Estate: A Great Time to Buy
Marsha Mack Frances
New York real estate community suffered the same shock, horror,
bereavement, numbness, and despair as the whole city, and now
is beginning to get back to work assessing the damage, and the
need to hopefully reconstitute and rebuild this, the greatest
of cities. It will be months before the impact of September 11th
and its effects on the value of residential real estate in different
parts of the city is clear. However, some early observation may
be worth considering.
Though fear, acute stress reaction and job loss and proximity
to the disaster will make some people feel like fleeing the city,
our Mayor is wise in encouraging New Yorkers to try to fight these
impulses and get back to the daunting but imminently doable task
of strengthening our determination to go back to work and rebuild
our lives in a city that our state, the country and the world
has come to admire.
No city in the country could have handled a disaster like this
as well as New York has. New Yorkers, perhaps used to living exciting,
risky and stressful lives, have immeasurable strength and personal
resources and sense of community, patriotism and spirit, that
gives me great hope that if initially prices dip, ultimately tourists,
businesses, and people from many places will seek to be part of
My recommendation as a broker with 20 years of experience is that
in a short time, though prices are uncertain, this may be the
ideal time to take the opportunity to buy New York residential
How many New Yorkers regretted not buying better apartments during
the previous dip in the market? How many who fled Manhattan in
the 1970s did not rue the day they sold a co-op that soared in
Here are several reasons to consider this disaster an opportunity
to live and work in New York.
Enormous resources will come to the aid of rebuilding New York.
New Yorkers will have less stress disorders if they live near
their work. Children benefit from being near parents in an emergency.
New Yorkers bounce back in hard times. The esteem of New York
in the country and the world’s eyes has risen enormously and this
will benefit the city.#
Mack Frances is a vice-president of Douglas-Elliman in New York.
She can be reached for advice and consultation at 212-650-4829.
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