Manhattan Real Estate Best Purchased With Booty

While real estate firms are reporting that apartment prices topped record highs in 2007, some critics claim these dollar-based values belie Manhattan properties’ actual, plummeting value as measured in secret buried treasure. In an article appearing in the NY Sun, Julie Satow reports:

None of the reports from the real estate industry values the apartments in gold, but the gold value of apartments — and other assets — is being glanced at more frequently by sound-money advocates and others…

Among those casting increasingly frequent, eye-patched glances toward the gold value of property is Peter Schiff, the president of financial brokerage firm Euro Pacific Capital:

…Apartments in New York City [will lose] 90% of their value in terms of gold. […] The dollar is a deceptive way to measure the value of any asset, because the dollar itself is losing value, so prices have to rise just to stay constant.

Yikes! But of course, there are two sides to every doubloon. Ms. Satow further reports:

Not all economists worry about the collapse of the dollar against gold. […] They see its soaring price in dollars reflecting a variety of factors affecting other commodities, including a booming industrial sector in some parts of the world.

Foreign buyers plundering Manhattan’s shores and luxury market also keep the dollar values of apartments high. Aaarrrgh!

Shiver me timbers! This can't be good...
(Link to graph)