Michael Stoler offers this grim assessment of the value of developeable land in the era of no available construction financing: "The price of land for residential and commercial development in New York City is declining in a similar manner to the stock market, but land prices are only going in one direction -- down, down and down. Due to the inability to secure financing from commercial and savings banks, prices of land for development of residential apartment buildings and hotels have declined in some cases by as much as 75 percent from previous record highs." When Dutch investors swoop in offering trinkets and spare change, we'll know land values have bottomed out. [Real Deal]
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