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The high end of the NYC real estate market was always just effectively made up big numbers. $15 million home, $25 million home. It’s hard to objectively assign
by code4tee 8y ago
The high end of the NYC real estate market was always just effectively made up big numbers. $15 million home, $25 million home. It’s hard to objectively assign real values to such places. Frankly though if you can’t afford to blow a few million on the speculative ultra high end market then you have no business owning such properties.
While all NYC area real estate is pricy, outside the ultra high end stuff the market isn’t seeing such fluctuations.
- ChuckMcM 8y agoExcept that in the article it said that even the sub-million dollar homes were being pushed down by the same forces. Tax law changes, higher interest rates, and currency controls on foreign buyers means it costs more in real wealth to buy a home, so the prices shrink to match. (or they don't shrink and the houses just stay on the market)
- projectramo 8y agoI thought the article said the sub-million market was pushed down by different forces. Below million market was pushed down by interest rates. The over million market was pushed down by capital controls on foreign buyers and tax law changes. This seems to support what the OP was saying.
- gist 8y ago> While all NYC area real estate is pricy A good way to see how atypical NYC pricing is is to take a look at what a house right next to the road that leads to JFK airport will cost you. I think spot checking 4 bedrooms was like $600k (when I checked years ago). The same amount will get you a super nice suburban house (with a lawn in a nice neighborhood and school district) in many other places. Not next to a heavily traveled freeway.
- ummonk 8y agoI mean, that seems like a steal by Bay Area standards.