houstonmacbro Posted February 18, 2007 Share Posted February 18, 2007 While NYC continues to soften, some of it's mega-prime real estate is going for even more ... while the second article shows that Miami is in deep (trouble?).****U.S. Housing Cools, but Not High-End ManhattanWhile the Rest of the Housing Market Slows Down, New York Prices Continue to SoarThe skyscraper at 666 Fifth Ave. stands on Fifth Avenue near 53rd Street December 7, 2006 in New York City. The Kushners, a New Jersey real estate family, will buy the building from Tishman Speyer Properties for $1.8 billion, setting a new record by $800 thousand. Tishman Speyer spent $1.72 billion when they bought the MetLife Building. (Stephen Chernin/Getty Images)Related StoriesBy CHARLES HERMANDec. 8, 2006 Quote Link to comment Share on other sites More sharing options...
The Great Hizzy! Posted February 19, 2007 Share Posted February 19, 2007 Well, the Miami Bust was inevitable. They were depending far too much on people from other locations investing in the properties only to sell them (flippers) later. The average income in Miami does not lend itself for the mass purchasing of all the higher end units being brought to market and the natural "correction factor" is underway. It'll take a couple of years or so to even out some. Quote Link to comment Share on other sites More sharing options...
jdbaker Posted February 19, 2007 Share Posted February 19, 2007 While NYC continues to soften, some of it's mega-prime real estate is going for even more ... while the second article shows that Miami is in deep (trouble?).****According to today's NY times, the Manhatten market is already back on the upswing at all price points. Speaking of really expensive real estate, has anyone else notice that lots/teardowns in West are getting really, really, expensive? Quote Link to comment Share on other sites More sharing options...
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