Hindsight is not always 20/20………. and it’s amazing how quickly things turn. For better or worse.
It has been 2 years since the sub prime mortgage industry credit crunch rippled through the globe.
It has been 18 months since the collapse of Bear Stearns.
It has been a year since the fall of Lehman Brothers.
The Manhattan residential market has lost almost 50% value in some sectors since its peak in 2007. A drop that came quicker and more dramatically than ever before. Yes, even more than Black Monday 1987.
Crains’ Amanda Fung covered a story yesterday about the recent activity over the summer. My opinion is that the value of the market has levelled off, and once banks start lending again (hopefully soon), the velocity of deals will pick up.
Next year this time, there will be a number of people who will be saying “I could have…………. I would have……….I should have!”