Here is my latest handiwork for the Huffington Post.
Manhattan Real Estate More Mental Than Rental
>Although the Manhattan real estate sales market has long been a full-blown spectator bloodsport worthy of an X-Games-like nightly television special, the rental market has patiently remained in the background, a cerebral cousin who stays home and plays it safe.
As an added bonus, my link was placed on the home page just under the Madoff headline. Fun!
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Good article Jonathan.
Timely, cogent and free of NAR and NAHB spin blaming the real estate market on appraisers. Yeah! Who did they blame before appraisers became as ubiquitous as fireplugs? Anybody remember?
Although, once again, I deal with data in teacup quantities, I found the same dynamic here in the backwaters. Unemployment is THE culprit. Of course “sophisticated banking” played a role as well, but unemployment is IT. Sales and rentals suffer and the rental is the quickest to respond. We also are experiencing economic obsolescence much to the builder’s dismay. Of course that is dealt with through the usual denial mechanisms. What do you mean COST does not equal market value, when I have had several appraisers tell me it does?
Here it isn’t a glut of foreclosures cum rentals cum sales since it is unheard of to buy an apartment here and there are very few condos. Here it is move back in with Mom and Dad and wait it out. We are a family town you see.
Hammer the unemployment. I have no idea why the industry and the country can’t understand what it has fallen victim to. How can you hope to measure economic health through consumer confidence when jobs are being exported or taking on the look of being a Wal-mart associate? The job market has been torn asunder and that correlates between a lot of locales Eddie G.
if its not too late…there’s a type in the top: “Although the Manhattan the real estate sales…”
All fixed – funny how you can read something 50 times and not see it. 😉 Thanks!