Property Crash coming to NYC?
5 Comments
$10 million - cheap! Try this out - $70 million apartment is for sale at the top of the Pierre Hotel (http://nymag.com/nymetro/realestate/columns/realestate/10152/) and now some guy rumored to have paid $150 million for a penthouse at The Mark. (http://gothamist.com/2007/11/08/150_million_off.php)
We're definitely not in for a crash, this is New York after all where real estate is simply a priceless commodity, they aren't adding new land and there's always somebody making money. I do think it will drop slightly though. I hope so! Renting is killing me.
I agree with tstanton. As bad as the real estate market can get, it will never crach in NYC. There is simply too much demand for housing, and because it is an "International" city, there will always be a huge demand.
AJ
Wow, it's interesting finding this post, in the aftermath of the crash. There was definitely a housing bubble that was just ripe to burst and nyboy666 saw it pretty plainly.
Regardless of where the real estate market rests in NYC. It is still too high for the average or below average income earner.
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