Listen Now: Moving On Out: Real Estate Lessons From Amazon’s NYC Pullout
Amazon is moving out of New York City before it even moves in, and there is a real estate investment lesson here.
This past valentine’s day, Amazon broke the hearts of many new yorkers when it said it would not be building a second headquarters in Queens. The company cited opposition from local politicians who were not fans of the online retailer.
Now the decision is leaving some people high and dry. They are investors who heard Amazon was moving in, and immediately jumped into the queens real estate market in hopes of big returns on their investments. People looking to sell their property that was to be close to the new campus are also out of luck.
Local real estate agents say they now expect whiplash, with people dropping asking prices and more apartments suddenly hitting the market. Real estate agents say this is an example of the risk of investing in property in a major city.
While the area usually brings swift economic growth, turning a quick profit can be difficult. Breaking up is hard to do, especially without a prenup.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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