bob, you remember your father's position. the real estate professionals
remember the position of the industry in total. 1989 prices dropped in some
cases in 1990 to 50% of 1989 prices. I saw a studio in the West Village go
begging at $25,000 (yup, the price of a low end SUV today). I passed because I
didn't want to live in the West Village, not my lifestyle much of them.

It's funny, but I've heard that story before. Yet real estate indexes show
nothing in that area anywhere near that price going back as far as 1980. Jax,
if this is the case you really blew it. I owned an apartment in the west
village with 2 partners. We paid 120K in 1988. It never lost value, nor did any
other property in the area we saw. I sure wish I'd seen that apartment for
25K!!! Someone got rich!
Like I said, NY real estate has fluctuated, but ALWAYS ended WAY UP.
There's just no disputing it, Jax. A brief lull of a few years means nothing,
especially in real estate.

RB