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Actually, 700,000 for an upper east side 1 bedroom Condo in NYC is not unreasonable.
(I plan to get a junior 4, convert to a one bedroom and rent one bedroom out to pay for the maintenance and taxes.)
Of course, New York City is quite different from the rest of the country.

At what I paid for my house (when I paid it), I could buy 21 of them for what you guys are paying for a 1 bedroom. Amazing. Simply Amazing.

Even at today's prices, I could buy 7.

But this isn't the upper East Side in NYC, either.

Of course, New York City is quite different from the rest of the country.

I suspect NYC is one of those places where there will always be a good market, because people always want to move out of the dump they are in to something better, and folks in a worse dump want the vacated dump.

Still that's about 2 to 4 times the price of NEW 3 bedroom homes with garage and a lawn in most Red States.

However, I also think the article is written with a high-density high-expense area in mind (left and right coasts, on the water, hoity-toity areas, etc.)

I'm not sure of the amount of housing speculation going on in Bug Tussle, Mississippi or Boise Idaho, or the great plains - Including Texas.

And if a bunch of speculators, who server only to drive the price up, get squeezed till they pop, that's OK with me. Perhaps housing will be affordable again when we flush out these blood suckers who add nothing but price.

Of course, New York City is quite different from the rest of the country.

It is indeed, partically unique. Demand is huge, inventory is still low, and Wall St cash and a strong Euro have kept things very spicy indeed. Some people would like to live in Reno or Austin. But many people simply MUST live in Manhattan. Hard to say that about any other American city, with the exception of Miami, which is also red hot.