If the Sky Doesnt Fall?

It would just seem unbelievable that the entire country is in a freefall and Manhattan stays the same or goes up. I believe that's the reason people are on the sidelines. Maybe prices won't fall and the only thing that has been lost is time.

If prices dont fall and Wall Street starts to rebound, with all those who havent bought in 2.5 years on the sidelines, do you not see a lift in sales prices or significant increase in sales volume.

Dont you think that people will say to themselves "holy crap we just went through the biggest financial crisis in my lifetime and Manhattan prices barely moved, I better buy now?"

No because most people believe prices will drop it just depends on how far they drop. It really depends if you need to buy now rather than waiting.

There is another issue - even if the credit crunch does ease off - the banks have pulled back on their lending - so some first time buyers who might want in might have problems getting large mortgages.

Even if prices stabilize, inflation will slowly correct housing prices. It is interesting that a bust is defined by a decrease in 15% over 5 years.

http://www.fdic.gov/bank/analytical/fyi/2005/021005fyi.html

What goes up must come up just doesn't sound right.

its funny how NONE of the naysayers have any thought into this. They are soo convinced that RE is going to crash that they havent even considered if it doesnt.

Successful people in life have a plan for multiple outcomes. They are prepared for varying situations. Those who only think one way like everybody else are doomed unless the outcome is the only one they are thinking.

The mentality is that "things can only go down" and people like Steve have put no thought or preparation in "what if things dont go down"

Being a bull in RE i have put thought in what I would do in both situations. How about you guys?

If you have been on the sidelines for 2.5 years, or even 1.5 I think there's a long way down just to get even....

Where I want to live the prices have still gone up significantly in my range for the past year.

THE CRASH will have to be quite significant for me to get back to even.

But, that said, while I don't totally agree a crash is in store - I can see prices leveling out, not increasing as much and an opportunity to be patient - look at a lot of properties and pounce once you do find the perfect deal in the perfect area for YOU.....

I also think every area of the city is different - Can you find a bargain in Harlem or Queens or Brooklyn??? Maybe - Will the fall be greater in those areas - I think so...

I just don't see it in Gramercy.

Reaper - if we get through 2008 and Wall Street stabilizes, starts to hire again, lending starts to open up a bit, do you think that all those people on the sidelines would jump in?

I think that if the above happens there very well could be a period of significantly increased buying activity that could push up prices in Manhattan by 15% year to year. Look for mid to late 2009 buying rush and lift in sales prices.

Nonsense. New york always lags in recessions and downward movements in RE. Where are the new buyers going to come from? Financial Layoffs, Hedge Funds not hitting their bogeys, NYC crime slowly creeping upward, NYC services slowly being cut, slowdowns in foreign economies,etc. Where will the new money come from????

Even if Wall Street stabilizes in 08, I suspect the bonus season will stink. Earliest bounce in Wall Street is prob 2009 bonuses. So there is prob a 1.5 year window until beginning of 2010 to see how the real estate market will pan out.

See NO ONE has thoughts on what if the crash doesnt happen! All the comments above are "its got to happen"

Where could the money come from? Hmmm possibilities? India, Russia, Chinese, there is a whole new crop of dot com companies out there being bought up left and right creating new millionaires many times over, healthcare and biotech executives, alternative energy entrepeneuars, old money seeing an opportuntity to buy up real estate with less competition, etc.

Dont you think that EVERY Wall Street bank has some of their best and brightest trying to think up new forms of exotic loans to replace the ones that are tanking? Dont you think the banks realize that they need to find new ways for people to finance homes?

If the biggest problem in our society today is that there is no good way to for people to finance homes - dont you think that there are industrious people activiely working on Solving that problem?

Does ANYONE have any thoughts on what if the crash doesnt happen?

careful petrfitz, all of this logic and common sense may send the bears into a overwhelming frenzy. What do you mean a crash won't happen? How could that be?

You people do realize that prices have already come down, but the reason you don't see those declines is because the median price is being skewed upward by the high end, right? In fact, accoridng to the Real Deal, 54% of all Manhattan listings had at least one price reduction.

I am not saying that there is going to be a crash, but you need to consdier the factors: Wall St. layoffs, inventory is up yerar-over-year, sales are down by 30%, and lending standards have tighetened. And interest rates are now on the rise.

"Does ANYONE have any thoughts on what if the crash doesnt happen?"

