Absolutely right. When less desirable suburbs crash 40-50%, NYC might go down 10-15%. During the worst of the financial crisis, in the west coast, places like Concord lost a lot more value than Cupertino or Palo Alto. Also, in NYC, I suspect the 2nd and 3rd home buyers won't miss their money too much. If you purchased it hoping to rent it out and live on that income, that is a different story however.