There are 39 gas stations left in Manhattan, down from 60 in 2004. Just 12 of these stations are below 96th Street. This is not because people aren't driving, or because cars are becoming more efficient, or because the public transportation system has expanded. It is a small problem created by a much larger problem, which is itself a symptom of enormous problems: Thanks to skyrocketing real estate prices, Manhattan gas stations are worth much more than the money the owner can make selling gas. Last year, a Getty near the High Line sold for $23.5 million. A few months later, another station in the borough went for $25 [...]
• "The continuing commercial real-estate slowdown in New York can open up opportunities for local artists and arts organizations to snag space they otherwise couldn't afford."
• "Two of the world's largest commercial real estate services companies reported sharply improved earnings on Tuesday, fueled chiefly by a pickup in building sales and leasing."
"Fewer Americans signed contracts to purchase previously owned homes in February as limited inventory and access to credit held back a more robust recovery in housing." —Are $950,000 fixers and impossible lending standards and the need for quarter-million down payments with no-contingency bidding-war offers possibly slowing the current idiotic real estate frenzy? Perhaps! But here is a proven fact: Whenever people are acting super stupid-crazy about any market, it is wise to stay the hell away from said market.
Photo by Jeremiahsb.
"Most of my buyers are averaging four offers before they have one accepted," my new real estate agent in the Bay Area said yesterday. "It can be an emotional and stressful time."
Probably! And especially if you're moving from a still-depressed housing market, which is roughly the area between the Eastern Seaboard and San Francisco. But, as NPR is reporting as I type these words, the American housing market (in the coastal elite cities) is "fast changing." From causing the collapse of the Earth's economy just five years ago to a breezy NPR feature about an insane couple putting in offers at 2 a.m. after driving by a new [...]