Please Geopolitics and Economy section vs monkey around which is for semi pointless posts. Thanks
http://www.msnbc.msn.com/id/42193084/ns/business-…
So I've tried to go ahead and bring this topic up before but : what does everyone think of real estate prices, esp in the NYC area? I think NYC is still hovering around 06-05 AT BEST pricing with 3x multiples on various areas in Manhattan and Brooklyn (100k bk heights 1 bed is 300k now etc) 01 02 prices. are these the new new or are we awaiting a very sticky, government supported death/slide that is taking forever? Tons of inventory, rates going up = prices going down? , or are these what we should get used to? Is NYC a super anomaly or are people just refusing to lower their prices?
Good news. A couple more years of declines and maybe an average wage will almost be able to purchase an average house.
Personally I think it's inevitable that real estate prices go back down to their pre 05 06 levels. Look at how real estate prices have almost doubled or in some cases tripled from 2001. Yet incomes or wages have not done the same making such a rally unsustainable.
For a precedent I always consult another developed country that saw its asset and housing prices rise and crash
http://www.generationaldynamics.com/cgi-bin/D.PL?xct=gd.e070220
I'm saving money for a down payment. So fine by me if this plays out over the next year or two.
no i agree, i figure if i go out for my MBA and then bounce out itll let the RE situation and my portfolio have a nice tightening together :D
ill argue against the idea that 'stocks have to come down if re prices do' because theyre totally different asset classes. makes sense for keeping US wealth at a certain level but a- people are going to be more reluctant to spend as much on anything i think esp over the next few years as recovery is in play, b- rates going up as i said.. and just overall i feel the gap needs to tighten.. dont think the manhattan metro area is that impervious to stay at such a huge multiple.
PS the fact that noone has any commentary on this topic astounds me to pieces ;[
People probably thought it was a high schooler asking about where he should go for beach week due to the title.
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