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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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To: TobagoJack who wrote (51668)	6/23/2009 9:37:45 PM
From: Maurice Winn	3 Recommendations Read Replies (1) of 217650

Speaking of residential and commercial real estate, to save you walking around, have a look at Reggie Middleton's report from Brooklyn. boombustblog.com I have seen such a thing once, which was Auckland in 1989 when we returned to find the skyline covered in cranes and for sale and for lease signs on vast numbers of commercial buildings. That was 18 months after the October crash which was bigger in NZ than anywhere. It took a decade to come right and that was only enabled because NZ is trivially insignificant compared with the global economy. When the global economy does what NZ did in the mid to late 1980s, there is no externality to lean on. In summary, Reggie shows swarms of large condo buildings with no customers and still under construction [most of them]. His point is that there are no customers [at any sort of price the investors were hoping for]. Mqurice

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