Friday, September 14, 2007
A Monumental Lesson
Did you know that the Empire State Building was built in a mere 11 months in 1930-31? It was of course, raised during the Depression. Most of the work was done by European immigrants.
The only thing I really wanted to say about it today was the fact that it wasn't fully occupied until the 1950s. For quite a while it was jeered as the "Empty State Building".
So whenever I hear these delusional clowns talk about how real estate will bounce soon - in the next year or so - I am reminded of the resounding initial failure that was the Empire State Building.
Who could wait twenty years to recoup their investment in lumber, bricks, and mortar?
Many will have a hard time just getting through the next year or so...