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If the Manhattan real estate market is still a bubble, then it's a bubble with unbelievable staying power. The Sun reports that second quarter real estate data reveals that the average Manhattan apartment sells for $1.3 million (a record-high according to three of four real estate firms). The median sales price of a Manhattan apartment is another record: $895,000. And the commercial side is also very strong, with foreign buyers opting to buy buildings and apartments with the weak dollar.
Sales of co-ops have slipped, but that may be due to the many requirements boards have, not to mention the age of some buildings. Which has resulted in condo prices edging up 28%, whereas co-ops prices have dropped 10%; average condo price is $1.49 million while average co-op price is $1.13 million. From the NY Times:
Pamela Liebman, the president of the Corcoran Group, said buyers also prefer the conveniences of new buildings and the perks like concierges who can “stock my refrigerator, get my theater tickets and have my dog groomed.” The dazzle of living in a new building doesn’t hurt either, she said. “New, new, new — all of the foreign buyers love that.”What a reversal - snubbing the co-op! Anyway, more nutty news: The average price of a Manhattan studio went up 26%, to $574,197 per Brown Harris Stevens. Real estate appraiser Jonathan Miller summed up picture, "The story nationally is that inventory is climbing, prices are falling, and sales activity is slowing, and really on all three points, it's the opposite picture in Manhattan." As for Brooklyn, Corcoran says average apartment prices have dropped 4% versus last year.Dottie Herman, the president of the brokerage Prudential Douglas Elliman, said co-op boards may be forced to change their rules. “I’ve brought buyers that have tons of money, that have tons of assets, and still the co-op boards turn them down for no reason at all,” she said. “I do think that you’re going to see co-ops ease up in some cases. The prices have gone up so much that some of the rules don’t work today.”
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...and that's why I live in hoboken.
...and that's why native new yorkers are priced out of their own city. Where the hell do we go?
[2]. . . I think [1] mentioned Hoboken.
funny, i know no native new yorkers priced out if their city.
i guess they work harder than the ones you know.
native new yorkers either inherit real estate, bought ten years ago, or have rent stabilized apartments - not market rate.
Or maybe native new yorkers have lived here so long that they paid a 10th of the current cost for their home 20-30 years ago.
NYC is only good if you are under 35 (single) & make over $200,000 and/or live off of mommy & daddy.
Manhattan seems to different than LA or some anti septic consumer oriented suburb where everyone looks alike in their khaki cargo shorts, flip flops or $300 jeans.
I made $80,000 a year and got the hell out of the NYC metro area since all I could afford was a $800 studio apartment in Flushing. Every real estate broker told me that I had a 'very low chance' of being approved by any board even with $100,000 in cash to put down.
Oh & I am white & native NY'er. Others who grew up in the city during the time I did either left or are living out on Long Island or in NJ. No one still lives in the city unless they inherited a RS apartment.
There is construction everywhere in all 5 boros. But try renting or buying one of these apartments even the so called 'affordable housing' if you are a single person making between $40,000 - $100,000 a year.
And RS is slowly being eliminated. The current crop of Manhattanites who vote are against rent control / stabilization even though they are corporate whores and support all handouts to corporations at taxpayers expense.
unless you are talking about the people who were here before the 1600s, there is no such thing as a "native" new yorker.
@9... I'm pretty sure the native new yorkers moved out when they sold the island to the dutch.
To #7:
You made $80K/year and all you could find to buy was an $800K studio in Flushing? When was this? And if this was a rental for $800/month, what in the world were you spending money on that you couldn't afford that?
There are tons of apartments available to buy for a lot less. I make about half what you did, and bought my studio apt in Brooklyn for $200K. I'm not trying to be rude or mean or anything, but something in your comment isn't adding up to me.
To #7
Sounds fishy to me. If you made 80K a year and all you were looking at were renting an apartment for $800 a year in flushing, you definitely didn't look hard enough or weren't willing to make larger sacrifices in order to live in Manhattan.
Oh, and work harder. Bring that 80K higher. These days, 80K is nothing.
Sadly, This is a trend that started about seven years ago . It's just now showing the end results, I have a couple of friends who used to live in the city last year and now live out in my neighborhood in South-East Queens . They say they realized that the price of living in the city was just to high for them to take, These are Bankers, Realtors,& Economists & they now accept that it's just not worth it anymore . Posted by; "Still Not Amused"
#13, they moved out of Manhattan because they can't hack it anymore.
Jersey City is really a nice place to live.
"Oh, and work harder. Bring that 80K higher. These days, 80K is nothing."
Now I wouldn't say that. You can buy a decent studio or 1BR Co-op in Brooklyn or Queens (In Nice Neighborhoods Too) earning that much, and still have a good amount left over.
No #14 . They moved because they realized that for all the money they make over 60% of it was going towards the rent . You have to make the decision here, Is it worth the cost for the privilege of living in the city ? OR does living in the shadows of Manhattan make more sense . Think about it, We all work to pay for a lifestyle and comfort . It defeats the purpose if the vast majority of Ur income is spent before you receive the check ! Posted by; "Still Not Amused"
No 8: Don't you think that rent control / stabilization has contributed to the situation you bemoan?