What most of you fail to realize is that Manhattan prices can come down WITHOUT there being a crash. I do not expect a crash. I expect a fender bender.

Why on earth would Wall St. start to hire again anytime soon, when they are still not done laying off people, they are still writing down billions of daollars in losses, and now the Feds are breking down the doors and arresting people.

You guys must be living in a cocoon. I visited Manhattan last week to look at buying a condo. There were supposedly no deals to be had on new construction when I talked to the REA on the phone before flying out. Guess what? The very first sales office I visited the salesperson offers me a $74k discount if I close within 60 days. Out of the 5 new developments I visited 4 of them offered discounts ranging from 5-12%. Maybe the professional know a bit more than the eternal optimists on this board.

That has made me look at renting. Makes more sense as it looks like the Manhattan market maybe in the early phase of a decline and with no increase in prices to offset ownership costs for some years to come. And I am not a "loser renter" as I already own a home that is better than 99.9 % of the properties in Manhattan.

Surdy - the "discounts" you were offered were discounts of what? If I put a unit on the market based on a 50% year on year increase in value and give you a "discount" of 5% I am still making a fortune.

I think that you were getting the old car sales trick - "let me go talk to my manager" bit.

And I think that you are mistaking a bigger or larger home in another place for being better than Manhattan. Its being in Manhattan that makes the place better. Stay in your suburbia and continue to enjoy your dinners out at Olive Garden.

2 comments so far on this thread

1. I see on urban digs that inventory is down from what it was 30 days ago

2. I would not be surprised if all the banks are currently over providing on "bad" loans etc as the market is going to hammer them anyway.Then when the market "recovers" and the loans are not as bad, then profits are up,share price is up and bonuses are up - happy days !

Surdy - also in NY you are not considered a Real Estate Professional if you are buying a condo. Own a few buildings then you might be considered a small player. Dont take any wooden nickels - small time.

Manhattan real estate will not crash....but a correction..what's wrong with that. It will open the market to a new pool of buyers (with good credit)

"Does ANYONE have any thoughts on what if the crash doesnt happen?"

1. The rich get richer.
2. I'll buy if the right property comes along. Time horizon for holding is prob in decades.

petrfitz,

you are right. No one here will admit to opportunity cost in not buying now, if they full well have the intent to buy within the next 24 months anyway. I don't comprehend those on the sideline hoping for a 5-10% 'correction', when the upside can easily surpass the 10% and there will be no looking back. Then what, continue to rent, and wait for that that new 'bubble' to correct?

Again, this is not a buy versus rent long term debate, but what if prices do continue to creep up??

Hmm not one post from Steve. He must have read this thread and his head exploded. What? No crash? Huh? Inputed Rent! 40 X's earnings!

"What happens to the NYC RE market is the sky doesnt fall?"

They'll have to rewrite every economics textbook ever written, and withdraw a few Nobel prizes.

Hah! Steve!

You are now comparing yourself to a Nobel Laureat!

Hee hee hee

I'm choking on my hairball or petrfitz's vulgarity ...

petrifitz - you have some good opinions and valuable advice, but why be so outwardly arrogant at the same time?

mattthecat - this board is over run by naysayers who shout down and flame anyone who has a positive view on RE. I am only trying to elbow an opposing view through the bullying naysayers.

"And I am not a "loser renter" as I already own a home that is better than 99.9 % of the properties in Manhattan."

Where would that be surdy? You may not be a "loser renter" but you could be a lot worse, a suburban McMansion owner. You know, that is the lowest form of shelter, right below the drunk living in an old refrigerator box. Do you live in a McMansion?

Juiceman - be nice. I am sure that Surdy's Ranchburger is tastefully furnished with Pier 1's finest.

Ever think that those who might have a negative view on RE might be onto something? Some of you have your heads so far in the sand. Did you guys get your playbook from the American auto industry circa 1980?

petrfitz

Comprehension might not be one of your strong points. REA- Real Estate Agents at onsite sales office is whom I was referencing as"professionals". Not you or me.

Obviously, you are more familiar with Olive Garden as to reference that in your post. I have been to Olive Garden once and that was about 15 years ago. And I had no choice.

And I don't live in the suburbia. I live in the middle of the city in one of the most expensive zip codes in US. All I can say is that I am glad I don't shop in the sorry mess that you call "grocery stores" in NYC.

