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Manhattan Real Estate Brokers Say "Manhattan is Different" and they are right

Manhattan Real Estate Brokers Say "Manhattan is Different" and they are right

Author: Ari Socolow on September 23, 2008 - modified on October 6, 2018

but, not for the right reasons.

Manhattan real estate brokers have said Manhattan is different for years. These profound folks are quick to list the reasons - it is an island, there is foreign money coming in, the coop structure prevents overleveraged borrowing, etc.

Well, Manhattan is different.

But, it is different because it is the biggest bubble imaginable that has been led for years by people paying fortunes for dark hole-in-the-wall apartments which they overbid for with their Wall Street bonuses. These folks are suddenly not just out of bonuses, but also out of jobs.

Real estate in Manhattan will lose half of its value in the year.

Watch and learn.

Ari Socolow: Ari Socolow is the Chief Economist and Editor-in-Chief at BestCashCow. He is particularly interested in issues relating to bank transparency and the climate crisis. Since co-founding BestCashCow in 2005, Ari has been frequently cited in the media as an expert on local and national savings accounts, CD products, mortgage and loan products and credit card rewards products.