Current Events > These are the median housing prices in NYC's 10 most expensive neighborhoods

(+) Yeah! (+)

Financial District and Garment District are probably the ones that surprise me most.
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Nothing in the Upper East Side? Interesting.
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I was expecting crazy but this...

I can't even imagine a house worth 50 times as much as mine.
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DevsBro posted...

I was expecting crazy but this...

I can't even imagine a house worth 50 times as much as mine.

And it might not even be as big as yours
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eston posted...

DevsBro posted...

I was expecting crazy but this...

I can't even imagine a house worth 50 times as much as mine.

And it might not even be as big as yours

This.

We're talking 1900 sq foot = 2 million dollar home.
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Hey ima millionaire wanna see my sick pad!?!
*takes you into a closet*
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RedZaraki posted...

We're talking 1900 sq foot = 2 million dollar home.

Yeah, those places are not even that big. A $1.5M apartment in those areas is a 2BR around 1,100 to 1,400 square feet. The Tribeca places are more likely large lofts though.
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josifrees posted...

Hey ima millionaire wanna see my sick pad!?!
*takes you into a closet*

lol
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They have the dumbest neighborhood names.

DUMBO?
Boerum Hill?
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DelianSK posted...

They have the dumbest neighborhood names.

DUMBO?
Boerum Hill?

DUMBO = Down Under the Manhattan Bridge Overpass, I believe.
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It's all just a big dick measuring contest between rich people.
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Nolita
NOHO
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Where's Dowisetrepla?
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the real question is how many of these places actually have their owners living there

and how many are being bought up by real estate investors to flip later

whole thing screams bubble. i would never, ever buy real estate in NYC. rent/buy ratio is fucked.
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Darkman124 posted...

the real question is how many of these places actually have their owners living there

and how many are being bought up by real estate investors to flip later

whole thing screams bubble. i would never, ever buy real estate in NYC. rent/buy ratio is fucked.

ehhh bubble kind of implies that there will be a serious dropout, and while I don't think real estate is being properly valued due to an increasingly large amount of out-of-state investors - very similar to Van Couver - I don't think the property values will ever take a sharp drop due to the nature of New York City. It, London, and some of the other mega-popular metropolitan areas don't play by the same rules that most other places do.
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Drpooplol posted...

ehhh bubble kind of implies that there will be a serious dropout, and while I don't think real estate is being properly valued due to an increasingly large amount of out-of-state investors - very similar to Van Couver - I don't think the property values will ever take a sharp drop due to the nature of New York City. It, London, and some of the other mega-popular metropolitan areas don't play by the same rules that most other places do.

didn't people say that of vegas and miami too?

i think any market being subjected to heavy speculation is at risk of the bubble popping.

put another way: when the value has increased 400%, a drop of 50% after means a net rise of 200%, so the market still went up over time, but people who bought at the peak got fucked in the ass.

corrections happen everywhere; nothing is immune and the very idea that a market is immune to corrections is a sign that one is overdue. complacency and overconfidence are the doom of late investors chasing returns.
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I didn't say anything about corrections, pls. But there are big differences between usual corrections and a housing "bubble"
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Thats only manhattan... Tbh there are places even in Staten Island wherein the average home is probably much higher. Todt Hill? Oh they have DUMBO, which is in brooklyn...
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Darkman124 posted...

but people who bought at the peak got f***ed in the ass.

why would you use getting f***ed in the ass as a negative thing? that's homophobic

Drpooplol posted...

I didn't say anything about corrections, pls. But there are big differences between usual corrections and a housing "bubble"

yes, there is. i think the price growth rates in these metro areas is more synonymous with other bubbles.
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Darkman124 posted...

Drpooplol posted...

I didn't say anything about corrections, pls. But there are big differences between usual corrections and a housing "bubble"

yes, there is. i think the price growth rates in these metro areas is more synonymous with other bubbles.

I find that pretty unlikely myself. The only thing I can think of that would really drive prices down is if land-use regulations were seriously truncated so much more development could occur and bring supply more in line with demand. But I do not think that will ever happen in these liberal cities, at least not any time soon.
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Balrog0 posted...

I find that pretty unlikely myself. The only thing I can think of that would really drive prices down is if land-use regulations were seriously truncated so much more development could occur and bring supply more in line with demand. But I do not think that will ever happen in these liberal cities, at least not any time soon.

see, i think there's going to be a simpler effect. the demand in this case is less from real people buying homes to keep and more from wealthy investors buying homes to treat as part of their portfolio.

much as stock indexes' liquidity allows for rapid shifts in heavily speculated assets, all that will be needed to spike supply is a short-term shock to these housing markets that creates a panic selling phase.

there wasn't a specific cause to the 2000 tech bubble popping. popping is just what bubbles do.

perhaps i am too conservative an investor but i view any asset whose growth is on basis of speculation and people chasing gains as a bubble.
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FLUFFYGERM posted...

Darkman124 posted...

but people who bought at the peak got f***ed in the ass.

why would you use getting f***ed in the ass as a negative thing? that's homophobic

Why would you assume that it is homophobic? Girls take it up the ass too.
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Darkman124 posted...

see, i think there's going to be a simpler effect. the demand in this case is less from real people buying homes to keep and more from wealthy investors buying homes to treat as part of their portfolio.

I'm just not sure to what extent that is true, to be honest. I'm not as familiar with NYC, but this isn't how I would characterize the market in SF (even though people say similar things about it)

I do understand what you're saying, though.
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Manhattan real estate doesn't operate like other markets, so this really isn't a bubble regardless of how absurd those prices are. When the housing market crashed in 2009, all that basically happened was a plateauing of prices for two years before they started rising again.

What's obnoxious is that most of these are not being sold to NYC residents, like you said. They're being bought up by Chinese investors and sovereign wealth funds as a way to park money. There are luxury condo buildings that are 100% owned by only 40-50% occupied because the owner doesn't live there or ever intend to.
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The Admiral posted...

Manhattan real estate doesn't operate like other markets, so this really isn't a bubble regardless of how absurd those prices are. When the housing market crashed in 2009, all that basically happened was a plateauing of prices for two years before they started rising again.

what i hear:

"the bubble hasn't popped yet."

not correcting during a time when the rest of the market is correcting does not mean the market is forever bound upward.
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I get that reaction, since it's definitely the rationale used in bubble talk. The main difference is that these are not speculators looking to flip the units and turn a profit, they're long-term investors simply parking their money.

You can argue there might be some generational decline if NYC falls out of favor with enough people (which it has before, then came back), but there is little chance of some overnight 20% correction ever happening.
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I work in the real estate industry (big data analytics, etc)

Not in the NYC market yet, but here in CA it's equally ridiculous, though coastal views may be a good argument for some pricing.

But a HUGE chunk of beachfront properties are continuing to be gobbled up by foreign investment

yep manhattan is good for drug lords in foreign countries to buy real estate in since they dont need to show a money trail and to buy real estate just incase they lose their cash, so they buy and never even visit the country.
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Romes187 posted...

I work in the real estate industry (big data analytics, etc)

Not in the NYC market yet, but here in CA it's equally ridiculous, though coastal views may be a good argument for some pricing.

But a HUGE chunk of beachfront properties are continuing to be gobbled up by foreign investment

Interesting
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