In real estate, New York soars while Boston lags
Here's an interesting tidbit on price reductions, courtesy of Trulia.
The number of Greater Boston homes and condos with price reductions jumped to 26 percent in April, up from 24 percent in March.
It's not far off from April 2009, when the local real estate market was positively in the tank. In fact, the Greater Boston numbers are significantly higher now than the national average, with price-reduced homes now down to 20 percent of the market.
Really, about the only difference now is the price cuts are a little shallower, an average of 6 percent off now compared to 8 percent last April.
Maybe sellers are just as desperate down in the Big Apple as well.
But the numbers seem to suggest otherwise. After all, they have Wall Street, and we don't.
By contrast, the New York metro market has seen price-reduced properties on the market plunge dramatically, from nearly 40 percent last April to 22 percent today
And over-the-top prices also appear to be making a comeback - check out this listing for $60 million condo that just hit the market in Manhattan.
Who says crime doesn't pay?
A resurgent financial sector and a booming Wall Street have generated untold billions in bonuses that, in one short year, have helped reinflate the New York metro real estate market.
Of course, it's a resurgence paid for by taxpayers like you and me through all of that bailout money that went to prop up major banks and investment houses.
Glad to see the high-rollers on Wall Street are putting all that bonus money to good work.
