|
Post by saltshaker on Nov 17, 2013 17:17:32 GMT -5
My worthless outside input: NYC is obsolete. Inertia kept NYC the capital of finance and banking, but with the internet and fast communications, geography is much less relevant. Many big banks are in Charlotte. Fewer people need to be in NYC for business stuff. The ones with money will just leave. Just the opposite is what's been happening. NYC has gotten so incredibly expensive because there are more wealthy people there than ever before. NYC real estate prices and demand are going through the roof once again. It's the last market to decline and the first to recover. When you consider that a 1000-1100sq ft apt can easily run over $1,000,000 and similar sized dumps in questionable neighborhoods are still bringing $650-700K, the rich are still in NYC. BTW the hottest market over the past year has been apts over $5,000,000. Sharpest increase in price has been for units over $20,000,000.
|
|
|
Post by krush on Nov 23, 2013 17:59:18 GMT -5
My close friend used to live in Manhattan and work the street. He believe the trend of increasing prices is because billionaires from OTHER countries all want to park cash and get prestige by owning real estate in NYC, etc. So they buy everything including sky scrapers. The average low level trader isn't living the high life as much as pre-2008. Guys at the top still make the $$, but it's not the glory days.
|
|
|
Post by saltshaker on Nov 23, 2013 20:35:29 GMT -5
My close friend used to live in Manhattan and work the street. He believe the trend of increasing prices is because billionaires from OTHER countries all want to park cash and get prestige by owning real estate in NYC, etc. So they buy everything including sky scrapers. The average low level trader isn't living the high life as much as pre-2008. Guys at the top still make the $$, but it's not the glory days. There are plenty of foreign billionaires that buy in Manhattan but that is a small piece of the residential market. NYC is still loaded with rich and ultra rich. When you look at how high average rents and purchase prices are you'll see its not just the ultra rich.
|
|