T’was the night before New Year’s, when for seconds so brief
All in the world of real estate breathed a sigh of relief.

Events that unfolded in 2009
Could have been so much worse for Manhattan’s skyline.

Thinking back to last year, markets frozen as ice,
It seemed sellers and buyers were way off on price.
Rents kept on falling with concessions galore,
Leaving landlords and tenants trying to define a floor.
The sub-prime debacle that first started this mess
Was replaced by prime loans and their default duress.

Spring then burst on the scene, bringing much needed cheer
That at least we avoided a full meltdown this year.
Little by little, sales volume kicked in,
As did the stock markets, much to bearish chagrin.

All the while new construction found itself in a bind
With many new rentals making media headlines.
With the inventory climbing up, up and away,
No wonder that renters were cheering “hooray”.
Ghost towers increased in their numbers, throughout,
While buyers were trying to break their contract.

As interest rates dropped to phenomenal lows
Home buying virgins began dipping their toes.
Some were seeking to buy as an inflation hedge,
Though that safety (historically) is mostly alleged.
Then currency trades with the dollar so weak
Spurred foreign investors’ interest to pique.

So where are we now, heading into next year?
We’d be lying if we said it was all very clear.
We know bonuses are more healthy than not,
Yet high unemployment remains the sub-plot.

How long can the fed maintain rates oh so low?
Will we avoid double dipping, also?
Will hyperinflation kick us in the tush?
And can housing recover without government’s push?
And what about … Stop! What are we doing here?
Weren’t we writing about a happy New Year?
Let’s put it this way: things can’t get much worse!
(well, they can, but we’d rather not put it in verse).

Let’s think back and be grateful for surviving ‘09,
For our health, and our families (and Chilean red wine),
For our food and our shelter and the loves in our lives,
Whether friends, children, grandmas, lovers or wives.

As we end our little poem, in conclusion we write:
Happy New Year to all, and to all a good night!