posted by fashionursta

Jul 22, 2008 2:48PM

FYI, Manhattan real estate probably will not go the way of the rest of the country because of all the foreign buyers out there who are buying and keeping the prices up. My husband and I just took the plunge because we were afraid of being priced out of what we could get for the money we wanted to spend. Our mortgage will be about the same as monthly rent! As a born and bred New Yorker who spent time in places other than New York, I could never live anywhere else again. It really is the center of everything and that's why foreigners are buying (aside from the fact that their money is worth more here these days.) And Donnatella and her partners know this!

posted by guest

Jul 22, 2008 3:41PM

fyi there are a lot of foreigners who bought in LA and miami and look how that turned out. do you not think the rest of the world might be becoming a little tapped out? have you checked out the foreign stock exchanges this yr? most are down more than ours. are you even going to recognize this new new york if foreigners buy up the whole city and force americans out?

prices in manhattan are starting to soften and inventories are growing. while i love this great city that i own a condo in, i do feel prices will come off some but not 30%.

further, if you bought a $1mill apmnt (roughly 1 bed 800sq ft), put 20% down, interest rate of 7%, your monthly payment on 30yr fixed mortgage is roughly $5400. when you add in maintenance and taxes you are probably paying over $7000. there are over 2200 apartments for rent in manhattan that are at least 2 beds for under $5000. take your real estate rants to streeteasy.

posted by guest

Jul 23, 2008 2:58PM

This is kind of depressing. I love New York City, but who can actually afford it? The influx of wealth is washing over the city like a giant tide wave and pushing everyone else out. Sure life isn't fair, but can't an aspiring art student have a piece of the big apple pie too? Stop snatching away other's dreams!