Wednesday, October 19, 2011

History Repeats Itself...

The Appraisal

In an Earlier Time of Boom and Bust, Rentals Also Gained Favor

During the boom years in Manhattan real estate, credit was easy, speculators developed building after building to meet rising demand for apartments, and values kept climbing, fed by a flurry of resales. But then Wall Street plummeted and the housing market followed suit, as values deflated and apartment sales came to a standstill.       
“Many people had expected cooperatives to be affected by the recent slump in Wall Street, as indicated by the number of calls from bargain hunters looking for so-called distress sales,” an industry analyst at the time said. “We found that less than half a dozen apartments were offered for resale as a result of the market break.”
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