{"id":177297,"date":"2019-10-28T21:27:00","date_gmt":"2019-10-29T02:27:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2019\/10\/28\/looks-like-foreign-money-laundering-is-tapering-off\/"},"modified":"2019-10-28T21:27:00","modified_gmt":"2019-10-29T02:27:00","slug":"looks-like-foreign-money-laundering-is-tapering-off","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2019\/10\/28\/looks-like-foreign-money-laundering-is-tapering-off\/","title":{"rendered":"Looks like Foreign Money Laundering is Tapering Off"},"content":{"rendered":"<p>At least in the New York City apartment market, where <a href=\"https:\/\/www.bloomberg.com\/graphics\/property-prices\/nyc\/\">prices are falling of a cliff<\/a>:<\/p>\n<blockquote><p><span style=\"color: blue;\">It\u2019s a tough time to be a seller in Manhattan\u2019s most-expensive neighborhoods, where price declines for previously owned apartments are accelerating.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">In Tribeca, resale prices fell 28% year-over-year, the most for any neighborhood, to a median of $2.25 million in the third quarter, according to property listings website StreetEasy. Values in both Greenwich Village and Chelsea dropped 15%. The Upper West Side and the area that includes Soho were each down 14%.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">As listings pile up across the borough, owners are starting to sense that the surest way to a deal is to lower their expectations of a hefty profit.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">\u201cThings that are selling are selling for lower prices, and expensive things, overall, are not selling,\u201d said Grant Long, senior economist at StreetEasy.<\/span><\/p><\/blockquote>\n<p>One of the reasons for this is that people who are looking to hide overseas ill-gotten gains are looking at London, rather than the Big Apple, because they believe that a post-Brexit UK will be desperate and so will look the other way over suspicious real estate transfers.<\/p>\n<p>As an aside, it took about 50 years for us to forget the lessons of the Great Depression, but we are on the path to repeat the Great Recession of 2008 11 years later.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>At least in the New York City apartment market, where prices are falling of a cliff: It\u2019s a tough time to be a seller in Manhattan\u2019s most-expensive neighborhoods, where price declines for previously owned apartments are accelerating.In Tribeca, resale prices fell 28% year-over-year, the most for any neighborhood, to a median of $2.25 million in &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[368,444,393],"class_list":["post-177297","post","type-post","status-publish","format-standard","hentry","tag-corruption","tag-international-finance","tag-real-estate"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/177297"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=177297"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/177297\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=177297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=177297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=177297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}