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The crazy house prices of New York

Blog | By James Fletcher | Jun 01, 2020


Located on a rough corner in Soho, this triple-decker shoebox has been on the market for about 2 years. It’s a new development and the vendor is asking a comical $15million for 3,140sq ft i.e. $4,777 per square foot - about half that, is the going rate. You’d also get walloped with annual taxes of $47,484 (£39,570). And your capital gain over say 5 years, could be as high as 0%. This is a very different market to London, and renting at all price brackets is prevalent. During lockdown, all viewings are suspended. The fine for a non-compliant estate agent would be $5,000. When the market re-opens, grave disappointment is predicted for this vendor and many others.