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Lower Manhattan real estate also suffers
If you need a barometer of how bad conditions have become real estate, not have to go far beyond Lower Manhattan area of New York City. Although housing in upstate New York generally held up well because the types loan that hit other areas of the country were not common in the state, Manhattan shows that other factors can have such devastating effects.
First Instead, to capture the entire world at the speed, there is the Upper Manhattan and Lower Manhattan. Upper Manhattan is often regarded as the street 96 and above, but in some measurements Alto Manhattan begins around 59th Street. It is an important distinction more for political reasons, but when most people around the country think of New York, usually think in Lower Manhattan, and that's what we're talking about here.
Secondly, there are very few actual houses in Lower Manhattan. Most properties are purchases or rentals of apartments into condominiums. The average price of a condominium in 2008 was $ 975,000, at this time, that price has fallen to about 725,000 dollars. New condo prices have fallen to $ 1,069,000 from $ 1,145,000 last year. There is also much more empty condos that New York is used as the waiting list was drastically reduced in most areas.
The problem here, of course, was the collapse of Wall Street. Financial companies were to stop many drop a large number of employees when there was no commercial activity as things happen, and obviously, no lives in New York can survive in the payment of the state high unemployment rate of about $ 450 a week. In New York, a condo is like owning a house, you only pay a separate place to park your car, if you have a car.
And those are only the prices of condominiums. Apartments can stay for more than condominiums Manhattan, where, the average price of an apartment has been reduced from $ 1.56 to $ 1.26 billion, or 24% for medium-priced apartments. apartments Luxury also have fallen 25% from $ 5.95 to $ 4.76 billion a year.
Numbers like these are difficult to understand for most of us, but also makes them easier to see the difference in dollars and how they can affect things. In a state like New York, that is different than most states because a large part of its annual budget comes from Wall Street, who were already going to suffer a budget deficit of $ 200 000 million, and add on top of which a tax loss that the City of New York is suffering from Manhattan only, and you have a difficult situation affect things like schools and services.
Fortunately, the last quarter has shown growth of 10% over the previous quarter, which may signal New Yorkers are ready to start buying again. Some of them are what they see as bargains nice too. In fact, almost anywhere you live in Lower Manhattan puts you close to something exciting. All you have to worry about paying for it.
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