It's just another 68 degree January day here in the city. Strange isn't it? Change is in the air, quite literally. I'm not just talking about Barack Obama dominating the political dialogue, a beneficiary of the anti-establishment movement here in the states. Many things are changing. George Bush, for the first time in Seven years is acknowledging "challenges" to the economy, and the City is preparing for a huge decrease in real estate transactions for 2008 and 2009. We are all hoping for the best, but I think we need to take time out to thank Bloomberg for preparing for the worst. By preparing for the worst, Bloomberg insures that the City doesn't fall into fiscal crisis, and in turn, we end up surprising to the upside and are stronger for it. The City and National markets are related, but it seems only the relation of a third cousin. Strangely, the more dramatically the economy cools off nationally, the more it reinforces the positives for the New York market, namely lower rates and a cheaper dollar. We are in strange and changing times, but it doesn't mean that you can't enjoy it like a 68 degree breeze in January.
News Of The Day:
Mets Owner Wilpon Buys Devonshire House For $110 Mil. (NY Post)
Pataki Park? (Curbed)
Pricey Developments With Lousy Neighbors (NY Post)
Rents Expected To Increase 6.3% in 2008 (The Real Deal)
City Sees 33% Drop In Real Estate Revenues In 2008 (Observer)