Quote:
Originally Posted by JMKeynes
This is no surprise. I can’t think of any other city in the world where properties sell at $10k/sf+. Properties in SF and London, for example, are way less expensive on a price per square foot basis. Most upscale properties in those cities sell for $1,000-$2,000/sf.
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Is that an actual statistic, or just an anecdotal observation gleamed from looking at the most extravagant of Manhattan real estate?
PSF aside, actual median selling prices in New York aren't really that extreme - especially compared to median local wages. IIRC, even just within the US San Francisco has a higher median sale price to median wage ratio; to say nothing of overheated markets in lower-wage places like many of those in Canada, Europe, Asia, and Australia. New York's ultra-luxury market does get pretty extreme - you won't find $100 million apartments in many other cities, for example - but that's not representative of what most people are buying.