T’was the night before new years’, and for the third year in a row
New Yorkers relaxed with a glass of Bordeaux.
‘not that real estate blossomed or soared to new highs
Nor that our dear economy was back on the rise.
No, this complex and sweet oenological treat
Comes from having merely avoided defeat.
No doubt Europe’s ails have impacted our mood,
As has the whole drawn-out debt ceiling feud.
Ode to Perry – we’ve faced three environment threats:
Tsunamis, Irene and … the third we forget.
On the bright side, Osama has been laid to rest,
Gay marriage was passed, a big win for this quest.
We could write on and on, as far as this jingle goes,
So let us move on to our real estate prose.
Buyers hungry to purchase hung out in the wings
Hoping for the fresh blood that the spring and fall bring.
But alas, new supply were nowhere to be seen
While the clock was a’tickin’ on the interest rate scene.
Who would have thought rates would sink oh so low?
Or that 10-year yields would break through their plateau?
Add shrinking loan limits just around the bend
And soon your mortgage banker became your best friend.
Thus Manhattanites flocked to the borough next door
Making Brooklyn demand, rents and home prices soar.
New developments, once frozen towers and ghosts,
Saw some damn strong absorption and a reason to toast.
There’s another contingent with good reason to cheer:
Every landlord with leases renewing this year.
With rents climbing higher, up, up and away,
You could hear on quiet nights a collective “oy, vey!”
So now what’s a fellow New Yorker to do?
Buy soon or continue renting in lieu?
What of the macro dynamics at play?
What of November’s election bouquet?
Will the Chinese economy falter or thrive?
Will our GDP grow? Will the Euro survive?
And will high unemployment maintain its descent?
Will the US consumer feel healthy or spent?
Alas we know not what the future will bring
In our prior two jingles we’ve said the same thing.
Let’s think back and be grateful for surviving this year,
For our health and our families (and artisanal beer).
For our food and our shelter and the loves in our lives,
Whether friends, children, grandmas, lovers or wives.
As we end our little poem, in conclusion we write:
Happy New Year to all, and to all a good night!