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New York apartment prices hit record high
CNBC ^ | Tuesday, 1 Apr 2014 | 11:21 AM ET | Robert Frank

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 market—especially 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 ...


TOPICS: Business/Economy; Society
KEYWORDS: apartment; newyork; nyc; realestate

1 posted on 04/02/2014 9:43:36 AM PDT by SeekAndFind
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To: SeekAndFind

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.


2 posted on 04/02/2014 9:46:49 AM PDT by Dilbert San Diego (as)
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To: SeekAndFind

I wonder what socialist mayor de Blasio thinks of this. Poor New Yorkers being priced out of their city.


3 posted on 04/02/2014 9:48:46 AM PDT by Dilbert San Diego (as)
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To: Dilbert San Diego

RE: supply and demand sets the price of housing everywhere.

Makes me wonder... what kind of people demand these real estate?


4 posted on 04/02/2014 9:48:47 AM PDT by SeekAndFind (uestion)
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To: Dilbert San Diego

RE: Poor New Yorkers being priced out of their city.

Solution: DON’T LIVE IN MANHATTAN. Live in the other NYC Boroughs and COMMUTE.


5 posted on 04/02/2014 9:50:25 AM PDT by SeekAndFind (uestion)
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To: SeekAndFind

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.


6 posted on 04/02/2014 9:50:46 AM PDT by PGR88
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To: SeekAndFind

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.


7 posted on 04/02/2014 9:55:31 AM PDT by Grams A (The Sun will rise in the East in the morning and God is still on his throne.)
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To: PGR88

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....


8 posted on 04/02/2014 9:56:45 AM PDT by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
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To: SeekAndFind

Your 2% mutual fund fees are paying for financial house employees surrounding the exchange.


9 posted on 04/02/2014 10:01:48 AM PDT by fruser1
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To: Dilbert San Diego
“I wonder what socialist mayor de Blasio thinks of this. Poor New Yorkers being priced out of their city.”

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.

10 posted on 04/02/2014 10:12:28 AM PDT by varyouga
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To: SeekAndFind

Cue the “Rent is Too Damned High” guy.


11 posted on 04/02/2014 10:13:46 AM PDT by Army Air Corps (Four Fried Chickens and a Coke)
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To: fruser1
Your 2% mutual fund fees are paying for financial house employees surrounding the exchange.

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.

12 posted on 04/02/2014 10:14:15 AM PDT by wideawake
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To: PGR88
“Kill the Federal Reserve and return to a gold-backed currency.”

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.

13 posted on 04/02/2014 10:17:20 AM PDT by varyouga
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To: SeekAndFind

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.


14 posted on 04/02/2014 10:22:16 AM PDT by cicero2k
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To: Dilbert San Diego

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.


15 posted on 04/02/2014 10:40:07 AM PDT by brooklyn dave
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To: SeekAndFind

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


16 posted on 04/02/2014 10:44:33 AM PDT by chiefqc
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To: SeekAndFind

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.


17 posted on 04/02/2014 10:58:33 AM PDT by tflabo (Truth or Tyranny)
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To: varyouga
Those backing it can fudge how much gold they have and lend more than exists.

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.

18 posted on 04/02/2014 11:02:44 AM PDT by PGR88
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To: SeekAndFind

Simple yet another textbook example of THE GREATER FOOL THEORY. Except as applied to NYC, it is no longer referred to as a theory.


19 posted on 04/02/2014 11:40:18 AM PDT by Dick Bachert (Ignorance is NOT BLISS. It is the ROAD TO SERFDOM! We're on a ROAD TRIP!!)
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To: SeekAndFind

Keep Manhattan, just give me that countryside.


20 posted on 04/02/2014 11:42:42 AM PDT by Billthedrill
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To: Army Air Corps
Cue the “Rent is Too Damned High” guy.


21 posted on 04/02/2014 11:42:47 AM PDT by SeekAndFind (uestion)
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To: chiefqc

RE: High Crime
High Taxes
High Rent
High Traffic
Nanny City
Run by a Moron Mayor

_______________________

All the above is true except for the High Crime part.


22 posted on 04/02/2014 11:44:19 AM PDT by SeekAndFind (uestion)
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To: SeekAndFind

I stand corrected.

Have a great day


23 posted on 04/02/2014 11:48:15 AM PDT by chiefqc
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To: SeekAndFind

“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.


24 posted on 04/02/2014 12:50:34 PM PDT by Wuli
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