1993 recovery for those who bought in 1987, 1994 for 1988, 1997 for 1989. Few
or no sales in 1990 or 1991.

From: (Bobsprit)
Date: 10/6/2004 8:19 AM Eastern Daylight Time
Message-id:

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