Mayor Bloomberg says it is time to buy Manhattan real estate

and a shoutout to StreetEasy:

"Town-house properties with more than 10,000 square feet are rare; only five — including three on the Upper East Side — were sold in Manhattan last year, according to StreetEasy.com, a real estate Web site. The average price: $32 million. "

Will the Mayor provide funding????

Something strikes me as a little odd about the quote that there was no haggling. If Mr. Bloomberg paid about $1.2 million and the asking price was over $1.3 million, doesn't that mean there was some haggling? How does one get to a lower price without haggling?

I don't get it. Out of one side of Bloomberg's mouth he is screaming for more affordable housing. And now, out of the other side of his mouth, he's telling people to buy. Buying now will only keep prices artificially high and less affordable.
Don't buy now, we need affordable housing. Imagine if a new hire could live in a decent apartment in a decent neighborhood and spend only 20% of his income. Imagine if a middle class 20 something could actually move out of his parents apartment in Brooklyn and afford his own apartment. Hundreds of thousands of local 20 and 30 somethings move out of state because they are tired of living with their parents and can't afford a reasonable apartment in the city.
Don't prop up these prices. Let them crash. The market will take care of the affordable housing crisis just stay out of it's way. As is nearly always the case, the best thing for the government to do in this situation is to do nothing.

I never said that Bloomberg was saying to buy, I wrote the title in a tongue in cheek manner due to the fact that Bloomberg is buying. ;-) I am sure Mr. Bloomberg knows that he will not always get the chance to expand his house in all directions and he buys when the opportunity presents itself. After all, he has the means to do that.

All of you hoping for a dramatic crash may not like to live in the city after it happens. The cuts to the tax rolls, the rollbacks in services, the damage to the quality of life, may outweigh the little bit of money you save on an apartment.

yes, wouldn't have been nice if prices had never been artificially inflated, thereby avoiding the quality of life issues of which you speak. but no such luck. at least it may not be "the little bit of money" but rather quite a bit of money.

Where is he saying to buy? He bought in 1989 -- Frankly , he has billions so an addition is not a reflection of goodmarket timing -- it is an opportunity for his improved comfort.

manhattanfox,
Read above, I said the title was tongue in cheek. But, he is buying, regardless of whether he is saying to buy or not. He is most likely silent on the matter. I, for one, will buy when I find something that meets all of my criteria. Of course, Bloomberg's case is totally different than the average buyer's, given his immense wealth.

Tough life. He must really be able to relate well to the rest of us.

"Hundreds of thousands of local 20 and 30 somethings move out of state because they are tired of living with their parents and can't afford a reasonable apartment in the city. "

also high health care costs for healthy youngsters relative to other states, like california are another major reason for them to move out. a healthy 20-30 year old in nyc is supposed to pay the same as an old guy with high cholesterol, diabetes, strokes, ... so 1 in 4 end up without health insurance, a risky proposition.

Barbara Corcorcan, as well said now is the time to buy and there has'nt been a better time to buy. Come election day I will not vote for Mayor Bloomberg.

That's "Generalissito Boston Bloomberg" to you.

Actually its Ms. Bloomberg aka billionairess.

"Don't buy now, we need affordable housing. Imagine if a new hire could live in a decent apartment in a decent neighborhood and spend only 20% of his income. Imagine if a middle class 20 something could actually move out of his parents apartment in Brooklyn and afford his own apartment. Hundreds of thousands of local 20 and 30 somethings move out of state because they are tired of living with their parents and can't afford a reasonable apartment in the city.
Don't prop up these prices. Let them crash. The market will take care of the affordable housing crisis just stay out of it's way. As is nearly always the case, the best thing for the government to do in this situation is to do nothing."

Sorry to disappoint you, but noody has a right to own a Manhattan apartment. And there are several problems with your arguments. First off, few banks will lend to a new hire because they often don't have much of a credit history. They want to see maturity. Young people today are spoiled. They expect to make $100k + the day after they graduate. And unless the name of your school starts with Harvard and ends with Business/ Law School, that is not going to happen. No matter how much prices fall, new hires will never be able to afford to buy without financial help from mom and dad.

alpine292 -- I have to agree with you -- I had to gather $50K for my first down payment in 1998. It took me 4 years since I had $40K in student loans to pay off, too. When I sold it (2005) - the buyer had to have $125K as a down payment. This was an 80% financing building. It is really heard to ask a 25 yo to produce that much cash (without the help of Mom and/or Dad) regardless of income.

Christine Quinn and Mayor Gloombird want to make housing more affordable by reducing housing in certain buildings from 10K a month to 6k a month.

$6k a month is not affordable to the middle class. In order to afford that much, you would need to earn at least $175,000 a year.

$6000 a month is $240,000/year salary, if you go by the brokers' 40x rent rule.

http://www.nydailynews.com/news/politics/nyc-council-speaker-wannabe-suddenly-embraces-pledge-article-1.1516272

Field hamster posts again!!!!! Yeah.

Only 1545 posts. Tsk tsk tsk. I've got like 9k. Thatz how youz troll beytches!!!!

+1 person who touches w67's wife.

Gonna hit 10k. Someone get me champagne!

CPS in this instance stands for Compulsive Posting Syndrome...