Sorry....I missed your reply before.....
My thoughts on NYC and Indianapolis:
Despite the recent Wall St debacle, NYC is the hub of commerce for the US, domestic and int'l, mid-town Manhattan is still highly desired both commercially and residentially. There are good opportunities in NYC with current pricing, and given the demand for NYC it's a good place to invest if you can play at those price-points. NYC has the most concentrated population of any US city, so there are millions of consumers and millions of square feet of businesses which provides adequate business opportunities. NYC sets the stage for fashion, financing and frolicking and is the most intense city in the US. NYC is not going to go away any time soon, and has major appeal to foreign travelers, businesses and investors. NYC is largely the pulse of America and is home to a lot of business wealth and power - sort of the hub for capitalism and greed. If NYC could recover and prosper after an incident like 9/11, then I'm not sure what it will take to knock it off its pedestal. Yes. there are foreclosures in NYC, but there are also buyers showing up to buy these distressed properties. In many markets, there is no interest at any price in some instances, such as Detroit.
Indianapolis, along with other north-central midwest cities, is riddled with foreclosures, collapsed/severely contracted economies due to their ties with the auto industry, and the midwest, aside from Chicago, does not offer a very inspiring, high quality of life. Vacant/boarded properties, be it MF deckers, retail storefronts in low-income neighborhoods, increasing gang activity are prevalent throughout many sections of these cities. Market conditions are very soft. Due to the decline in consumption of goods, many warehouse/distribution centers have been consolidated. I think Chicago, Dallas and Denver are going to be the central US hubs for the next 20+ years. They form a 1,000 mile/leg triangle, have significant infrastructure and established finance/commerce centers, and have 3 of the largest US airports.
Again...these are only my opinions FWIW.... |
