New York City Real Estate Values Up 19 Percent
It looks like the bubble has not popped in New York City yet. While the suburbs surrounding the Big Apple has slowed, the city itself has seen an amazing appreciation in values.
Repeat after me, All Real Estate is Local, All Real Estate is Local, All Real Estate is…
According to city finance officials, between May of last year and this month, the estimated market value rose from $674.1 billion to $802.4 billion for commercial and residential property in the five boroughs.
The borough of Brooklyn had the largest increase, 27.6 percent, to $202 million; nearly matched by the Bronx, with a 27.6 percent increase to $56 million.
Values in Manhattan went up 18 percent, to $257 million; Staten Island increased 16.9 percent to $66 million. Queens properties rose 12.1 percent to $222.5 million. via Newsday.com.
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Comment by Sam Chapman on 15 January 2007:
You are absolutely right about real estate being local. The Austin, TX market is made up of 5 counties. People from the west coast read about our median price being around $200,000 and jump. They come out to the area west of downtown where we have dramatic hills and lakes and think that $200,000 median price applies here. One word – NOT. Every market has submarkets…