And the hits keep coming- World wide job cuts.

dco - did you miss entire years of primary school? your grammar is just odd and indicates a poor education. which probably explains the chip on your shoulder. i am being serious, not snarky. i have never come across an educated adult who writes like you. i suppose that is why you have to constantly post articles.

eah- Thanks for noticing. I wise man once told me "when they start picking on the little things, it means that your message is reluctantly getting across". I have arrived.

the only grammar he did wrong was *e*ffecting. Obviously the guy has time on his hands to be calling out what we all read in the Wall Street Journal this morning.

totallyanonymous- Do jobs effect NYC RE? This is a city with many foreign buyers. The lose of 17,000 jobs anywhere is more then relevant.

no--read his other posts. he always gets your and you're wrong. it and it's...the list would go on and on. its a shame because if wants to make a valid point he should have the basics of language down.
i never really liked steve but he wrote very well.

i suppose you've arrived dco? but where? on an anon. blog? what/where did you want to "arrive" at?

i forgot, do you own? or are you waiting for The Correction?

guy, yes you are right, the economy has hit the shitter. do you want a cookie? those who overbought will be shaken out, those who didn't will hang in and weather the storm. do you have any other hobbies?

eah- Lighten up. It's just a saying. Also it's (I) not (i) at the beginning of a sentence. My terrible grammar prevents me from signing paper work at closings. I think a correction is healthy and would make living in this city more affordable for people who just don't work on wall street. My wife and I make good money and live well below our means. Mainly for reasons just like this credit debacle. We spend less then 10% of our salaries on housing. I have seen family and friends spend as much as 50-60% on housing because some moron told them they could afford it. And yes I tried to give advice, however you know how that goes when it comes to money. Perhaps now you will understand why I knew that this mess was boiling below the surface for the last several years. And this is why I know the problems extend well beyond what most "experts" believe.

"My wife and I make good money and live well below our means."

I see what it is. You want a medal. Well, here you go. You get the "I live below my means" medal. I give advice all the time and you know what, most people are schmucks and don't want to hear it. We all are very well versed on the economy tanking in the short (possibly longer) term. However, like all downturns, an upturn will follow and until then, the guys who took out IO mortgages beyond what they could afford will be burned. RE prices will drop in all reasonable likelihood, even in Manhattan. However I do submit that many Manhattan buyers are much more sophisticated than counterparts in Nevada, Arizona and Florida, as they always have been. Thus, the extreme likelihood is that drops here will be less. If you bought correctly, you'll come out of this like you came out of the last downturn.

"I have arrived"

could be the saddest thing ever posted on this board

here's one for you dco; since you're so fond of copy and paste. read this over and over:

“It is not the critic who counts, not the man who points out how the strong man stumbled, or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena; whose face is marred by the dust and sweat and blood; who strives valiantly; who errs and comes short again and again; who knows the great enthusiasms, the great devotions and spends himself in a worthy cause; who at the best, knows in the end the triumph of high achievement, and who, at worst, if he fails, at least fails while daring greatly; so that his place shall never be with those cold and timid souls who know neither victory or defeat.”

Well said, eah. Too much time wasted on this board with the "I-told-you-so"s and boasting, from both "sides." And for what it's worth, grammar and spelling are not the most important thing in the world, but they are indicative of both education and effort. dco, might want to check into that whole affect/effect business.

I love "the crew". It's funny how the people who were wrong never like to hear the "I-told-you-so's". Ok, I'm sorry. You're right and I'm wrong for rubbing it the face of the "crew". Now that it's all settled, lets buy some over priced real estate. And remember that everyone who bought 1-2 years ago in Manhattan did so well within their means. I'm sure no one on wall street was living check to check and are well positioned to ride out the storm.

totallyanonymous- You bring up a good point. I mean your probably right about all of those uneducated buyers in Nevada, Arizona and Florida. Oh lets not forget California. However didn't I read somewhere that most of those areas are popular with retirees from New York? It's people like you and your superiority complex that got us into this mess in the first place.

Attention Attention...... Nevada, Arizona, Florida and California are filled with stupid uneducated buyers. What a ignorant statement.

What exactly are you rubbing in the face of others? That Manhattan real estate hasn't gone down much, if at all? That NYC is faring better than the rest of the country?

LICComment- If you think so.

"However I do submit that many Manhattan buyers are much more sophisticated than counterparts in Nevada, Arizona and Florida, as they always have been"

WOW, talk about rationalizing.

Sorry, its the fucking New Yorkers who CREATED THE MESS in the first place.... and who are now getting laid off in droves. They're the ones who took on the biggest risks, and are poised for the biggest fall.

Wall Street created the sub-prime crisis... not to mention the dot com crisis (without the banks leading the way, nobody would have bought any of that shit) and the 10 crises before that.

They couldn't see this crises, or the last 10 coming, but somehow they were "sophisticated" enough to play the other half of the RE crisis right.

ROTFL.

dco, don't lump me in to this imaginary group you made up. I don't see why you get all worked up about this and sarcastically chant that we should all buy over-priced real estate. I was only commenting that all this schoolyard chatter is getting stale.

Ironically, these are the same folks who also denied that there would even be a national recession or slowdown... they've just moved their denial to smaller and smaller circles. First no national slowdown, then slowdown but soft landing, then, ok US slow, but NYC is fine, then NYC metro down 15% but "prime" NYC fine, then Brooklyn shot but Manhattan ok, then "Manhattan shot, but, uh, ok, this neighborhood is fine", then "ok, this price range" is fine, and then "ok, but this BLOCK is fine".

But, there always has to be SOMEBODY left holding the bag in a crash, why not them....

oh eddie, you're one of these too? Please tell us who said all that crap.

Eddie can't tell you, because he is making things up. He seems to lie more than dco does.

omg, we kidding with this?

READ THE THREADS.

EddieWilson- The "crew" has very short memories. If you didn't know any better you would think they thought all along that things were going south. The funny thing is LIC still boasts that areas like LIC are not going to soften and are priced to sell. Just look at some of his post on some the posted threads.

"if you think luxury condos near waterfront property with skyline views, with a 5 minute subway ride to midtown, at 60% of comparable Manhattan prices is a bad deal, then you have a lot to learn." LICComments for the Powerhouse thread.

He still thinks that this market is not going to decline. And he also wants us to believe that he has never said that things wouldn't decrease.

dco, instead of talking in your fantasy world, show me one post where I said there would be no decrease in prices in NYC. You'll be searching long and hard because I have never said that. Don't you get tired of sounding silly all the time?

INSERT: NY POST cover: "THEY'RE HERE!"

Camera pans from tabloid cover to deserted street then tilts up to reveal what appears to be a deep, dark, whorling storm cloud, stretching to the horizon. Actually, it is a sea of LITTLE BLACK ARROWS, swirling over the NYC metro area. Silently, they begin to drop from the sky, plummeting toward $1m Murray Hill one-bedrooms with $1,500 monthlies. A single Little Black Arrow pierces an obese Sutton Place Corcoran listing, instantly shearing off $750,000 from the initial ask. Another wave quietly speeds toward Long Island City as tanned, shocked brokers watch with jaws agape.

The invasion, it appears, has begun.