well, that’s way too rich for my blood.
But, Manhattan is the last place in America I would ever choose to live. On the other hand, supply and demand sets the price of housing everywhere. Clearly lots of folks, as Obama would say, look to Mnahattan as choice real estate.
I wonder what socialist mayor de Blasio thinks of this. Poor New Yorkers being priced out of their city.
New York is ground-zero for Federal Reserve Money printing and QE, which is passed first through the hands of its crony-capitalist member banks. So of course this wave of liquidity will wash over NYC first.
Want to kill all Progressive plans for government, restore limited government, and solve 1000 social problems all at once? Kill the Federal Reserve and return to a gold-backed currency. Leftist social-engineering is impossible without fiat money.
Certainly our prices in the Houston area are nothing like the east coast but the local news is filled with sound bites about the new property valuations in the city. Apparently they are going up as much as 20 percent. So the city is jumping on the bandwagon to increase their tax revenue. If you have a homestead exemption plus another one for being over 65 the only way they can raise your taxes is by raising the assessed value of your home. And I’m sure apartment dwellers will see their rent rise as the owners will pass the increases along. The joys of city living.
Your 2% mutual fund fees are paying for financial house employees surrounding the exchange.
Cue the “Rent is Too Damned High” guy.
See London to gauge the future of Manhattan. The super wealthy will use Manhattan (as London) as a playground. It’s a safe haven for assets.
Many New Yorkers will be employed as supplying essential services.
I do not get what people see in living in New York City:
High Crime
High Taxes
High Rent
High Traffic
Nanny City
Run by a Moron Mayor
1.7 large buys a lot of home and even some mansions in many other parts of the nation. Then again some folks very wealthy could live in NYC during the work week and get away on the weekends.
Simple yet another textbook example of THE GREATER FOOL THEORY. Except as applied to NYC, it is no longer referred to as a theory.
Keep Manhattan, just give me that countryside.
“The average sales price for apartments in New York City jumped 15 percent in the first quarter to $1,773,523, according to a report from Douglas Elliman Real Estate and Miller Samuel. The average price per square foot jumped 16 percent to $1,363.”
something is wrong with the data, as
those figures would mean the “average” apartment in NYC was 1301 sq ft ($1,773,523 / $1,363). I think that is way more than the actual average size of a NYC apartment.
I guess that NOT all NYC apartments are included in those figures, but only those covered by recent condo/coop sales, which is nowhere near all apartments,nor even the whole market for apartments in NYC.