The New York Times is probably the last place I would look for any kind of real estate advice. Why? Because journalists don't work in the industry, they just report about it. They aren't privy to the nuances of deals or day to day life in the industry. They find a few examples of what they're looking for and they write a piece off of it. They mix up data, most notably about the state of rental prices. This piece, about real estate being a taboo subject, is as ridiculous as it gets.
Real estate was never intended as a short-term investment, which is unfortunately how it has been perceived over the last five years or so. Even if you bought a place in Manhattan and you paid one of those high prices, relax. If you really want to see a return on a real estate investment, you should hang on for about 10 years or so. Some people would say five, but it depends largely on what you bought and where. Think about all the people who bought in Manhatttan the 1980s, had to live through the recession of the early 1990s and then sold in the late 1990s and made a profit. We're facing almost the same thing now.
In the wise words of Kenny Rogers: know when to hold 'em and know when to fold 'em. Right now: hold. It's all you can do. And stop complaining about the market. Believe it or not, people are still buying and selling places everyday. They're just not doing it for sport the way we were a year or two ago.
Don't Even Say The Words