And there is nothing wrong with not jumping on the buy bandwagon in a declining market. I am not going to get priced out if real estate prices go up by 10%. At least I will have peace of mind that I am not buying when there is a good possibility that they might decline.That is solely my decision, so if turns out I am wrong I don't mind paying the 10% increase to buy at a latter date.

And on price discounts- they were off comparable units that the developer had sold earlier and were not off resales.

TheFed - which are you?

"Running with the Herd"

or

"a Contrarian?"

surdy- "The very first sales office I visited the salesperson offers me a $74k discount if I close within 60 days. Out of the 5 new developments I visited 4 of them offered discounts ranging from 5-12%". surdy

This is exactly how I said the new construction price's would begin to fall . New developers collectively held inventory artificially low over the last few years and refused to negotiate on prices. (also done collectively). And this worked because of Zero credit standards and a "booming" economy (that we now know was based on BS and lies). Now these developers are beginning to crack and cutting side deals with buyers. It's just the beginning. They will start to publicly lower price once they realize that their "agreements" are over. The competition for buyers and an awful economy has caused each developer to worry about their own interest. I know people are saying they don't expect a crash, however what is considered a crash. I expect 20-30 decrease in NYC and popular borough areas. The borough's will see a 5-10% larger decrease depending on the % in Manhattan. If you consider that a crash, then I guess crash it is.

Don't all McMansions come with naugahyde barcaloungers?

Guffaw! Belly laugh! Funniest thing I have heard all day

"REA- Real Estate Agents at onsite sales office is whom I was referencing as"professionals"."

On site sales people are not real estate agents. They are the ones who couldnt get a RE license. They are basically receptionists.

Man you really shouldnt be buying or moving to NY. You will get eaten on your first day.

Also Surdy - I have my housekeeper shop for me at Whole Foods flagship store or I get my vegetables delivered weekly from a local organic farmer through our CSA.

Haven't been around in a couple days: time to check in on Steve to make sure he's taking his meds.
So, stevejhx: "'What happens to the NYC RE market is the sky doesnt fall?'
They'll have to rewrite every economics textbook ever written, and withdraw a few Nobel prizes."

And so we should be reminded, Paul Samuelson (Nobel Prize winner in Economics in 1970, 2nd year of the award) said, "The stock market has predicted nine out of the last five recessions."

Its funny, all this talk by Steve about economics as the governing rule vs. market forces and buyer and seller activity. Anyone ever work near the New York Stock Exchange, or any of the other exchanges, and see traders going in and out carrying their economics textbook as the guide for what to do that day?

"I live in the middle of the city in one of the most expensive zip codes in US."

sweet! Which one, 48204 or 90220?

Wow - it's clear that the RE market is going to climb - the number of bulls on this board have jumped ....to 4! Just kidding - I honestly have no idea what's up with this market. I'm all about finding an apartment that I can buy within my means and living in it for 10 years. If I find it now - great. If I find it next year great.

Surdy, you say aren't afraid to wait and buy 10% higher than now.

But what is the reasonably expected downward range on real estate prices in Manhattan for the expensive type of property you are seeking? Greater than 10%? Because if less than 10%, then the 10% you are willing to forego if prices go up should be the same 10% you should be willing to forego if you buy now and prices decline 10%.

Of course, if you think prices will decline more than 10%, this logic doesn't hold, but do you really think that there is a good probability of more than a 10% decline?

"Hah! Steve! You are now comparing yourself to a Nobel Laureat!"

Laureate, but I'm not.

"The stock market has predicted nine out of the last five recessions."

What does that mean in this context.

"Anyone ever work near the New York Stock Exchange, or any of the other exchanges, and see traders going in and out carrying their economics textbook as the guide for what to do that day?"

Uhm, yes.

Werain

That's your logic. Doesn't work for me. Just two seperate ways of thinking. Makes sense only if you give it better than a 505 chance that prices will go up.

JM- Wrong. The zip starts with 926. And it is priced higher than Manhattan and I don't have to live in a closet.

Per: It's laughable that you call the Whole Foods (at Columbus Circle) as a flagship store and are proud of it.I hope you know most Whole Foods stores are better and generally way cheaper than the two in Manhattan. Also I don't think Prudential Elliman Sales agents would be too happy to be called receptionists.I wonder what the hell does Elliman need all those receptionists for? Sic. Just shows how much you are into yourself and out of touch with reality.

2 Whole Foods in Manhattan? man you are incredibly misinformed. And you think Elliman Sales Agents are tops? They are the fast food of NYC brokers.

