Manhattan real estate proves to be scarily impervious to as the average apartment price has broken the $900,000 mark, to ring in at $916,959 according to Douglas Elliman. That's right, just to make sure everyone knows that living in New York is also part of some crazy experiment in financial derring-do and torture, CNN does the dirty work for us: It would take "an average American family, with an average income of $42,409, according to the Census Bureau, nearly 22 years to buy an 'average Manhattan apartment -- if its entire household income was devoted to the purchase." Of course, the average is skewed, due to the many trophy apartments in the city that might not sell, like Ian Schrager's CPW folly. It feels very Austin Powers, when people coming to NY say they want to spend $1 million (one meel-yon dollars!) on an apartment and real estate agents will just laugh in their faces.
The New York Times also has its analysis of our fine city's overvalued apartment real estate.