Friday, July 01, 2005

Prices Keep Going Up in NYC

Prices for co-ops and condos keep hitting new records and I bet that people cashing out of those properties in the city are putting some of that cash into Jersey shore real estate. At this point, NYC has got to be way too expensive for a family to live in if you are making less than $300k per year. On the other hand, when gas prices hit $7.00 a gallon, maybe those New Yorkers who stayed in the City will look pretty smart since they can walk everywhere.

“New Yorkers can worry all they want about the bursting of the real estate bubble - but it hasn't happened yet.Manhattan apartment prices rose to record highs in April through June - with the average sale topping $1.3 million, according to a study by appraiser Miller Samuel.

"Despite all the negative discussion about the housing boom, buyers are very aggressive," said the firm's CEO, Jonathan Miller, who prepared the study for residential brokerage Prudential Douglas Elliman.”



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