Monday, May 16, 2005

New York City is Pretty Expensive

Imagine paying $1.2 million for a two bedroom apartment in Manhattan. Is that not insane? I wonder if the thought of paying $1.2 million for an apartment is pushing New Yorkers into the ‘burbs a lot sooner than they originally planned. If that is the case, and I believe it is in some cases, then maybe we should be looking at NYC condo prices as an indication where prices in Monmouth County might be going.

“It doesn't matter whether it's near the Empire State Building or Eastchester Bay in the Bronx. Wherever they build it, people will come.

The city's residential market has been going strong for so long - since a brief chill right after 9/11 - that buyers worry the bubble is about to burst, and their investments will lose value.

It hit record levels yet again in the first quarter of the year, with the average Manhattan apartment sale rising to $1.2 million, according to appraisal firm Miller Samuel.”


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