What would be the "Top 5" most expensive real-estate markets in North America? (compared, places)
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^^^SF is another city with a decent amount of co-ops, though not on NYC's level. SF also has the similar concept known as TIC - Tenancy in Common. For instance, a former rent-controlled apartment building in Nob Hill was just "Ellis-Acted" in which under a technicality, all the renters were evicted so the owner could convert to a form of ownership/for-sale. Converted to TIC units under the name of the "Park Lane", and they have been averaging around $3M apiece from what I understand ($1400psf avg).
That's really interesting - I know little about real estate, didn't realize co-ops were such a huge part of NYC (and apparently SF) real estate.
Prices are starting to get a little frightening down here in LA. Home ownersship (whether down here or in the Bay) feels a long way off but I think our student loans getting paid off in a few years will (fingers crossed) coincide with another bubble burst or at least let-down.
This is technically true, yet basically irrelevent. The Poconos comprise less than .25% of the NYC metro area population. The CSA has like 24 million people and the one Poconos county included in the CSA has like 50k people. It would be like saying that San Francisco is cheap because Tracy, CA is cheap, or LA is cheap because Victorville is cheap.
NYC, DC and Boston are all very expensive metro areas. Philly somewhat less so. The only cheap areas are either crappy or super-far from employment centers.
Not really cheap, but on Long Island once you're at least 30-35 miles from Manhattan you can get a detached home for $300,000, definitely under $400,000. Not going to be that large or with that much land, but the home and area will be decent. Only comparable part of the Bay Area is sections of East Bay; for NYC it's true of most suburbs further out. Not sure about Los Angeles but home prices appear higher across the metro. Yes, property tax differences make the difference smaller, though property taxes on cheaper NY homes aren't as extreme.
Central Bay Area Counties( Pop 6.4 Million)
by Median Home Price, February 2015
San Mateo County $1,200,000
San Francisco City $1,154,760
Marin County $1,023,440
Santa Clara County $915,130
Contra Costa County $738,090
Alameda County $697,160
This sort of explains why Alameda County is now the fastest growing county in California. lol
Census quick facts says $404,000 for median owner-occupied homes. Where's the difference coming from?
I'm guessing the difference is that my link includes condos and yours doesn't. Also yours is homes on the market, which might be disportionately newer. NYC suburbs tend to be mostly detached homes with fewer condos, so that makes the price difference larger than it my appear.
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