Knakal: Expect a 20 Percent Property Sales Drop in '08
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By Tom Acitelli
March 11, 2008 | 3:55 p.m
Robert Knakal, the chairman of investment-sales brokerage Massey Knakal, wrote in his March "Message from the Chairman" that the volume of property and property-portfolio sales in New York will drop "approximately 20% in 2008."
Why?
"... 2007 will be remembered as the year we started to pay for the Fed keeping interest rates too low for too long."
I wrote in January about how New York real estate investors--and ordinary homebuyers--went hog wild on such low rates. Money was cheap and no one seemed to fret any adjustments.
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- Real Estate |
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- Robert Knakal |
- The Real Estate
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