Saturday, April 11, 2009

Though somehow, this still seems really expensive (call me when it drops to $29,999)

From the Times:

Bargain seekers, nostalgists and ascetics, take heart: the $200,000 apartment has returned to Manhattan.

And breathe easy: the location is not Yorkville or bust. At these prices, you’d be excused for imagining a box perched on the West Side Highway — or at the very least, a treacherous trek to the subway. Instead, you’ll find properties in Carnegie Hill; Avenue B in the East Village; Tudor City; and the East 50s, 70s and 80s.

Brokers and sellers expressed mild shock — and in some cases outright chagrin — that prime Manhattan property can now be had for a fraction of an A.I.G. bonus.

“When was the last time I saw these prices?” said Dan Danielli, a broker at Halstead Property. “Not in a long time. Let’s put it that way.”


Today 2pm Union Sq said...

That is great, whatever.

Are you finally fed up enough to get off the computer and go out your door to Union Sq 2pm today and register your dissent at the system that broke the economy and is now sucking up the peoples money?

You've got nothing better to do, admit it.
Take a break from looking for work.

Prodigal Son said...

Two points, first the "bitter renters" on Curbed have been vindicated. The cost of apartments in New York has actually dropped, not just stopped going up. If you were going to buy an apartment, you were better off waiting for several years,

Second, apartments are still too expensive and prospective buyers are better off waiting another couple of years to see if they drop further. In fact, the whole "borrow money to buy property" idea should be reexamined. In many other countries you have to pay cash for real estate and most people, who can't get together the savings, rent. But you don't have big chunks of the economy tied up in real estate either.