Reply to Is there going to be panic selling?

Forum Index » Real Estate

Reply to "Is there going to be panic selling?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]Lets use NYC Stock Market Crash of 1987 as an example.

NYC was heavily dependent on Wall Street which had bulk of High Paying jobs.

Black Monday in October 1987 caused a massive amount of layoffs in a single sector over a few months. I worked in NYC at that time at my first job and my broker dealer of 18,000 fired 6,000 people by xmas.

Yet Park Avenue, Gramercy Park town homes and luxury condos, Greenwich CT, Manhasset NY and rich Westchester neighborhoods no panic selling at all.

What was being panic selling vacation homes in Hampton Bays, Poconos, Coops in Queens, dumpy investment properties. People are not selling their Townhome on Park Avenue or their water front home in Southampton they dump the crap.

I know I went house hunting then for a bargain and all I got was a one bedroom coop in Queens NY with no parking spot. No one was dumping their condo in SoHo, I know I tried.

That said, Dewey Beach, Ocean City, who knows if Feds will dump their rental properties or junky older condos. For sure they are not dumping their four bedroom house walking distance to Metro in Bethesda.

I have a nice house in DC myself. I live in with my family and an older dated two bedroom condo I rent out. Which would you sell if you had too?              [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics