I think I love my fellow man, generally speaking. But, not when my fellow man is a billionaire buying his fourth penthouse while the rest of us wonder if we’re going to be able to pay our rent. So, yes, it is comforting to hear that now those people have stopped opening their wallets for the time being. Or, so says New York Magazine:
Until about a month ago, the New York real-estate market was split in two. As properties below $5 million stayed longer on the market, the big-ticket sales just kept on coming. Multi-million-dollar sales—at the Plaza (pictured), 15 Central Park West, and up and down Fifth and Park Avenues—grabbed headlines all summer.
What a difference a bailout makes. “What happened was Black Monday No. 2,” says Prudential Douglas Elliman’s Darren Sukenik, talking about the stock-market crash on October 10. “Right after, we saw a decidedly slower pace.” Veteran broker Rick Wohlfarth: “The psychological impact of what’s happening is enormous. [High-end] buyers don’t have the confidence they used to have. The phones aren’t ringing.”