Monday, August 20, 2007

i know i shouldn't get excited about other people's misfortune, but...



...if the super high end real estate market in the greater new york city area is also beginning to tank, HALLEFUCKINGLUJAH! there is still hope!

7 comments:

The Pedant said...

It never collapses enough.

emily2 said...

i'm not talking about an outright collapse; i'm simply talking about a market correction.

emily1 said...

the credit crunch is going to make it harder to get big loans for big mortgages and that's going to depress the high-end market prices.

also, lots of ARMs are resetting this fall. i can smell blood.

emily2 said...

see, where you and i live, everything is considered "high end" even if it is a tiny shack.

an acquaintance of mine bought a $600,000 STUDIO a few months ago. that's right... a $600,000 STUDIO in manhattan. hello dumbo mortgage!

the two bedrooms in the town where i live are sitting pretty around $500k to $550k. that's dumbo mortgage territory. when people can't take out dumbos to purchase their two bedroom condos, they'll have to drop the prices. or so i hope.

emily1 said...

it's the same case here in MA. mortgages over 417,000 are commmon because housing prices are so high.

emily2 said...

we've been chattering about the impending crash for a couple of years already.

like, happen! crash! hurry up!

emily1 said...

the bubble lasted so much longer than i expected. i was certain that housing prices would be on the decline by 2005. i figured it would take about 4 years to rise to peak after greenspan cut interest rates after 9/11. i never in my wildest dreams thought the runup would last for 6 years or that prices would rise so high.

P.S. disregard my previous comment. i noticed just now that you said 'where you and i live'....