When I left New York in the very early 80's you could own a house if you
simply paid the back taxes on it. On the way out through Queens, the garbage
was piled so high on one street you couldn't even get over it in 4WD. New
York is also on of the few places with a sales tax on a house. My friend
paid 3% sales tax on a house in Forest Hills. With rising interest rates and
offshoring of financial services it will be interesting to see what happens
to NY real estate. If you weigh in the costs of taxes, living, decline in
health etc, New York real estate isn't that great. My condominiums in Vail
and Aspen have done much better than NY real estate - and they are usually
rented by New Yorkers on vacation!

Gilligan.




"JAXAshby" wrote in message
...
At no time did anyone I know lose money on a NY apartment. They all
doubled
their money or much better.

My memory goes back to 1989, and I knew a whole bunch of people who lost
money
on NY apartments.