Property Grunt

Wednesday, June 08, 2005

The Olympics: The flame is dying out

Unless you have been living in a cave you have probably heard the the Westside stadium is a no go. If you want more background on it go to this Curbed link because I am sure as hell not going to go into it. I am not going to point fingers or monday morning quarterback why it was blocked. The Grunt will give his opinion on what will happen next.

The Grunt feels that any hope of avoiding a bubble is now laid to waste. Having the Olympics would have made New York City bubble proof or at least create the perception that it was invincible with the positive press and the huge amount of development.

The Grunt realized early on that if the Olympics were to come to New York, property values would skyrocket not just in Mahattan but all areas closely surrounding New York City. All you have to do is look LA in 1984 and see how well they did when the Olympics came to town. Would there have been causulties in the Olympics came it New York? Yes. A signifigant portion of the population would been priced out, displaced and would most likely end up living somewhere in Buffalo.

But now it seems that any Olympic hopes have completely faded and there is talk of a strategic withdrawal according to this link.

All is not lost since another project is probably waiting in the wings ready to take over where the Olympics dropped off. And its not over yet. Who knows. Maybe at the 11th hour Bloomberg will turn this around.