FlyerInHI – The funny thing is that you can buy fixer-uppers in areas that aren’t yet hip for well under that. In the not-yet-hipsterized part of Bed-Stuy, you can find things for well under a half mil. One can also buy a 3 or 4 bedroom apartment in parts of central Harlem for quite a bit under $300k.
And GOOD NEWS! Pending home sales are dropping again. Hope it becomes a trend this fall…
As far as Hasidic areas, I suspect that a lot of sales are never on the market and are sold privately between Hasidim. The things you see on the market are overprices suckers’ deals.
BTW – the statistic of 1/25 people being millionaires also applies to the US. Apparently 4% of Americans had a net worth above $1MM.
