Growing up in Prince Street is quite the luxury. Today it is known as Soho and is mainly composed of lofts that range between 3,000-5,000 square ft.
Buying in Soho would be very difficult for most people.
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It wasn't so bad when I was there. John Gotti's social club was across the street and we would see him and his buddies walking around the block discussing business. He was actually a nice guy, at least to the neighborhood kids but my Mother would freak if we even said hi to him.
Debbie Harry also lived in our building and she was super cool. Blondie to anyone too young to remember.
We later moved to the Bronx and then on to Mamaroneck which is next to Larchmont and Scarsdale.
Good memories but I like San Diego a little better.
The rich people I know are either in real estate or hedge fund managers like my cousins. They live in a different planet with the money they make, or at least made when the market was more predictable.
I still believe in investing in real estate as long as you have the right market and the timing is right. Currently, both are perfect with interest rates where they are and with prices at 1999 levels.
I put an offer on my 4th house today. Next to the school, very desirable neighborhood..
If the market becomes predictable again I will steer towards that but with Europe in chaos and the Chinese overvaluing their currency and GDP Growth Rate it is scary times..
The people who see the negative will never make money. Sure you can have tenants who don't pay but if you know the laws you move them out.
No juice without the squeeze as they say...