Morton Fox (mortonfox) wrote,
Morton Fox
mortonfox

Unreal Estate

My clock radio is set to a news/talk station. So this morning, I was jolted to wakefulness by some nut saying that Manhattan real estate can never go down in price because the amount of land is limited. Oh yeah? Just because something is limited doesn't mean that it can't become so overpriced that most people don't want it or can't afford it.

Apropos to that, borrowed from Fiend's SuperBear:
Nicholas Von Hoffman: Pop Goes the Real Estate Bubble

So there has been a 13% drop in Manhattan real estate prices in the last 3 months. Now is that the bubble bursting or just getting squished a little? After the last apartment gets sold at the highest price to the greatest fool, it's a long way down, buddy.

This evening, I went to the Burger King Hurricane Katrina fund-raiser in Ramsey. Ironically (or perhaps fittingly), it was raining. They had a big box in which they collected the receipts so they would tally up the dine-in sales for the evening. (Odd. I thought they would simply be able to get the total from the cash register.) I actually didn't finish everything, so I'll be having a Triple Whopper for breakfast tomorrow. Well, if I could have breakfast chicken last week, I certainly can have a breakfast burger now.

Have a great weekend, everyone.
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