CityGuy

Thought it would be a cool idea to go over how the economy and New York's real estate bubble were affected in the fiscal year of 2009. It has been a rocky road for both sellers and buyers in the big apple.

For buyers it has clearly been a great time to invest if the income has been steady or better. Despite a national buyers market New York is still very expensive due to the concentrated wealth of people in the region. The economic health has clearly affected everyone but not too the point of drastic real estate price drops. New York will simply always be the most expensive region in the country even during drastic recessions.

For sellers it has been even worse. If you have been directly affected by the ponzi scheme's, crooked government exploitations, or simply lost your job due to economic times it has been miserable trying to make that money back on selling property. Even with decreasing property value real estate is just not selling in Manhattan. Rentals still dominate the young workforce as job security is delicate and unemployment is at an all time high in New York City.

It has been tough on all parties and hopefully 2010 will bring about positive change. Hopefully people get back to work and the New York real estate economy stabilizes.