Knakal: Expect a 20 Percent Property Sales Drop in '08

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."


"… 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.

Article continues below
More from Culture
Guests attempt to move a metal ball using nothing but their minds—and some fancy tech.
Syfy’s Pop-up Sorcery School Will Teach You How to Do Magic Like a Pro