Election night

Forrestor has conceded and Ferrer has followed suit. Corzine is the new governor of New Jersey and Bloomberg has retained his crown. In my opinion Bloomberg's relection will give a much needed boost to the real estate market. If Ferrer was elected I feel that the initial uncertainity of a new adminstration would have definitely sent the real estate market into quicker a tailspin.

Please do not mistake my words as an endorsement but just an observation. Bloomberg played a key role in elevating the profile of New York City. Many critics would grumble that his high real estate taxes hurt the residents however it did not prevent Manhattan from experiencong one of the biggest bull markets in real estate. The city has adapted to Bloomberg's policies and so far is willing to maintain the status quo.

Of course this euphoria will be short lived. According to Curbed , the land bingeing Toll Brothers, who were recently profiled in the New York Times magazine, announced that they were cutting their sales forecast. This is just another indication of how completely boned we all are.

On CNBC this morning a panel of experts were talking about the weakening market and one of them stated how now the market was going return to normal. Hey, newsflash. We don't know what the outcome will be. For all we know real estate will experience the same cold shoulder that stocks received when that market popped. But what really got on my nerves was that they had this graphic on the bottom of the screen stating HOUSING BUBBLE? What's with the question mark? This is a bubble and it has begun to pop.