Sunday, January 07, 2007

Manhattan Luxury Real Estate continues to inflate

Um, does this somehow not sound sustainable?

One of the biggest price surges in Manhattan took place on the Upper West Side, where four-bedroom and larger apartments cost an average of $5.7 million, or a 48 percent increase over the fourth quarter from 2005.
If you haven't been keeping track, the fourth quarter from 2005 was one year ago. This is a year-on-year increase of one half. It's nice to see exorbitant unearned bonuses for financiers going into transitory housing prices.

1 comment:

Brad said...

It's nice to see exorbitant unearned bonuses for financiers going into transitory housing prices.

This was laugh-out-loud funny.

By the way, the pessimist in me says that there will never be more than a small, temporary drop in housing prices.