Thanks to all, even Jax, but especially Dave for all the info, I must
remember when talking to New Yorkers
in the future that when the say "apartment", they may mean "condo".


you are welcome. keep in mind, though, to a NYer an apartment can also mean a
rental unit.

Cheers
Marty

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

nearly the very same thing was said about silver as it reached $15 an ounce
back in early (mid?) 70's. Silver, I think, has climbed to about $5 now. how
long does one have to wait?

Silver went a whole lot higher than that, Jax. I should know...my father sold
off the largest collection of MC silver Morgans in history during that spike!
Paid for his 1st property in PA and then some.

RB

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

bob, the end (of every boom) is just after everyone says there is no end (of
some particular boom).

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

bob, the end (of every boom) is just after everyone says there is no end (of
some particular boom).


What boom? NY Real estate has been steadily climbing for 50 years. Short lulls
don't mean a thing.

RB

Eh Jocks, like I said, they lost because they sold em.
Thanks for confirming that.


Exactly. Everyone knew it would go nova again. At least everyone I knew or
spoke to. Unless you were forced to sell, you had to see the obvious.

RB

I haven't checked recently, but I seem to recall $15 was absolute top.

is it back to $5?

nearly the very same thing was said about silver as it reached $15 an ounce
back in early (mid?) 70's. Silver, I think, has climbed to about $5 now.
how
long does one have to wait?

Silver went a whole lot higher than that, Jax. I should know...my father sold
off the largest collection of MC silver Morgans in history during that spike!
Paid for his 1st property in PA and then some.

RB

The valuation on the property a couple of months back was $1.8million.
Of course I've improved it since purchase, possibly spent $150k


Good for you, Ozzy!

RB

Silver isn't real estate.


Oh.


RB