the end of us
There is an apartment complex here in Brooklyn that was sold to investors for 1.3 billion dollars. Yep, 1.3 billion. Granted, the apartment complex is huge (it includes its own schools, shopping area, etc.) but 1.3 billion? Have I mentioned that it cost the investors 1.3 billion dollars?
The article tells of how this deal shows just how "exuberant" the real estate market is here in the city. The article goes on to say that "the city is in the midst of a seven-year-long housing boom, yet vacancies remain very low and rents are spiking."
This will be the death of us. And if it's the death of us - a family that makes a decent wage - what will become of people who don't make a decent wage?
-
The article tells of how this deal shows just how "exuberant" the real estate market is here in the city. The article goes on to say that "the city is in the midst of a seven-year-long housing boom, yet vacancies remain very low and rents are spiking."
This will be the death of us. And if it's the death of us - a family that makes a decent wage - what will become of people who don't make a decent wage?
-
posted by jch at
7:46 PM
2 Comments:
You are right! Here in Chicago there are single family homes going for 1.5million. They are three stories with nothing too extraordinary. My husband is a builder so he gets to build them.
In all honesty, i am content in my single family bungalow!
There was also a story in the Wall Street Journal today about all the high-end condominiums in Manhattan where most of the units are vacant most of the time because they are second or third homes. It boggles the mind.
Those of us in the rest of the country can't understand how anyone can afford to live in New York. We have a 4-bedroom, 2 1/2 bath, 2800 square foot, 2-story brick house here on 8 tenths of an acre for a house payment of less than it costs in NY for a studio apartment.
I love NYC and would consider living there if not for the high cost.
--Mary Lou, Charlotte, NC
Post a Comment
Subscribe to Post Comments [Atom]
<< Home