1/27/2023 – Chicago and NY Real Estate Values

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According the the NY Post, Goldman Sachs said in a January 2023 report, “In 2023, the investment bank expects home prices to barely fall in cities like New York (-0.3%) and Chicago (-1.8%) while predicting higher prices in Baltimore (+0.5%) and Miami (+0.8%).”

My estimates as an accountant and someone who has been involved in Real Estate in some way for over 40 years is that this is completely wrong, except in the case of Miami. Besides the fact that people are exiting Chicago, New York and Baltimore in previously unheard of numbers, those cities are also implementing society damaging policies daily.

I predict that values in these areas will drop precipitously in coming years. Miami’s values will stay as stable as they can with the crashing national economy and will far outpace the values of the other three cities names.