Real Estate Values Dropping Fast; When Will Rents Follow?
With the economy in the shitter, the real estate press is gloomier than ever. "Some industry observers foresee market drops of 40 percent" in Manhattan home sales, says the Times; optimistic experts say 25 percent. Boo fucking hoo. But when will this plunge be reflected in rents? Well, if you live in Stuy Town or Peter Cooper, you just got your stabilization rent back, so congratulations. If you're out there looking, this video shows you what to expect: a railroad apartment at West 55th and Eighth Avenue for $1,838 a month. The broker describes the living room as a "pass-through," perhaps showing awareness that you'll be sharing the place. "The best part," the broker says, is that the place has dimmer switches -- "Ooh, look, romantic." At least until your roommate passes-through to take a leak.