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Credit Crunch Update: Bless the Co-Ops, Screw the Blogs

Friday's post on the effects of the credit crunch on our local real estate market has garnered 155 comments and counting. Good times. As a coda of sorts, two articles today lay praise and blame for what might (or might not!) happen to the NYC housing market in the days and months ahead:

THUMBS UP: To co-op boards! Seems these nosy busybodies had it right all along: ask for actual proof of solvency from buyers! Per Reuters, "Several real-estate agents said the stringent boards that govern the comings and goings of buyers in their buildings could mitigate whatever effects higher interest rates and more restrictive lending policies may inflict on the Manhattan apartment market." Sorry, vultures! [NYPost]

THUMBS DOWN: To real estate blogs! Writes the New Yorker's John Cassidy in the forthcoming issue of Portfolio: "My wife and many of our neighbors obsessively monitor these sites, which have names like Brownstoner, Curbed, and Property Shark. 'Did you see the news about 152 Dean?' they whisper to each other when they meet on the street. 'It just sold for $2.45 million—$150,000 over asking.' Suffice it to say, I do not take these communications as a bullish signal." [Portfolio]

· What the Credit Crunch Means for NYC Real Estate [Curbed]