yo-yo, people who bought apartments in NYC in 1989 had to wait until about 1997
for their apartments to again be worth what they owed the bank on it.


I'm sorry Jax, but the market was basically restored by 1993-94. Your friends
must have made some incredibly bad investments. There was essentially a 3-4
year lull and most areas didn't drop, but they didn't rise either. There are
books out on this, showing when the market began to spike again, regaining full
steam in the mid 90's. Meanwhile, anyone with brains waited out the short spell
and made a KILLING. I don't know a single person who lost out. Then again, the
people I know understood that a 10 year investment on real estate is common. In
NY you can now flip in as little as 3 years on a FMV property and see 175% to
300% above the initial investment . There are very few places on the planet
that can claim the same.

RB