From car sales to high-rises, the financial squeeze is being felt from bottom to top.
The average price of a Manhattan apartment fell to just under $2 million, a 32 percent decline. Real estate agents attribute it to a state-transfer tax.
Yes, in part. We attribute it to stagnant wages and “real” inflation numbers, not the fake ones the government spews, and declining job opportunities that pay living wages.
Meanwhile, rents are astronomical in major coastal cities.
The median rent for a single-bedroom pad in the Big Apple is $2,970 per month.
A “studio” rental in San Diego made headlines: this 200-sq.-ft. stand-alone property was going for $1,050 per month.
To be awarded this honor, the potential occupant needs a credit score upward of 650 and an income of at least 2.5 times the monthly rent.
Despite what we forecast as a questionable future in real estate as the “Greatest Depression” looms, foreign institutions and pension funds are investing in commercial real estate in New York.
Low interest rates and shaky stocks make real estate appealing in a market in which a fifth of all government bonds yield zero and sometimes negative interest.
And they’re buying up these hyper-expensive commercial properties, despite being vacant for years, while big-name stores close their doors on Fifth Avenue and in other hot retails spots in the City.