Friday, November 21, 2008

The NYC Real Estate market is officially kaput. It has long been exempt from the nationwide downturn, from subprime, etc. Until now. Buyers are scared, banks are not lending. Layoffs from Wall Street abound. Foreign buyers have shunned the Island of Manhattan. Game over. The residential real estate market is on the brink of a severe downturn. And the bigger they are the harder they fall.