If you are at all interested in New York City real estate, you should check out the New York Times' Charles Bagli's piece today on the effects of Wall Street's woes on the real estate market.The NYC real estate market is immune to a heck of a lot of things, but it certainly will not survive the current crisis on Wall Street unscathed. Mr. Bagli reports that much trouble is brewing especially with "the explosion of high-priced condominiums in neighborhoods outside Manhattan, from Bedford-Stuyvesant and Fort Greene to Williamsburg and Long Island City." [Bagli, NY Times] Mr. Bagli reports that many of these new condos may now turn into rentals, or will be sold to other developers.
Yikes, you must be sick right about now if you bought an overpriced loft in Bill Burg in the past couple of years. Although of course the Bronx will see its fair share of stalled real estate sales and rentals, we sure are lucky the real estate here was never insanely overinflated. Good luck moving those Fedders buildings Brooklyn!
*Photo courtesy of clintonhillblog.com*
~ErLu
1 comment:
The Bronx has more than it's fare share of Ugly Fedders construction too. So many of these things went up (and are still going up) all over the outer boroughs that there will be a multitude of homes sitting empty for some time due to the economic crisis and yet the waiting lists for Public housing continues to grow while people wait for 2,3 even 4 years in some cases for housing. Very sad! (I hesitate to call fedders Buildings due the the cheep and shoddy materials used to construct the majority of them. Never mind the fact that no concern was given to the damage of aesthetic value that these monstrosities have brought onto their blocks.)
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