outrages prices

Certainly rents are ridiculously high. Not only are people having to pay 4000 for a fairly small (and frequently poorly maintained) one bedroom apartment, but the qualifications for getting a lease are impossible for most people. Most landlords are now requiring an annual income of 40 to 50 times monthly rent to qualify for a lease. On that small 4000 one bedroom apartment, that means having an income in the top 1% to 2% annually. And this is in a neighborhood that not too long ago would have been comfortably middle class. But we are driving the middle class out of Manhattan. These are the people who teach in our schools, work in our theaters and our museums. They are also the actors, musicians, writers, and all those other people that really make New York unique. And we're driving them out. I think we are well on our way to committing economic suicide in this city. And it's not a very pretty thing to watch.

it is very true, manhattan has turned into the rich peoples boro

If someone wants to spend 4k a month for rent, what is it to you? You can do what you want, but why criticize other people by calling the "stupid"?

very true

All I can say is it depends on how lucky you are. If you are able to find rent control it can be very cheap or some type of deal. I have a friend who's grandma got into a rent control nyc apartment in the 80s. She basically pays $70/month (note since she is retired they can't raise the rent) for a two bedroom that includes gas, heat and electric? My cable bill is more than that :(. Also in the 80s there were programs out there that you can get a co-op for next to nothing < $5,000. I know some people that did nothing and got a co-op for less than 5k and the maintence is very cheap (duplex for ~$300 a month). The key to this deal is if you are making a $1 million salary it does not impact the maintence you pay (they only looked at the income guideline once). Unfortutely I didn't get in on these deals, just friends I know.
I think the rich are paying those prices for location and amenities. Recently I know someone who got into housing and rent is $700 for a month in prime manhattan whereas the rental for the same apartment on a different floor is over $3K. Place includes swimming pool, fitness center, etc. (luxury condo). So I guess there are cheap stuff out there in manhattan but you just have to find it

I listed my coop for sale, received 4 bids all over asking.......way over asking. 3 of the 4 potential buyers were from overseas. It's a global market here in NYC.

LOL - sure broker above me - we believe you - keep trying...

Looking at this apartment makes me think some sellers in nyc are completely of touch with reality:
http://www.streeteasy.com/nyc/sale/53867-condo-425-fifth-avenue-midtown-south-new-york

$1,588/square foot in the fashion district?!! I don't care who the architect is. Its not worth it. This is also after the seller dropped the price $600,000 after one week on the market!

It's true, there's so many delusional sellers out there. Scary part is, I've been looking hoping to find a deal and while sellers are a bit more flexible now, they're only willing to drop their price from insanely ridiculous prices to just plain ridiculous prices. It's the reason why I know tons of professionals who make the kind of money that would be envied in just about any part of the world, yet they still can't afford to buy a one-bedroom in this city.

Midtown south asking $1,588 per s.f.? It's mind-boggling.

They reduced the price by $1 an hour ago. That'll help.

Sure there are delusional sellers, which is why you are seeing wild swings in listing discount. But the market continues to move along, and certainly there are properties that are priced correctly, and do see multiple offers, sometimes above the asking price. That's how it works.

FYI:
Real estate expected to flounder in 2007
http://news.yahoo.com/s/ap/20061215/ap_on_bi_ge/ye5a_real_estate_outlook

425 Fifth? I wasn't sure I'd want to live there myself, but the apt is spectacular - you're paying for the view. $2.4 is pricy, but you don't get many views like that 62nd floor south facing 2-bed. The floors are magnificent, but they really should have gone another way with the bathrooom tiles.

I was awful tempted though...