Friday, August 18, 2006

It's Official. I'll Never Own Real Estate in New York...

I read this article in AM New York ( a freebie paper they give out on the street) about the soaring prices of real estate in Manhattan, and all of New York City for that matter - and I thought this tidbit was interesting:

"Wondering whether you can afford to buy a Manhattan apartment? Here's how to find out: Convert all the money you're willing to spend into crisp $100 bills, then put those bills in a bag. Lug that to the apartment in question. and dump the money on the floor. Now spread the cash around the apartment, bathroom and all. Look around. Can you see the floor? If the answer is yes, collect your money and move on. You can't afford this apartment. This is not hyberbole. An average Manhattan apartment costs $1083 per square foot, according to the latest market reports. Ten $100 bills, when spread out flat, occupy about a square foot."

Even more depressing, check this out: The average Manhattan apartment costs 1.3 million. Here's what you can get for that much $$$ in other cities:

Seattle, WA: 5 bedrooms, 4 baths, a fireplace, 3570 square feet and water views
Boise, ID: 6 bedrooms, 6 baths, 4 car garage, landscaped grounds and pool, 6438 square feet
Phoenix, AZ: 4 bedrooms, 2 baths, 2853 square feet
Austin, TX: 5 bedrooms, 5 baths, 2 half baths, 2 car garage, pool, 4605 square feet
Peachtree City, GA: 6 bedrooms, 4 baths, 2 half baths, pool, 8000 square feet
Portland, ME: 3 level condo penthouse with harbor views. 3 bedrooms, 3 baths, 3099 square feet.



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