March 30, 2004
NYC Real Estate 101: Lots of Money for Not Much
The Post has yet another article on how Manhattan apartments are crazy expensive, and people are buying them, even if they're tiny. Douglas Elliman's Manhattan Market Report for the 1994-2003 (PDF here) period shows "the average price for a Gotham apartment was a staggering $872,160 last year - up 93.8 percent from the 1994 average of $450,084; the average price per square foot jumped even more during the same time - 146.7 percent from $278 to a record high of $686 per square foot." This news follows February's report from Corcoran that there is an apartment shortage. But the worst words from the article is a quote from the president of Citi Habitats: "The sales competition has had a tremendously good impact on the rental market." Bah! Damn you, Alan Greenspan, for making interest rates so low that everyone wants to buy! And to think Gothamist was going to name its firstborn after you, so people would tremble at its name!
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Wait I'm not clear, so when they say there was a good impact on the rental market, does that mean good for renters or good for landlords?
Landlords! Apparently the real estate experts say the rental market is "soft," which we don't really believe or else we'd be living in a 2 bedroom loft the Village for $1500. Buyers who can't afford to outpay other buyers get fed up and rent instead.
Manhattan needs more housing, but numerous factors conspire against new construction. Meanwhile hi-rise after hi-rise goes up in Jersey City and Hoboken, further and further inland from the Hudson. We should start a pool to guess the month and year that the population of Hudson County, NJ (608,975 in 2000, 47 sq. mi.) exceeds that of New York County, NY (1,537,195 in 2000, 26 sq. mi.). My guess is June, 2023. Save the date!
thats why people should move to brooklyn.
thats why people should move to brooklyn.
These prices blow my mind. I bought a 2000 sq. ft. home on 4 acres just outside of Little Rock, Ark., for under $100,000.
"thats why people should move to brooklyn."
and how long until theres a housing shortage there?
Brooklyn isn't much cheaper and parts are equal price-wise to Manhattan. Check out the prices in Cobble Hill, Boreum Hill, Ft. Greene and Park Slope if you don't believe me. I'm looking right now and it's mighty frustrating.
I'm in the same boat as Polly. I'm suspecting that I'll likely have to leave the 5 boroughs in order to buy a home, which really disappoints me. My partner and I combined have a pretty good income, but we simply cannot afford to buy the $450-700K+ 2BR condos in our neck of the Brooklyn woods. Bleh.