While US real estate markets might seem like a bargain, the relative reversal of conditions from just last year is startling.
While some foreign buying would still linger, it will not have any "investment" perspectives as in the past. And Hoboken being a beneficiary of any such spillover - is frankly a joke!
The euro and pound are crashing as deleveraging in the markets corrects the manias of the bubble. Furthermore, Europeans - just as in NY - are just beginning to feel the brunt of their own real estate pricing shocks.
That combination freezes investment flow EVERYWHERE. The only way out for us is a "domestic" correction whereby PRICES have to go back to TREND. As far as this town is concerned, we are a long way from home.
With all the good news I bear, let me add the wealth in stock investment portfolios that has been eradicated this year - especially this week. Even if you could afford to, are you about to buy a condo? If you are, you are one of those historians believing in a repeat of previous cycles - and you will be broke (to put it politely)!
This is a depression of MODERN proportions. So don't be a fool!
This post is directed at a RE broker friend who pondered a hidden solace for Hoboken's dilemma. It is a stretch at minimum, and a dream in REality.
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