that is only for vacation homes.
Manhattan’s finest co-op apartments may have already lost a fourth of their value as a result of the financial crisis, and the worst is yet to come, says leading New York estate broker Kathy Sloane, of Brown Harris Stevens.
An owner of a five-million dollar Park Avenue apartment, only an average residence by investment banker standards, “may be lucky to achieve $3.5 million” a month from now, said Sloane, whose clients have included celebrities, the super-rich and prominent families including the Clintons.“If someone saw a bid between $3.8 million and $4.2 million from a qualified buyer, take that bid,” said Sloane in an interview to be broadcast on 20/20 Friday night. via ABC News
I am truly amazed at the breathlessness of the article.
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