Just checking out an interactive map via PropertyShark, which shows how home prices in NYC neighborhoods have changed in the past decade.
Average prices (adjusted for inflation) for condos, co-ops, and single- and two-family homes in the East Village have increased 38 percent — from $1,026 per square foot to $1,416 between 2004 and 2014. On the Bowery, prices climbed 62 percent, from $844 per square foot to $1,365.
These prices have nothing on Williamsburg, which shot up from $275 to $1,015 per square foot between 2004 and 2014 — good for a 269 percent increase, according to PropertyShark's data.
NYC real estate "news" such as this goes straight to the who-gives-a-fuck bin as far as I'm concerned. It's all just mind-numbing depressing common sense-defying craziness. Yeah, let's talk some more about 350 square foot kitchenette studios selling for half a million bucks. OK.
ReplyDeleteWell, thank god I got that 38% raise at work.
ReplyDeleteI just dont get how this continues?
ReplyDeleteAnonymous 12:23, It's like this: those at the top of the wealth/income distribution continue to rake in obscene amounts of cash. There is nowhere to invest it productively, so they buy things like art and real estate. As long as this goes unchecked, there is no end.
ReplyDeleteWhat would be more interesting to see is the rate of increase seen with a corresponding map graphic showing population density. Large stretches of vacant buildings bringing in higher property values is what's so distressing. NYC real estate is simply a place to dump investment cash
ReplyDeleteThat actually sounds very low. I would think it increased far more, even in the last 3 years.
ReplyDelete- East Villager