by Eddie Wilson, CEO of Affinity Worldwide, overseeing our 80+ companies that span the Real Estate Investment Industry.
In mid-2015, New York City made headlines for hosting two condominium developments offering, in addition to a variety of ultra-luxurious amenities, the extremely rare bonus feature of on-site parking. The price tag attached to what DNAinfo referred to at the time as the new “ultimate status symbol” was a cool $1 million. One building offered three of these spaces as add-ons in conjunction with a penthouse purchase, while the other had a handful available on a first-come, first-served basis. It was just one more piece of evidence to the collective population that you really cannot go wrong with New York City real estate.
Except, oddly enough, the way the headlines read these days, it appears that you can. Every news outlet that covers housing is carrying headlines about New York City and its alleged housing bubble. In fact, I’ve seen search engines pushing old content about New York and a housing bubble to the top of the results. Nearly regardless of the actual content of the research cited in these articles, much of which is sound, the headlines scream, “Watch Out for These 20 Bubble Housing Markets,” “U.S. Housing Bubble Crash Begins in New York” and “NYC Market Saturated.” These headlines started in 2016, and they’ve done nothing but build momentum since the Big Apple market has, indeed, begun to level off.
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