NYC housing market (agents, condos, prices, property)

[KB4]

I know that the New York market is special but... Can property prices ONLY go up in New York City, even when they are going down in rest of the country? Most of the New Yorkers I know seem to think so because that's all they've seen. And I'm not talking Park Avenue midtown Manhattan. I just don't see how small condos in Brooklyn or Harlem can be worth $700,000 and more. How high can the prices go? What do you think?

[shellytc]

you might get a more area specific question answered at the NY forum. Hard to tell you what is going on in NY when I am in Virginia Beach. but supply and demand will always play a part, no matter where you are. Seems to me there isn't much land left in NY, and yet people keep moving there.

Shelly

[KB4]

Thanks for replying. I was hoping there might be some real estate agents from NYC area here. Would be interesting to know what they think. It is true that land is scarce and at the moment people still want to come to New York but I'm wondering how long this can last with prices already ridiculously high.