7 replies to this topic

[Rogerdodger]

To go with your $55 bottle of water:

NEW YORK (AP) - If you're looking for a Manhattan apartment, be prepared to shell out about $2,000 a month—unless, of course, you'd like a bedroom to go with it. Studio apartments in New York's most expensive borough went for an average of $1,995 a month last year, according to an analysis released Friday by Citi Habitats, a Manhattan rental brokerage firm. That's up from $1,659 in 2002.

The average rent for a one-bedroom apartment shot up to $2,737, compared to $2,227 in 2002, and two-bedroom apartments climbed to $3,893, from $3,198 in 2002. Three-bedroom apartments saw the largest percentage increase: more than 36 percent, from $4,059 in 2002 to $5,534 last year.


The increase did nothing to decrease demand. The overall rental vacancy rate for Manhattan last year was less than 1 percent.

He attributed the bulging rents to the city's strong economy. In addition, the U.S. dollar is low against foreign currencies, "and we're a very popular destination for foreigners," Dente said.

Citi Habitats based its data on 50,000 deals the firm closed from 2002 to 2006.

About 75 percent of housing in Manhattan is comprised of rental properties.

LINK

[atlasshrugged]

LOL thats more than my mortgage on a 5,400 sqft house in Vegas! but of course i dont have a view of the East River...just the light from the luxor beaming through the master bedroom!

[Douglas]

I've said it on this board before. There are two parallel universes of inflation - the WalMart one and the tangible asset one. The WalMart universe is in a downward deflationary spiral as 2 billion more competitors join the work force from China and India - anything with a high to moderate labor skill component is falling in price. Then there is the tangible universe of land, energy, and materials whose price is marching upward all be it in fits and starts. Great locations like NY, Santa Barbara, Nice, London, etc. are becoming more incredibly expensive with each passing day. Cash is trash as the Fed is gradually destroying the dollar - with almost 95% of its value lost just since I was a kid. Buying anything tangible that has a growth component makes sense. Its true of NY land and also true of the XOM's, GE's, etc. of the world which have real tangible assets on the books at cost, are inflating, and expanding.

[Rogerdodger]

The greatest economic boom ever
By Rik Kirkland, Fortune July 12 2007: 9:46 AM EDT
(Fortune Magazine) -- Just how red-hot is the current worldwide expansion? "This is far and away the strongest global economy I've seen in my business lifetime," U.S. Treasury Secretary Hank Paulson declared on a recent visit to Fortune's offices.

LINK

[pdx5]

China+India = 2.5 Billion people. That is aprox 2 persons out of every 5 in the entire world. China & India had the largest economies in the world a couple of centuries ago. Both have culture and history which encourages education. Now that both are discarding the shackles of socialism, there is little doubt in my mind both will regain the pre-eminent status before first half of 21st century is over. What that means is that world economy has a long march upwards coming up. Meanwhile at the Wall Street ranch, I expect market to maintain a bullish bias due to many factors at the present juncture. However the problem I see is that whatever catalyst sets in motion a correction , it will be very rapid but sans a crash.

Edited by pdx5, 14 July 2007 - 07:04 PM.

[Rogerdodger]

Some guy around here has been calling it "a once in a lifetime opportunity that most will not believe".

[redlocks11]

To go with your $55 bottle of water:

NEW YORK (AP) - If you're looking for a Manhattan apartment, be prepared to shell out about $2,000 a month—unless, of course, you'd like a bedroom to go with it. Studio apartments in New York's most expensive borough went for an average of $1,995 a month last year, according to an analysis released Friday by Citi Habitats, a Manhattan rental brokerage firm. That's up from $1,659 in 2002.

The average rent for a one-bedroom apartment shot up to $2,737, compared to $2,227 in 2002, and two-bedroom apartments climbed to $3,893, from $3,198 in 2002. Three-bedroom apartments saw the largest percentage increase: more than 36 percent, from $4,059 in 2002 to $5,534 last year.


The increase did nothing to decrease demand. The overall rental vacancy rate for Manhattan last year was less than 1 percent.

He attributed the bulging rents to the city's strong economy. In addition, the U.S. dollar is low against foreign currencies, "and we're a very popular destination for foreigners," Dente said.

Citi Habitats based its data on 50,000 deals the firm closed from 2002 to 2006.

About 75 percent of housing in Manhattan is comprised of rental properties.

LINK

I live in Manhattan--the article is, unfortunately, accurate. Those of us who managed to get hold of rent controlled or rent stabilized apartments literally can never afford to move. Two friends of mine got married. She had a rent stabilized apartment that wasn't big enough for the two of them. He had same thing. They couldn't afford an apartment that WAS big enough for two of them so they each kept their apartments and now live together--in two places!

Barbara R.

[Rogerdodger]

so they each kept their apartments and now live together--in two places!

See. There IS a bright side.