Worry chills local residential market
October 07, 2008 10:30AM By Lauren Elkies, Jovana Rizzo , and Alex Ulam
From the October issue: Financial news headlines about Wall Street's meltdown are ratcheting up the fear factor for buyers and sellers, who are becoming even more cautious about plunging into the real estate market. Industry experts anticipate price drops across the board. But certain residential neighborhoods will probably be hit harder than others by the chaos on Wall Street. This month, two stories take a look at the impact Wall Street's trouble could have on Manhattan's residential market.
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Comments
Anonymous
AIG, Lehman, and Bear were behind much of that cash flow as are many investment banks, hedge funds, and securities law firms, all of which are downsizing if not going bankrupt. Don't forget about the retailer spaces. Thus, the collateral behind commercial loans is vulnerable, and I'm sure that Wall Street priced these loans as if rents always go up. My friend who works for a prominent CMBS underwriter has been complaining about default notices before this massive panick even started.
Comment #1 Posted By: Anonymous 10/07/08