I have a comment for your friend the broker who was unhappy with your quoted outlook on the New York City market. Buyers look to brokers for market intelligence that they themselves can’t easily obtain. Any broker who approaches me with the canned line about this being “a great time to buy” and “New York always holds its value” automatically loses my respect because both of the above statements are categorically false.

1. It’s a very difficult time to buy. Sure….prices have come down 10 or 20%. But there is a clear risk that prices can easily come down another 10 or 20%….or more….wiping out buyer equity completely after all transactions costs.

2. Somewhat of a corollary of above, New York absolutely does not always hold its value (over 5 to 7 year periods) as you and any other student of the city’s long history knows.

The broker who levels with me and then proceeds to try and ferret out truly attractively priced property that fits my requirements but doesn’t sugar coat the mess we’re in might get a nice fat commission.

The other Pollyannas will just have to wait for another bull market.