Forbes - Most Overpriced Markets In America

It's on the frontpage of YAHOO now......... millions of people are going to see it and read it.

Pack your bags and move to El Paso.

Yes they did label NY one of the most overpriced markets. If you also notice, they claim that the median priced home is $469,000. Which means that they factored in ALL of NYC. This article isn't about Manhattan, it's about ALL of NYC - a BIG difference.

Are Wiliamsburg, L.I.C., DUMBO, and Harlem overpriced? You betcha. Is PRIME UES along Fifth and Park, PRIME UWS along CPW, PRIME Village within the GVHS district, or PRIME SoHo/TriBeCa? Nope. Not by a longshot.

Comparing Far Rockaway, Flushing, Pelham, Fresh Kills, and GV all in one breath is disingeuous as well as just plain stupid.

No more "disingenuous" and misinformed than saying that ALL apartments in LIC, DUMBO and Harlem are overpriced. You had a good point, then you trashed it.

whiteman is paying for the crimes against the native peoples, 23 dolllars in beads

This proves the point that when investing in real estate it's best to stay in Manhattan. Other areas will go up and down in value but Manhattan will always be prime.

This proves the point that when investing in real estate it's best to stay in Manhattan. Other areas will go up and down in value but Manhattan will always be prime.

All financial markets, prime Manhattan real estate, go up and down in value. But to say a real estate market is "overpriced" is ridiculous. Supply supplies, demand demands, pricing is optimized. When Wall Street starts deeply cutting employment, and tourism moves on to another place, Manhattan real estate prices will go down. Good luck timing that.

This survey is bogus. All of the 'overpriced' cities are places where people would actually WANT to live.

Based on this survey, if you want/need to be in NY, what are you supposed to do - wait around until prices go down while mediun salaries increase (the measure Forbes uses to rank the cities)? If that's the case you'll be waiting a looooooooong time....

If average salaries decrease in NYC, housing prices would decrease as well because people will move elsewhere. Either that or NYC RE would be ranked up there as a 'bad investment' for its 'poor economic outlook' or something.

I mean, gimme a break!

Let me introduce you to folks who are "editors" at Forbes. They are schmucks. I personally know someone who writes for Forbes and this person has absolutely no money. This person advises that the editors there make nothing. Similar to New York Times folks --- staff writers for publications make dick for money. therefore listening to them is an exercise in futility.

The title of this article is grossly misleading. Forbes bases its definition of 'overpriced' by comparing median housing prices with median salaries for each local market. The cities that have the lowest ratio are deemed 'overpriced' when it really indicates that there is a large wealth disparity in relation to housing affordability.

You'll get this in cities that are major economic sectors for certain industries - i.e. LA and entertainment, NYC and financial sector, San Francisco and high tech, etc.

Also, cities like NYC have a large proportion of rentals (given the number of transients and things like rent stabilization), lowering supply of housing on the market.

So if you want to buy a house in a market that's not 'overpriced' then move to Tulsa and have fun watching the cows go by.

Yes take advice from a journalist who likely owns no real estate property. Same with stocks.