Jay Patrina

I agree with John the Bruce as I work in the financial industry and things are just getting started when it comes to layoffs and poor earnings, etc. John points this out and I wanted to add that since the stock markets are down, the dollar is down -- individual investors are not liquid b/c their savings are in stocks that are sitting at a loss right now. They are not going to sell their stocks to buy property. I have read writers on this site talk about less expensive surrounding areas like W.NY, Hoboken, Brooklyn, JC, etc. Yes these places are less expensive however if people are not liquid for a downpayment and they are worried about their jobs -- they aren't going to buy anywhere. I agree with another member that NYC is insulated from the problems faced with other markets -- however it is definitely not insulated from the drop in the stock market, etc. If anything -- this market is MOST affected. - Sun Apr 13 2008, 07:17

I am somewhat familiar with Hoboken as I used to live there -- What I would like to comment on is the economics of what is going on. Most of the upper middle class population in the NYC area are investment professionals and when you own stocks and other investment vehicles that are down -- you are not liquid nor do you want to sell at a huge loss so you hold for long term gains. Unfortunately when the markets (stock, etc) are down people do not have the cash for a down payment. I think the decrease in sales over the past few months shows that buyers and sellers are at a standoff. Sellers don't want to drop their prices too quickly so they are gradually lowering their price and buyers will eventually buy once they see prices at a certain level b/c they will sell some stocks at a loss for cash down payment -- b/c the future gain on their real estate purchase will make up for the stock loss. Simple economics going on.

I have been fortunate enough to live in some other nice neighborhoods outside of Manhattan - other than Hoboken and most of these neighborhoods are in this "niche" that a few writers are writing about. They have a nice urban feel without the hustle and bustle of Manhattan and are great places to have the best of both worlds. And all of these neighborhoods are not immune to the economics right now. NYC area has its own economic situation going on and all areas in NYC and right outside it are feeling it. No gloom or doom - just reality. I enjoyed my time in Hoboken and like the town a lot but it's not immune to the conditions, unfortunately. - Wed Apr 9 2008, 10:21