Gothamist: Manhattan Apartments Keep Selling

Still Not Amused

Sat, 07 Apr 2007 20:48:37 -0500

I guess this is the new influx of wealthy folks moving into the city . My guess is that most of them will realize the cost and benefits of life in Manhattan and then flood the outer boroughs in search of cheaper apartments for rent .

futurebird

Thu, 05 Apr 2007 11:05:04 -0500

How do these growth rates compare to last year? Is the rate of growth slowing?

anonymass

Wed, 04 Apr 2007 00:11:09 -0500

I wonder how much international investment is fueling these rises. With the dollar extremely weak, NYC real estate probably looks attractive to people who have strong buying power sheerly by dint of the Euro/Pound Sterling exchange rates.

Teddy N.

Tue, 03 Apr 2007 21:00:57 -0500

They say the party can't last forever, but for some reason some people don't want to leave (until they're forced to). I wouldn't mind moving into one of those new luxury buildings when the rents become affordable. 2, 5, 10 years from now, who knows.

Jonathan J. Miller

Tue, 03 Apr 2007 20:23:20 -0500

nisey79 - The report I prepare for PDE is based on market wide activity, not just their sales. The story this quarter was about the increase in activity, not further gains in housing prices.

free hat

Tue, 03 Apr 2007 14:57:31 -0500

So many people are getting help from their parents to buy apartments. That source will dry up in the coming recession. It's been six years since the last recession, we're due. The average cycle in the 20th century was five years. One could argue that globalization has reduced inflationary pressures and gave us longer growth periods in the 80s and 90s. But recessions will never go away.

Why is this bad?

Tue, 03 Apr 2007 13:53:00 -0500

Won't building lots of new, expensive apartments free up older housing stock, eventually driving down prices?

rebecca

Tue, 03 Apr 2007 13:44:15 -0500

I'm smart!

Ri L.

Tue, 03 Apr 2007 12:24:16 -0500

You better be right. Scads of new apartments being built every day, and my boyfriend and I still can't get one! Damn it all, life isn't fair.

Lar

Tue, 03 Apr 2007 11:14:59 -0500

J, I've been saying that for the last three years though, but of course I hope you're right!

Charles

Tue, 03 Apr 2007 11:00:11 -0500

I dont agree, but I sincerely hope that J is right. I'll start saving now!

Vanessa

Tue, 03 Apr 2007 10:47:19 -0500

J, I agree with you completely.

J

Tue, 03 Apr 2007 10:39:34 -0500

There's no way this can continue what with all the new buildings going up and the interest rates going up as well. Banks will be less likely to give million-dollar loans, so prices HAVE to fall. And if Wall Street starts to falter, look out. Anyone with money in two years will be able to buy something that they otherwise would not be able to afford today.

Vanessa

Tue, 03 Apr 2007 10:34:05 -0500

It makes me think that plenty of New Yorkers (Manhattaners) are careless with their money and simply a bunch of sheep.

rebecca

Tue, 03 Apr 2007 09:59:05 -0500

my rent just went up 9.3%. have fun after the brain drain, people! i am moving away from this city as soon as i can.

nisey79

Tue, 03 Apr 2007 09:36:29 -0500

If I am not mistaken, the percentages are based upon each firm's individual listings, not the market as a whole.