Now Playing: Zombie Condos in Manhattan [View article]
I would not be surprised if NYC property takes a very long time to recover to its bubble-era stratospheric values, perhaps longer than it makes sense for a middle-aged (or older) investor to buy into it today.
Here is an interesting prognostication from Martin Hutchinson, who has been right for a long time in predicting the recent events:
> Another urban legend in the making. New York City is the home of > The White Elephant. Go ahead, try the above mentioned trick of swooping > in on these White Elephants, and I'll see you in Central Park, feeding > the pigeons, while you try to figure out what happened to your money. > HINT: Look for your money in Paris, France, and in Geneva, Switzerland, > and in, yes, that's right, Dallas, Texas, USA. Watch out, that pigeon > is circling over your head.
Now Playing: Zombie Condos in Manhattan [View article]
Here is an interesting prognostication from Martin Hutchinson, who has been right for a long time in predicting the recent events:
www.prudentbear.com/in...
On Apr 17 02:46 PM WAKEUP wrote:
> Another urban legend in the making. New York City is the home of
> The White Elephant. Go ahead, try the above mentioned trick of swooping
> in on these White Elephants, and I'll see you in Central Park, feeding
> the pigeons, while you try to figure out what happened to your money.
> HINT: Look for your money in Paris, France, and in Geneva, Switzerland,
> and in, yes, that's right, Dallas, Texas, USA. Watch out, that pigeon
> is circling over your head.