How long before my condo is worth more than New York State?

Hello, Everyone has been saying for the last six years that Manhattan prices will drop. They haven't. Given this, soon I think everyone and their moms will try and buy up Manhattan property since its indestructible. Based on guidance from Spunky and StefeF, I just bought a condo for $10 M before I get priced out. Given Manhattan prices have been growing at 15% per year for the last six years, and... [more]

Hello, Everyone has been saying for the last six years that Manhattan prices will drop. They haven't. Given this, soon I think everyone and their moms will try and buy up Manhattan property since its indestructible. Based on guidance from Spunky and StefeF, I just bought a condo for $10 M before I get priced out. Given Manhattan prices have been growing at 15% per year for the last six years, and given Manhattan is an island, it's safe to assume it will continue to go up at the same rate for ever and ever. Assuming my condo continues to grow at 15% per year and GDP of New York grows at 4%, I have estimated that my new condo will be worth more than GDP of New York state within about 115 years. Further, it will be worth more than US GDP by about 140 years. Hence, my advice to all of you real estate bears (particularly you - stevehx) - buy now before you are priced out -- for EVER. I mean - who amongst us can really afford a condo once it's passed the one trillion mark? I mean, really? --- calculations: My condo: $10 M rate of growth: 15% per year at the end of: 5 years, is worth 20 M 10 years, 40 M 50 years, 10 BN 100 years, 11 trillion 115 years, 95 trillion 140 years, 3145 trillion New york state: GDP in 2006: 1 trillion rate of growth: 4% at the end of 115 years, is worth 90 trillion! US: GDP in 2006: 13 trillion rate of growth: 4% in 140 years is worth 3152 trillion! [less]