So, if you want to buy something in New York City, the median price is now 1.4mil! Wow, and I thought Calabasas was out of control. The thing with NYC is that it's an island and their is only so much real estate. An old New Yorker friend of mine who grew up in mean streets of Hell's Kitchen warned me about 5 years ago, that eventually there would be no bad neighborhood left in New York, because the value of the city is too high.
Los Angeles is more spread out with a lot of open space left to build and develop. Even our own downtown, which is rapidly ascending, is still a bargain because there is so much undevloped space.
For more on this development click for the article in the New York Post about the Manhattan real estate market.
NY Post ARticle
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