"Real estate is local" Gary Shilling Knows Nothing
I enjoyed reading this post from Mitchell Hall of the Corcoran Group in NYC. It doesn’t matter what the pundits are saying about the real estate market nationally, what’s important is the market in the neighborhood that you are either buying or selling. And that market could be completely different from what’s happening in other areas.
A broken clock gets the time right twice a day...
Gary Shilling, a broken record has never been right.
This week the media had numerous articles about the "so-called" famous economist Gary Shilling not ready to call the national housing market a bottom yet. In fact, he expects prices to drop another 20 percent from here and doesn't think we will see a bottom in the market for another several years.
Is Gary a day late and a dollar short? HA
Doeas anyone care what he thinks? Is there really a national housing market?
I can't speak for other markets but here in Manhattan we're on fire. Bidding wars, all cash buyers, foreign buyers, investor buyers, first time buyers everyone is out buying.
He's talking about a bottom? Don't bottoms come during buyer's markets? Did he miss the memo? I think we bottomed here in 2009. I can tell Gary we are in a a strong seller's, owner's landlord's market. Rents are at all time highs and vacancy rates are at all time lows. We are seeing bidding wars on rentals at the same time many renters have discovered it's cheaper to own then to rent so renters are out buying at 3% mortgage interest rates competing with all cash investors and pied-a-terre buyers.
Does any one really want to hear predictions from the boy who cried wolf?
Hey I have charts too Gary!
And My charts are better than yours...
because I'm a real estate broker, I'm out selling real estate everyday and my charts come from actual closed sales data and contractas from my local brokerage not from some one in an ivory tower named Gary Shilling.
©Mitchell Hall 2006-2012
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Blogging about Manhattan Real Estate since 2006.
Mitchell Hall, Associate Broker
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