Don’t get me wrong, I love NYC and lived there. As a matter of fact, one reason I am asking is because I also once lived in lower Manhattan - on Pearl Street; not a good place to live today and I would guess the people living in that loft are probably staying with friends elsewhere right now.
Manhattan real estate is perhaps the priciest of anywhere in the USA. After all, how could you go wrong investing in property in Manhattan?
The last hurricane didn’t really cause all that much damage, but scared the bejesus out of many people. This hurricane/strong storm has been FAR more severe, showing exactly how vulnerable Manhattan (at least lower Manhattan) is now to environmental changes.
Oh sure, you will always find an idiotic, rich Republican who thinks global warming is still just a theory, but for people who believe in evolution and science, do you think this has been a wake up call for rising prices in Manhattan real estate?
I would imagine trying to sell that condo or loft in Lower Manhattan right now is not going to reap large rewards. Even after everything settles back to normal, there is still that gnawing feeling that this has happened twice recently, and perhaps plunking down millions for a few hundred square feet of living space near Battery Park is not such a wise idea.
Just wondering - do you think Sandy will go down as the moment that real estate prices, in at least parts of Manhattan, start to sink (pardon the pun) or at least level out?