Tuesday, July 13, 2004
Something is just downright fishy with this new survey out purporting that the average (mean) Manhattan apartment sold for over $1M last month.
OK - so the median price for apartments in Manhattan was $674k. Who are all these rich people and where are they. HALF of all purchases last month were above that amount? I just don't understand how that is possible. Your monthly mortgage payment alone would be over $3400! With utilities and maintenance, we're talking $4500 a month.
Looking elsewhere, we see that the median household income in Manhattan is $47,000. So the median household is making $2500/month after taxes, but paying $4500 for their apartment?
I work on friggin Wall Street, and no one I know can afford those prices. The people I work with are taking the ferry in from Staten Island every morning.
Maybe there's some big secret that I haven't been let on to yet.
OK - so the median price for apartments in Manhattan was $674k. Who are all these rich people and where are they. HALF of all purchases last month were above that amount? I just don't understand how that is possible. Your monthly mortgage payment alone would be over $3400! With utilities and maintenance, we're talking $4500 a month.
Looking elsewhere, we see that the median household income in Manhattan is $47,000. So the median household is making $2500/month after taxes, but paying $4500 for their apartment?
I work on friggin Wall Street, and no one I know can afford those prices. The people I work with are taking the ferry in from Staten Island every morning.
Maybe there's some big secret that I haven't been let on to yet.
