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 Despite the wrestling-style gorilla-press powerslam the economy has been subject to of late, the good news is that NYC real estate doesn’t give up as easily as elsewhere. According to some, it’s resilience is matched only by San Francisco. Edward Glaeser, an economist at Harvard, writes on the New York Times Economix blog:
Today’s Case-Shiller housing price figures indicate that New York City’s prices dropped 7.5 percent in the last year, while prices in Los Angeles declined 27.9 percent. Nationwide prices dropped 18 percent. New York is the only major metropolitan area with prices that are still 90 percent above prices in January 2000. According to National Association of Realtors data, New York is the only city in the continental United States, outside of San Francisco Bay, where median sales prices remain north of $500,000.
Read more. All well and good from an economist’s theoretical standpoint, but what does someone with her feet on the street say? On January 8, Jacky Teplitzky (pictured) from Prudential Douglas Elliman (she has sold more than $500,000,000 of Manhattan real estate!) comes to the Y to separate fact from fiction and sort out whether now is the right time to invest in what God ain’t making more of. Whether you’re in the market for these cozy digs on Grove Street below or not, don’t “try this at home” without consulting a pro first.
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