Friday, April 25, 2008

Sign of the Times

On the streets of New York City all you hear are accents and French. And it's not the foreigners who live here. They're tourists taking advantage of the depressed dollar. And they're buying up real estate.

In my opinion, the reason the Manhattan real estate market has yet to be hit by the slump affecting the rest of the country is because...foreigners are buying condos. With a dollar so depressed, New York City is a cheap urban Puerto Vallarta!

And yet--more commercial spaces are closed, closing, and more importantly STAYING CLOSED.

On my street in the east village-- prime commercial space can't find a renter.

Turnover is normal, but staying closed for months at a time? Unusual.

So all those europeans coming over for the weekend to enjoy their pied-a-terres will soon have nowhere to shop. With a massive glut of new developments, and local businesses unable to stay open, I predict that the NYC housing market will soon take a big hit.

Am I the only one who thinks it's about time?


Benjamin said...

uh I would think it's about time, why do you think I live waay the f-up in Washington heights? Even the building I live in (not the greatest by any means) has 3-4 units vacant- and a closed deli below. Nobody really doesn't have the $$ to buy so we are stuck renting, and businesses that can't draw in customers (in our case-local tenants) suffer greatly. Sad to see.

Sancho said...

I think it would be fabulous (for some of us) if New York started to move in the same direction as the rest of the market finally.

I'm currently trying to relocate to NYC and the prices are just ridiculous, especially when compared to the rest of the country! Keeping my fingers crossed over here that things start to finally change...