Skip to comments.New York apartment prices hit record high
Posted on 04/02/2014 9:43:35 AM PDT by SeekAndFind
The price of a Manhattan apartment just hit a new record.
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.
The report shows the continued strength of the high-end real estate marketespecially among global buyers in the world's top wealth centers. But it also shows that the building boom in trophy penthouses and ultraluxe condos may be overheating.
Inventory jumped 19 percent in the quarter for all apartments and listing inventory for condos soared 28 percent. As parts of Manhattan have become enormous building zones for giant glass condo towers, even more apartments are expected to come on later this year and next. The supply of new-development apartments rocketed 55 percent in the quarter.
(Excerpt) Read more at cnbc.com ...
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.
RE: supply and demand sets the price of housing everywhere.
Makes me wonder... what kind of people demand these real estate?
RE: Poor New Yorkers being priced out of their city.
Solution: DON’T LIVE IN MANHATTAN. Live in the other NYC Boroughs and COMMUTE.
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.
obama telegraphed the next false flag he’s gonna try. nuking a us city. he said’it about nyc. mark the tape. this is how the nwo’folks’brag about what they’re gonna do in front of everyone and try to have plausible deniability about it b/c of course they weren’t saying they are going to do it, just that they’re worried about it being done....
Your 2% mutual fund fees are paying for financial house employees surrounding the exchange.
There are public housing projects scattered all over Manhattan just footsteps from desirable neighborhoods. Of course they are centers of dirt and crime.
These projects raise the real price of property in Manhattan and force most working people to commute for hours.
Nobody has the balls to relocate the parasites and offer this prime real estate to people that work.
Cue the “Rent is Too Damned High” guy.
Do you honestly think:
(1) That most mutual fund employees live in Manhattan?
(2) That mutual fund employees need to live near an exchange floor, or even ever go to visit one?
(3) That the exchanges in Manhattan are were the real trading gets done?
(1) In reality, the largest mutual funds in America are generally located far from Manhattan: Vanguard is in PA, Fidelity is in Boston, iShares is in NJ, Dodge & Cox is in SF, PIMCO is in Southern California, Janus is in Denver, etc.
(2) Mutual fund employees are not specialist traders - the only reason they would ever have to set foot on the floor of an exchange is to claim some kind of charity award and ring the bell.
(3) The exchnages in Manhattan represent maybe 1% of the actual trading order flow. The biggest exchanges by volume are located in industrial areas of New Jersey.
Gold BACKED paper currency wouldn't make much of a difference. Those backing it can fudge how much gold they have and lend more than exists.
The only way it would work is physical gold and silver currency. But that won't work too well in a digital economy.
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.
dilbert as a life long NYer (Brooklyn orig, now Manhattan) it is far overrated. I liked NY a lot better in the Koch days. OK more crime, but things were a lot looser and the yuppies & rich students didn’t control everything. The high end housing isn’t going to affect directly the average guy—there was always high end housing in Manhattan. I remember Jackie O’s apt —something like 16 rooms—what did that lady do with all those rooms —her kids were grown —and I don’t think she was keeping a guy harem. I am not falling into class warfare or envy —but the attitude these folks bring with them —esp. the NYU students (Columbia uptown). With this increase goes an increase all across the board —imagine paying $5 for a lousy hot dog from a stand. It’s coming.
I do not get what people see in living in New York 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.
I see yr. point, but don't totally agree. Yes, there may be some room to fudge facts, but overspending and over borrowing by the government will eventually need to be reckoned with, as it was in 1971 with Nixon. With a gold-backed dollar, the market can still ultimately call BS on government profligacy. As it stands now, there are ZERO constraints on money printing and interest rates are completely political and at the whim of the FED.
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.
RE: High Crime
Run by a Moron Mayor
All the above is true except for the High Crime part.
I stand corrected.
Have a great day
“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.