Also Southern Cali/Orange County is not higher per sq ft than Manhattan.

Per: Khar, Nariman Point, Pali Hill in Mumbai is priced higher than Manhattan per sq ft. So what?

New York state is not priced higher than California per sq ft. So what?

what happens if manhattan RE doesnt fall?
nothing. nothing happens. it just goes sideways for the next decade till inflation catches up with intrinsic value

what happens if prices dont fall, OR go sideways?
well, then, ofcourse prices will go up, defying all known laws of economics and common sense - but ofcourse, that can happen because manhattan is so unique

"The zip starts with 926. And it is priced higher than Manhattan and I don't have to live in a closet."

Yeah, but you have to live in California. I would rather live in my own ass than live in California.

JM

Which you probably are doing right now!

Lucky You!

wow, you may be right. I have a really nice ass.

Note to self: Do NOT drink any beverage while reading posts by JuiceMan. Just finished cleaning up after the 'McMansion' gem, only to spray yet another mouthful of coffee all over self and keyboard while reading the 'ass' quip...

My question is that what if you become bankrupt and poor, perfitz? Will your ex-model/actress teenage wife stick with you? Have you thought about that before? Just wondering what you gotta offer besides your wealth to a "supposedly" vibrant young woman who's got the looks, career and wealth and giving it all up so she can be a breeding machine to a man almost twice her age.

That's as much possible as the market not crashing, so I do agree there's that chance the Manhattan sky will not fall.

LOL...good stuff.. I'm a perfitz fan.

If I had to choose right now from reading these boards for 2 months which poster to team up with to make money in Real Estate it would have ot be this guy... Not even sure who's #2...

Maybe we could even swap wives for a bit?

Shouldn't petrfitz be at either a tanning salon appointment or getting his leased Lexus detailed?

EXACTLY Jerskstore...

Shouldnt WE ALL be getting our Lexi detailed?

JM
Not interested in how nice an ass you have! But can you fit a California King in there?

Also wanted to know - while living in your ass

a) Does your head stick out of your ass?
b) Or do you have your head up your ass?
c) Or BOTH

I have a driver and ride in a Prius. He details it for me. No tanning beds needed I have a beach house and use SPF 30.

Cleanslate - thanks for wishing for the worst. We met when I had nothing. I treat her well and am a great father. I am extremely well diversified - real estate in 3 states, bonds, muni's, stock - small, mid, large cap, US and international, art, antiques, and cash. Trust for my child that I cant touch nor can anyone going after me. If i go down so is everyone and everything else.

Of course I have thought about that and am prepared for lack of wealth but my wife will always be there as will I for her.

I know it's totally unrelated to this thread but there are just so many words for twit, I had to share:

hňup
fjols
sufferd
idioot
أحْمَق، غَبي
nuija
crétin,
der Idiot
κουτορνίθι
őrült
fábjáni
orang tolol
cretino
ばか者
muļķis
kvaišelis
tosk
idiota
cretino
palerma
傻子
cretin
олух
hlupák
kreten
tonto
멍청이
dumskalle
Ahmak
twit

guys, guys, I have another hypothetical question:

What if the dollar rises? I mean - what if the dollar goes up to 2 EUros to a dollar? I mean, all the real estate bulls have been touting foreigners as saviors of the market - if the dollar goes up to 2 euros, will that mean the real estate will crash to a point I can trade in my bicycle for a 3-bedroom condo facing central park?

"What if the dollar rises? I mean - what if the dollar goes up to 2 EUros to a dollar?"

And what if a meteor crashes into the middle of Central Park or the Hudson and East Rivers overflow, flooding all of Manhattan? Because all 3 of these have the same chances of occuring within the next 10 years.

Is it just me, or does everything petrfitz say sound like complete garbage?

With that out of the way, let me intoroduce myself to everyone: I am a wealthy Wall St. broker and I own a 4 bedroom corner apartment at the Plaza. I make so much money, I use $50 bills as toilet papaer. I used to use $100 bills, but bonuses are down and I had to cut back.

But alpine292 - how hot of a piece of a*s is your wife (or boyfriend or whoever)?

Seriously though, why is there an assumption that if real estate does not go down in 6-12 months that we are then in the clear. I seam to remember that the Japanese were in the deep end for about a decade. Why is the assumption that if Manhattan doesn't descend in to some sort of post-apocalyptic wasteland in the next 18 months that every thing will be peachy. What about a scenario in which a lot of sellers cant sell for a profit, but most buyers can't buy at the sellers price...so nothing happens. For years. Except a lot of Brokers go hungry...maybe that is what some posters are really worried about.

