Guess what year this was published

2009

Easy (though I think I've read this somewhere else), 1991.

spooky...

Some people never learn.

Some people did learn -- people who were squeezed. And their friends, and clients, also learned prudence.

There was already an article on this posted recently in another thread, which found that OTHER "emerging" areas like Harlem in fact had much smaller declines than the rest of the city. The point of the story, which looked at the last 3 NYC real estate price declines, was that there was no way to predict which neighborhoods would fall the most. By selectively picking neighborhoods that did, you paint an incomplete picture. Furthermore, even some of the neighborhoods listed above did not, ON Average, decline more than the rest of the city in the 90s. (Hells Kitchen, for example.)

2002?

"Some people did learn -- people who were squeezed. And their friends, and clients, also learned prudence."

But 10x more people arrived to take their place.

NYT 1991

http://www.nytimes.com/1991/09/29/realestate/prices-decline-as-gentrification-ebbs.html?sec=&spon=&pagewanted=all

This is where the price structure is going...1991. That will mark the bottom. The last bubble(04-07) was so artificial that we have still not corrected for the 90's boom. The economic angst of the early 90's was modest with respect to what we are facing now. The luxury house market has been impacted greatly by alterations in industries and work patterns. No longer will the droves of shinny Ivys' desend on our fair town year after year seeking their fortunes, prospecting for riches in the canyons of Wall Street. No matter how many times you watch the movie...Charlie Sheen loses. I would imagine that after the gold rush it took some time for towns to realize that they were ghost towns. New York City is the new ghost town. What will they run here for? Banking and Finance? The fashion industry? An industrial base? This town was down to just one major industry...and that industry is damaged for the the next few years, to say the least. As it applies to persons reading this...NYC RE is DEAD. Prices will continue to plumit until we get total capitulation. I am seeing more and more apartments on the market not moving with no current resident. Apartments are going unrented and tenents are driving obnoxious bargins. This is just the begining. No obvious transition has been made to single an up trend or even a stabilization. Watch what happens to our population in this town. This is the center of the rat race. Rats know when to flee a sinking ship. The problem with this is, even if you win the race...you're still a rat.

Google is such a wonderful tool. Makes me look all knowledgable.