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You'd think NYC would reach a point where the market wouldn't bear any more price increases, but we're not there yet.
by ChrisLTD 1y ago
You'd think NYC would reach a point where the market wouldn't bear any more price increases, but we're not there yet.
- tehlike 1y agoand may never be.
- subpixel 1y agoI thought that 20 years ago.
- bobthepanda 1y agoNYC is unlike most housing markets in that for a lot of people, an international pied-a-terre in NYC is a sign of luxury and wealth, whereas no one really gives a crap if you have a second home in Seattle or Chicago or Boston. In the US the only other markets that operate like that are probably LA, Miami, maybe Honolulu.
- brailsafe 1y agoSome bits of Colorado maybe?
- bobthepanda 1y agoski towns and places like Jackson Hole or Bozeman are unique in their own right but my understanding is that the demand there is mostly domestic-driven, amplified by a by-definition small housing market size. this doesn't affect big cities near nature nearly as much, like SLC or Denver.
- esseph 1y ago"is a sign of luxury and wealth" I wish they'd just go to therapy instead
- psunavy03 1y ago. . . or they're rich enough to buy it, but they legitimately enjoy having it?
- prettybird 1y ago[flagged]
- euroderf 1y agoDoes New Jersey get no love ?
- bobthepanda 1y agoWell no, because the entire point of using an NY address for clout is that it's in NY. NJ is definitively not NY for that purpose.
- akoster 1y agoHousing is also pricey in NJ adjacent to NYC in cities like Jersey City and Hoboken, but its a ferry / PATH train away from Manhattan.
- mmooss 1y agoFor a lot of people, many more I would guess, there is no substitute for access to the city, culture, highly skilled dynamic people and organizations, etc.
- bombcar 1y agoLA is a huge sprawling pile of homes of various prices. Portions of LA have some cachet but a "second home" in LA could be this wonderful box: https://www.zillow.com/homedetails/10955-S-Spring-St-Los-Angeles-CA-90061/20971794_zpid/ https://www.zillow.com/homedetails/10955-S-Spring-St-Los-Ang...
- bobthepanda 1y agoNearly all metropolitan housing markets have bad areas; you can find a home for <200k in the South Bronx in NYC, for example.
- bombcar 1y agoYeah, my point was that I doubt a 10% increase in prices is being driven by people shopping zip codes. They want the actual residence for whatever reason - more than they want the money.
- bobthepanda 1y agoWhile they want specific residences, it does also have the effect of driving the market up more broadly, because people who would otherwise buy those units must then bid up the next available units.
- quickthrowman 1y agoThat’s not even really a listing for a house, if I was interested in purchasing it I would take the land value and subtract the cost to demolish the building to get a fair value.
- FredPret 1y agoAccording to the Credit Suisse Global Wealth Report, the USA alone has ~26m millionaires, and ~85m in the whole world. A lot of them want to live in NYC, and many times more than that want to visit.
- psunavy03 1y agoMillionaire money is not "second home in NYC" money these days.
- FredPret 1y agoEnough for "rent an apartment in NYC" or "holiday in NYC" though
- shitpostbot 1y ago[dead]
- deleted 1y ago[deleted]
- deleted 1y ago[deleted]
- ramesh31 1y ago>You'd think NYC would reach a point where the market wouldn't bear any more price increases, but we're not there yet. You'd be thinking this since 1873
- gaws 1y agoIn NYC, the price could always go up. One of the few places on the planet where there is no ceiling.