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Thread summary:

New York real estate: condos, market, housing, foreclosures, loan.

 
 
Old 07-04-2008, 01:45 PM
 
149 posts, read 44,623 times
Reputation: 37

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The average sales price for a Manhattan apartment is approx $1.7 MILLION.

The median price for an apartment in Manhattan is $1,000,000.

I think it's safe to say there is no real estate burst in Manhattan. Brooklyn is quite healthy as well.
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Old 07-07-2008, 09:58 AM
 
Location: Mott Haven
2,978 posts, read 1,057,153 times
Reputation: 209
Wildstyle..your assertion that housing prices are, or rather must, return to 3x annual salaries is nonsense that does not apply to NYC, but likely applies everywhere else. Since when did NYC market forces go by such a simplistic valuation? If we were to go by your calculations, since the average HH income in NYC is about $42,000, then housing in NYC, in general, should be no higher than $124,000 (3x salary). Are you kidding? The median HH income is $75,000, and 3x that is $225,000. What world are you living in?

That isn't reality in NYC, and going forward there is no reason to believe NYC valuations are going to 3x salary.
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Old 07-11-2008, 03:06 PM
 
Location: Mott Haven
2,978 posts, read 1,057,153 times
Reputation: 209
Good grief...yet another record price in Mott Haven/Melrose area of the Bronx..it is about 8 blocks from the first home I mentioned that sold for $650,000 2 weeks prior (beginning of this thread). This 3 family sold on June 20, 2008 for $660,000 and is renovated, but it is wood, not brick. Nonetheless....prices continue to escalate even during these supposed "Bad times" and in a transitional neighborhood!

752 Jackson Ave, Bronx, NY 10456 | Zillow Real Estate

Now where is that RE bust again.....Go Bronx!
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Old 07-11-2008, 04:03 PM
 
177 posts, read 439,405 times
Reputation: 124
So tell me... is the real estate crisis that's affecting the rest of the country affecting prices in NYC? Or is it rental property that's really doing well. My fiance and I are planning to move to either Brooklyn or Queens in about two/three years. We live in Nashville now, and the housing market is taking a hit. Rental is through the roof though. I guess because of how hard it is to get a loan. Where do you guys see prices in Brooklyn and Queens, even the Bronx in about three years. It seems like New York just glides under the radar with a lot of this stuff that hits the rest of the country. Especially if there's a market for homes in the Bronx at $650,000.
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