the yin and the yang...

Article 1: http://www.nypost.com/seven/12042008/realestate/riding_the_storm_142527.htm?page=0 Article 2: http://www.nypost.com/seven/12042008/realestate/bright_spots_142528.htm From 1: "Panic is pretty much ruling the day," says James Lansill, senior managing director for Corcoran Sunshine Marketing. From 2: "I don't see panic at all," says Lenz. "I see people repositioning, remaneuvering and... [more]

Article 1: http://www.nypost.com/seven/12042008/realestate/riding_the_storm_142527.htm?page=0 Article 2: http://www.nypost.com/seven/12042008/realestate/bright_spots_142528.htm From 1: "Panic is pretty much ruling the day," says James Lansill, senior managing director for Corcoran Sunshine Marketing. From 2: "I don't see panic at all," says Lenz. "I see people repositioning, remaneuvering and long-term strategizing. But I see zero panic." From 1: "We clearly think New York City real estate is going to drop 14 percent to 17 percent in the next 12 months," says Michael Moskowitz, president and underwriting manager for mortgage company Equity Now. From 2: "Feasibly, we could have a housing crisis five years from now, if the market comes back in three years," Osher says, meaning that there might not be enough available apartments to keep up with the demand. From 1: "Right now we are basically in a situation where we have to go back in time," says Jacky Teplitzky, managing director at Prudential Douglas Elliman. "You cannot price anything according to the last six months of 2008 - you can't price according to 2007! So how far do you have to go back? I'm optimistic we're somewhere between 2005 and 2006. But every single case has to be looked at differently." From 2: "I think this might make a lot of foreigners take the plunge," Lenz says. In fact, "I've had more foreigners in the last two months than the previous nine. They're all over $2 million [units]." [less]