Interesting Article about New York City housing prices… what does this mean for Vancouver?
NEW YORK (CNNMoney.com) — Manhattan real estate continues to buck national trends – New York home prices soared during the last three months of the year, according to several surveys released Thursday.
The median (midpoint) price for a condo or co-op apartment rose 15 percent to $915,000, according to the Corcoran Group, one of New York’s biggest brokers. Surveys by two other brokerages, Brown Harris Stevens and Halstead, showed 14 percent growth, to $828,000.
A survey by Prudential Douglas Elliman showed lower growth, at 6.4 percent, but a median price of $850,000.
1/11/2008 at 6:36 am
There are always going to be takers for real estate – residential and commercial, in the country’s financial capital. New York is where money speaks and has punch. Thanks to this consistency, investment in property is very low and the demand for housing in Manhattan and surrounding areas is high. This is one part of the United States where realtors and sellers are not mourning the country’s financial situation.
2/13/2008 at 4:51 am
Well there was still a small amout of growth and isn’t that what we want a small about of growth on an investment giving a long period to consider to resell of a home. Do we really want an increase 50% and then a drop to less than what we bought it for in two years. Slow and steady wins the race.
I find it amazing the prices in New York. You could live like a King in Florida for that kinda price!