Dr Dooms buy Manhattan property

Dr Dooms buying Manhattan property

South China Morning Post, Hong Kong's English daily, reported the following:

1.  Nouriel Roubini and John Taylor, the Dr Dooms of the financial world for all their pessimistic predictions, have bought property in Manhattan.  Roubini, a New York University professor, bought a $5.5 million condo.  John Taylor, who runs hedge fund FX Concepts, also bought an apartment.  Meanwhile, John Paulson, who earned $15 billion for his firm in a year and is amongst the world's billionaires, bought a $2.85 million apartment at Olympic Tower on Fifth Avenue.

2.  Wall Street's optimism is driven by a much larger bonus pool in 2010.

3.  On a global context, Manhattan property is cheap.  A 3000sf luxury apartment in London would cost $7.5 million, while in Hong Kong, $5 million.  A New York apartment of that size would be $4.5 million.

If the Dr Dooms are buying, it must be good for Manhattan?