The average price of Manhattan apartment in the second quarter slid to $1,312,920 down from $1,669,729 a year earlier…
The average????? Surely these numbers are being skewed badly by the pricey few, right?
Not so much:
In the second quarter, the median sales price — in which half the values were higher and half were lower — fell 18.5 percent from a year earlier to $835,700.
Friends, that’s just insane.
If you can make it there, you can make it anywhere.
What does skew things a bit is that prices vary wildly around the city. While it’s all expensive, certain areas (most of Manhattan, large portions of Brooklyn) are super-expensive. So it’s being skewed by the pricey many… which also skews the median.
When I lived in Boston, the rents in Boston were on average higher than NYC – which shocked me, but this was before many areas in NY were gentrified, and moving to Brooklyn meant “cheap.” Now, not so much.
“If you can make it there, you can make it anywhere. ”
I’d have said we’re relatively successful…. and frankly, my family couldn’t possibly make it there.
Madness.
Personally, I never could figure out how anyone could “make it” in a place like NYC, Boston, DC, LA, or SF. Prices are simply too danged high.
Maybe those hideously outrageous bonuses are necessary, after all.
~EdT.