The market has changed since this question was asked on July 13, 2007. It declined after Lehman Bros closed and it rose. in 2010 and 2011. Rental prices have continually increased.
Here is a current data about the New York and Manhattan markets today.
New York led a second consecutive month of U.S. housing price gains, according to the May Housing Price Index released by CoreLogic and reported by Adam Fusfeld in The Real Deal.
Nationwide home prices rose slightly in May compared to April, but remained far below their levels a year ago. Including distressed sales, prices rose 0.8 percent compared to April, but were stuck at 7.4 percent less than May 2010.
Excluding distressed sales, the year-over-year decline was just 0.4 percent. New York showed the strongest gain of any state in the country, as home prices rose 4.4 percent in May compared to 2010, and excluding distressed sales the increase was 6.1 percent.
The New York-metro area also performed better than any other large urban area in the country over the last 12 months, as its 3 percent gain in housing prices was the only positive change in the country.
In Manhattan according to second quarter market reports recently released the market contnues to stabilize. Market-wide pricing for all apartments grew at a steady rate from both Second Quarter 2010 and First Quarter 2011, largely due to price growth in the resale market. Resales have been strong, with median price up 9% and average price per square foot up 4% from one year ago.
Mitchell Hall, Associate Broker
The Corcoran Group
April 28 (Bloomberg) -- Eli Broad, a philanthropist and co- founder of KB Home, the fifth-largest U.S. homebuilder by revenue, said he expects home prices to drop another 20 percent.
``I don't think we're anywhere near a bottom in housing,'' Broad told Bloomberg TV at the Milken Institute Conference in Beverly Hills, California. ``We're going to have a big inventory of unsold, unoccupied homes that's going to take three or four years to clear out.''
The Village is one of the rare spots in NYC that will appreciate. From beatnecks to poets to musicians to traders, everyoe wants to live in the Village. To answer your question, no. Best of luck with your purchae.
Please Contact:Tony Lara
Licensed Real Estate Salesperson
Charles Rutenberg Realty
127 East 56th Street, 4th Floor
New York, NY 10022
(212) 688-1000 x 435... more