Doomsday 47% Drop Envisioned for NY Real Estate
Don’t Believe the hype.
BusinessInsider is reporting on a Deutsche Bank research report which predicts a doomsday scenario for NYC home value. New York (and West Palm Beach/Miami/Ft. Lauderdale) should be preparing for a drop of up to 47% in its property value.
In fact, we think the opposite, that real estate value in the U.S. is near the bottom, and while New York City will be delayed more than others due to the wiping out of Wall Street, flowers will grow in the cracks of concrete. While we are troubled by David Paterson’s inadequate performance as Governor, Mayor Bloomberg, one of the few to get richer during the financial crisis, is as smart of a leader for NYC as we can have. What we need is a game changer, in the form of a strong Governor – Cuomo or Guilliani come to mind. Albany is a ruly place, just like New York City was before Guilliani. Of the forecast, we think that’s a severe outlook, and one we hope doesn’t come to pass before new leadership can be found in the state’s capital. Read @ BusinessInsider.com
