Soaring rents have hit the wall of reality.
Gets even gloomier, hammers ZIRP, starts selling.
In Lower Manhattan, 31 towers with over 5,000 apartments are sprouting up. They’re not exactly in the “affordable” category. The median price for condos – half sell for more, half sell for less – has soared 77% since 2013, to $2.43 million, while the median price in the overall Manhattan condo market has shot up…
Real estate agents see “looming” condo price correction.
Last time a “plateau” was declared, the market crashed.
One of its “Biggest New-Housing Construction Booms in History”