I second that - I know alpine292 because he helped me with the transaction when I was buying my first billion-dollar business which I subsequently gifted to my super-model girlfriend on her 19th birthday.

surdy, I'm not sure why you have a fascination with my ass (must be a California thing) but I'm pretty sure my head is not anywhere near my ass. However, I would love to hear more about your McMansion in Irvine. Do you have a four car garage, solar panels, and a garden for avocado and sprouts?

"It's a scientific fact that if you stay in California you lose one point of your IQ every year” - Truman Capote

You're welcome, petrfitz. Don't mention it. ;)

So let me just get your love story straight. A very young, talented, beautiful heiress who's set for life with a trust fund and a promising career in theater and modelling fell hard for a struggling common man twice her age (pompous as he may be) and gave up everything for him. I seriously doubt she was floored by your charms, humor, sweet nature or humility for that matter, so how did you manage to dupe her? :)

Your story sounds like a fairy tale along the lines of "Beauty and the Beast" but being told by a character straight out of "The 40-Year Old Virgin". It's definitely highly entertaining. And everybody seems to be in on the joke which makes it quite amusing. LOL!

I thought the fresh air from the Pacific Ocean did more brain damage than that!That's why I am closer to it- like in B-E-A-C-H.

cleanslate - by reading into your attacks on me it really seems like you just want advice on how to pick up chicks. Well you dont have to be rich or dupe a woman. You can just be charming, sweet or if you have talent she may be impressed with that.

Keep on attacking me but it just makes you look like a bitter twit.

Some guys have the ability to get babes sorry that you do not understand how.

"I have a driver and ride in a Prius."

That seems to be an oxymoron to me.

"what if the dollar goes up to 2 EUros to a dollar?"

That would be going down.

"You can just be charming, sweet or if you have talent she may be impressed with that" --> "babes".

Another oxymoron.

how anyone could be +ve about our economy despite what is going on around us is beyond me. Inflation, Recession, Housing foreclosures, overpriced new development condos (does not match current wage-earnings and employment scenario), other economies collapsing, skyrocketing oil prices. What are you guys smoking?

manhattanguy- I also find it mind boggling. I have come to the conclusion that there are 3 reasons for this behavior.

1. They are brokers or investors and their lively hood demands that they lie to buyers.
2. They bought at the height of the market and now realize their mistake (misery loves company).
3. They actually have no understanding of economics. Not everyone in NYC makes millions of dollars.

Truthfully I think #1 is the majority of posters.

cdo says:

1. They are brokers or investors and their lively hood demands that they lie to buyers. NOT IN MY CASE - NOT A BROKER NOR DOES MY LIVELYHOOD DEPEND ON RE.
2. They bought at the height of the market and now realize their mistake (misery loves company). NOPE _ HAVE BOUGHT CONSISTENTLY OVER THE PAST 10 YEARS.
3. They actually have no understanding of economics. Not everyone in NYC makes millions of dollars. I HAVE MADE TENS OF MILLIONS AND HAVE A NET WORTH OF OVER 11 MILLION.

1 - have you ever purchased a property?
2 - tell us about your achievements that give you status of being able to call us bulls dumb.
3 - how many economics degrees/awards do you have and how many millions have you made?

I HAVE MADE TENS OF MILLIONS AND HAVE A NET WORTH OF OVER 11 MILLION.

This is a provable statement, right?

From someone who owns a chauffeur-driven Prius? Says he treats women well in the same statement as he uses the words "chicks" and "babes," from someone who said he owned "properties" in Las Vegas which suddenly became a house is a development, and from someone who is the world's worst speller.

I have an economics degree. dco is correct.

stevejhx, and he claims to be charming and sweet when he sounds like a pompous prick all the time. Bottom line is he exaggerates...and has an overactive imagination. He makes castles out of thin air. Most of his personal claims defy common sense...and quite laughable.

He's still on the boards cuz he's trying to offload his property, right? Yeah, the market must be picking up cuz he's still here manning the boards. LOL!

