This means the market has changed and the new market price is lower.
It’s not rocket science.
Only a small percentage of the population of any large city can pay $1 million for a place.
Maybe in New York City, a few thousand doctors, roughly as many executives, half as many lawyers...
And many already own a place.
When Donald Trump was a real-estate developer in New York City, New York City was booming.
After Donald Trump moved to Washington,D.C. and became President, the whole country has been booming.
No wonder so many New Yorkers have been Walking Away to the greener pastures all over the country that Trump’s presidency has been creating.
Good, it’ll bring prices down. Home prices are too high all over the country.
Seattle homes are still climbing in price.
Try selling a home in Upstate NY - people I work with count on at least a year + to sell their homes before they retire. Just had a co-worker put his home up with an estimated 2 years before he thought it would sell. He was lucky, an NY State Trooper bought the home. Everyone who can, is moving out of NY.
sorry, but “units under $1,000,000” are NOT accessible to MOST working Americans.
units under maybe $300,000 or so, depending on a lot of factors...yes
the author needs to get out of Manhattan and back into the real world....to understand how funny this article sounds
eh...cities are anachronisms. No need in the 21st century to concentrate capital or material anywhere.
The only things concentrated in a big city today are democrat low info voters, the voter fraud that goes with them , and mafioso-level public service union corruption bankrupting
the whole shebang
Gee, with a communist mayor and a fascist governor, you would think that NYC would be utopia.
I wonder what went wrong...
Cordon it off and let nature recover the filthy place.
bookmark
Living in NYC would be like eating dinner next to a clogged toilet.
Looking at salaries in NYC. They just do not support the rents and property prices there.
$4,000 for a closet sized apartment? On a median $50,000 income?? Forget it. It wasn’t sustainable.
Investors kept buying thinking prices had no ceiling, but they do.
Cause they are still overpriced.
Pennsylvania. Taxes lower, homes cheaper, guns legaller.
Before we feel sorry for the 1% types losing their shirts, keep in mind that most VOTED for Deblasio. And Deblasio is doing just what he PROMISED, making NYC into a shithole.
$1m loan even at 5% interest is 50k interest per year... assuming if you are taking out that kind of loan you are probably in the 32% tax bracket at least.. so the cap on mtg deduction means these folks are going to have to pay 12.8k or so on their federal income taxes with the cap now in place.