From the September issue: August in New York City is usually a sleepy time, with offices empty by noon on Fridays and co-op boards disbanded for the summer.
Last month, however, was anything but quiet. After a bruising political battle over the debt ceiling, the U.S. saw its AAA credit rating downgraded by Standard & Poor’s for the first time in history, prompting the stock market to plummet. If that weren’t enough, the city — already bracing for the 10-year anniversary of the Sept. 11 terrorist attacks — suffered an earthquake and a hurricane. In the same week.
These events are, at a minimum, distractions from the real estate market. That was most palpably true as Hurricane Irene barreled toward New York City late last month. With the subways shut down, New Yorkers scurried to buy flashlights, and brokers canceled closings and showings [more]
