nyboy666

Property Crash coming to NYC?

I'm very concerned about the state of real estate in New York. When people are selling average apartments for $10+ million and now combined with the mess in the financial markets, do you think buying a home is such a great idea?

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andyme Dec 06, 2007

$10 million - cheap! Try this out - $70 million apartment is for sale at the top of the Pierre Hotel (http://nymag.com/nymetro/realestate/columns/realestate/10152/) and now some guy rumored to have paid $150 million for a penthouse at The Mark. (http://gothamist.com/2007/11/08/150_million_off.php)

tstanton Dec 06, 2007

We're definitely not in for a crash, this is New York after all where real estate is simply a priceless commodity, they aren't adding new land and there's always somebody making money. I do think it will drop slightly though. I hope so! Renting is killing me.

AJ Dec 09, 2007

I agree with tstanton. As bad as the real estate market can get, it will never crach in NYC. There is simply too much demand for housing, and because it is an "International" city, there will always be a huge demand. AJ

Uraniumfish Jan 02, 2010

Wow, it's interesting finding this post, in the aftermath of the crash. There was definitely a housing bubble that was just ripe to burst and nyboy666 saw it pretty plainly.