The Manhattan Real Estate Dam Is About To Burst
We wanted to highlight some of the excellent comments from our ongoing discussion about the future of Manhattan real estate, an issue that really affects the whole country given how much wealth is tied up here.
Vlad The Inhaler says:
The refusal of owners to face reality is amazing, but eventually the weakest hands will have to cave and sell. Once those price points are out in the market, the floodgates should open.
It's the same in the Hamptons. A broker friend out there says that owners are refusing to budge on their ask price even with no bids at all. The only bids are bottom feeder bids (e.g., an investor bidding $1MM for a house that sold for $3.5MM a few years ago). At some point, between Wall Street, the market and Madoff, there are going to be desperate owners and that dam will break too.
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