New York real estate, wtf?
So, while the rest of the country is sinking, New York real estate surges? First quarter sale prices averaged 23% up. But there’s a couple interesting stats provided. First Manhattan was in first place with the highest average sale price. Now here’s the thing, in Manhattan the average price per square foot only rose 3%.
I think that means that apartments really only got 3% more expensive, it’s just that people were buying much bigger apartments. I’m sure this first quarter was a result of all the Wall Street guys spending their record bonuses (again) on big phat places. Sigh. One day my ship will come in.
Still the report doesn’t say anything about unsold inventory or number of sales. I’d like to see those numbers too. I guess I’ll wait a little bit longer before I start looking for a place again. Curses!
May 15th, 2007 at 10:40 pm
Prices are still insane here in my part of So. Cal. A half million bucks can buy you a two room shack in the slummiest neighborhood.
I’m seeing myself living out retirement in a beat up Scotty trailer in a desert hellhole–if I’m lucky. ;-)
May 16th, 2007 at 7:11 am
Really? Huh, i read thehousingbubbleblog.com and while mostly I scan it for the rare New York nugget, there seem to be endless posts about the crashing CA market, so I figured it was pretty decent there (relatively). Guess not!