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nyboy666
nyboy666

Property Crash coming to NYC?

I'm very concerned about the state of real estate in New York. When people are selling average apartments for $10+ million and now combined with the mess in the financial markets, do you think buying a home is such a great idea?
Question asked via StreetAdvisor The opinions expressed here are those of the individual and not those of Douglas Elliman.
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andyme
andyme 2yrs+
$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)
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tstanton
tstanton 2yrs+
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.
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AdamS
AdamS 2yrs+
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
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Uraniumfish
Uraniumfish 2yrs+
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.
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hhusted
hhusted 2yrs+
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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