Petrfitz - hey, do you also post on Curbed as Sneaky Pete? I've got to believe that's you as well! The similarities are striking:

1. Both you and Sneaky Pete need to use an anonymous message board to boast about your "net worth"
2. Both you and Sneaky Pete claim to have property in Las Vegas
3. Both you and Sneaky Pete claim to have a "model/actress wife"
4. PETRfitz : Sneaky PETE
5. Both you and Sneaky Pete use language that suggests in actuality you may barely be old enough to drive a car ("chicks" "babes")
6. As a result, both you and Sneaky Pete are ridiculed by just about all of the other posters on each board

Anyway, good to see you here.

A chauffeur-driven Prius is the most bizarre thing I've ever heard of.

faustus, I'd call it more like petrfitz is getting owned! :)

I have a chaffeur driven Smart Car. Petrfitz is telling the truth about his chaffeur driven Prius because he cut me off yesterday on the FDR Drive while I was driving to my investment condo at 15 CPW to show to a Saudi Arabian prince.

What about a chauffeur-driven Mini Cooper? That is true style.

Not to mention incredibly easy to park.

"I HAVE MADE TENS OF MILLIONS AND HAVE A NET WORTH OF OVER 11 MILLION."

HUH? TENS of millions or just a little above 10 million? You would think tens of millions would at least translate to 20 million at the very least, though the number should be closer to a 100 million. LOL!

Things you say, petrfitz, should be brought down about 10 notches or so.

"I have a driver and ride in a Prius. He details it for me."

How do you detail a Prius?

And to what end?

"Driver" = "Dad"

"I HAVE A NET WORTH OF OVER 11 MILLION"

And I have a net worth of under $12 million, so we must travel in similar circles.

yikees.. petrfitz is on a very hot seat.

It would have been nice if the Yankees actually scored a run today. You spend all that money for tickets, drink all of that $10 a cup bud light, the least they could do is score a run when they have the bases loaded with no outs. Good grief.

$10 for a bud light?

""I HAVE MADE TENS OF MILLIONS AND HAVE A NET WORTH OF OVER 11 MILLION."

HUH? TENS of millions or just a little above 10 million?"

Petrfitz used to have tens of millions of dollars, but he lost a lot in some bad flips in LIC and Williamsburg. I bought a 3 bedroom unit in LIC from him for 40% less than what he originally bought it for, and then managed to sell it for a 15% profit the following year.

Don't make fun of Perfitz. He has a chauffeur-driven Prius.

Somehow I think he meant Lexus, but I could be mistaken.

I heard that Perfitz's Prius has been stretched and is long as a city bus.

$10 a cup at the yankee stadium perhaps. Anyone following soccer?

"how anyone could be +ve about our economy despite what is going on around us is beyond me. Inflation, Recession, **Housing foreclosures,** overpriced new development condos (does not match current wage-earnings and employment scenario), other economies collapsing, skyrocketing oil prices. What are you guys smoking?"

You do know that there are only 12 foreclosures in Manhattan, out of 300,000 co-ops/condos?

oh, and prices in Manhattan will NOT go down a single penny. Dottie Herman said so.

Dottie Herman! Gotta luv her!

manhattan, is beer cheaper at soccer than at baseball?

don't drink beer, but i am sure it's not $10 a cup at the bar across me.

I bought a 12-pack of Stella in Sayville for $12.

Petrfitz pays $1,000 for the same product, because like bottled water it tastes better when it's expensive.

Yankee stadium is $8.50 for a 16 ounce Bud Light. Bargain eh? Unfortunately, they don't give a discount for six.

Do they let you at least pee for free?

Yes, but the water was turned off for some reason yesterday and the bathroom was an overwhelming, disgusting pile of the nastiest things you can imagine. I can't wait for the new stadium where I can drink my $15 Bud Light, pay $300 for a ticket that was $40 ten years ago, pee in a spacious, clean bathroom, and eat sushi on the third base line. Such is the future for the super yuppie Yankees.

I never went to the old Yankee Stadium, though I have fond memories of being at Shea Stadium.

"$300 for a ticket that was $40 ten years ago."

Funny, same thing happened to apartment prices. One that cost $400,000 ten years ago now goes for $3,000,000. How come it's wrong when applied to beer, right when applied to Manhattan real estate?

Damn, this needs an "edit" function. "when applied to Yankees tickets," not "beer."

Point remains, though.

steve, you should go to Yankee Stadium this season. This is the last year before they tear it down and the place is a huge piece of NY history.

"How come it's wrong when applied to Yankees tickets, right when applied to Manhattan real estate?"

Where did I say it was wrong? They get what the market will bear, same as real estate. I don't like paying $8.50 for a Bud Light but I still do.