Zack I am not talking about California I am talking about Manhattan, you can't compare the two markets, even though we are told that California market is slowly picking up again. People who bought homes in California for 2 Million dollars when they could only afford a million "WERE PROBABLY NOT INVESTORS".
You also have to agree that in 1986 people were not making the insane amount of money they are making these days. If we are talking about Wall Street that is only 5% of our buyers here in the City. And unlike California and other states, we have a very large number of foreing investors shopping for properties in NY. Nobody can tell for sure where this Market Trend is going, but you and I both know that eventually Real Estate always goes up in Prime Areas. I never said that if you buy today and flip in a year or two you will come out on top, most likely you will lose money on that transaction. If you ahve an option to buy a property and hang on to it for at-least 5 years, you will come out on top. We have a shortage of availability here in the city, this is why our market remains strong and because majority of our buildings are Coops which require higher standards from potential buyers.
% of sales has dropped 9% from 1st quarter last year to 1st quarter this year. Right now average price pers square foot is $1,289 compare to last year $1,180.