$70 Million with a View

Manhattan is a 20 square mile island. 1.6 million people live on this relatively tiny island. So, how's that for demand?

In USA Today's article 'Manhattan: Except for 'very high-end' housing, 'market is quiet',' Noelle Knox says it so eloquently, "the shortage of land tends to magnify the forces of supply and demand." Well, I definitely agree, Ms. Knox. In my last post, I talked about the shortage of doctors... how about a shortage of housing? In Manhattan, $1 million will buy you a median (AVERAGE) home. An average home! Think about what $1 million would buy you in Fort Atkinson, WI...

There has been an increase in condos built in the last year, however. There is now an 11.9 month supply of condos/co-ops, compared to last year's 6.6 month supply. Pricing is becoming more realistic, as well. With the supply up, Jonathan Miller, CEO of Miller Samuel says, "We are seeing sellers be a little bit more realistic in pricing." Well, there you go. The market corrects itself again.