The Nostradamus of real estate, NYU professor and economist Nouriel Roubini, just paid $5.5 million for a penthouse loft in New York’s East Village neighborhood. In 2005, Roubini made predictions that were then scoffed at but turned out to come true. The New York Times notes that he foresaw "homeowners defaulting on mortgages, trillions of dollars of mortgage-backed securities unraveling worldwide and the global financial system shuddering to a halt".
According to the Wall Street Journal, Roubini recently said economic growth was “too slow to keep unemployment from rising and housing prices from falling further. He put the chance of the U.S. slipping back into recession at 40%. Still, real-estate people in New York were quick to seize on his purchase as a healthy sign for the local property market.”
Sure, every market is local, but count me in with the New Yorkers who see such an esteemed economist take a pricey leap of faith as a good sign!
Just writing about Boulder, Co and the surrounding area. Let me know if you want to see Boulder homes for sale; I'm a Realtor.
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