Or residential or both you’re hearing?

Even without knowing, If I had to hazard an anecdotal guess, I know a lot of people and businesses who have moved to LA and Silicon Valley in the last few years which has been driving up prices in those places exponentially.

I think the trend has been for the best and brightest coming out of school to shun Wall Street and go to Silicon Valley instead.

NYC is an interesting real estate case. Whenever you think prices will soften, they never do much because foreign buyers will always swoop in to help soften the landing. For instance, immediately after 9-11 there were some great deals, but the market never crashed as was expected. Foreign buyers swooped in and in the end prices softened around 10-15 percent before roaring back to unprecedented levels.

So another theory could be foreign investment in NY real estate is also adding to the drop because those buyers don’t see the current environment as stable or welcoming under the current administration.

There’s also talk of a big recession looming. Investors may simply be waiting on the sidelines for the best deals they’re betting are coming in a year or so.

Lot of theories maybe all adding up to the softening?