Re:New York’s Wealthiest Cut Losses as Manhattan Real Estate...
by refurb on Thursday November 29, 2018 @05:50PM
(#18564910)
Well at least in SF, the population was decreasing as people fled the city. It didn’t start going back up until the 1980’s.
And in addition, SF home prices dropped ~30% only 10 years ago during the financial crisis.
The truth is that real estate in the big urban centers will likely always be more expensive than the average American home, but there is no reason why NYC and SF couldn’t see a big reset with people losing a ton of money.
If SF real estate drops 20% and you bought a home for $2M, that’s a major loss.
And in addition, SF home prices dropped ~30% only 10 years ago during the financial crisis.
The truth is that real estate in the big urban centers will likely always be more expensive than the average American home, but there is no reason why NYC and SF couldn’t see a big reset with people losing a ton of money.
If SF real estate drops 20% and you bought a home for $2M, that’s a major loss.