The New York Sun reports that commercial real estate prices in New York are escalating rapidly. Eighteen months ago the highest commercial price ever recorded was $1,000 per square foot. According to the Sun the highest price is nearing $2,000 per square foot. "Investment sales for 2006 reached an all-time record of $34.8 billion."
With a plummeting dollar, spikes in real estate prices and the Dow Jones and S&P 500 at or near all-time highs, it is time to "break out the bubbly". Sometimes you just got to party like it's 1999!
1 comment:
Fortunately for the investors, they are not making any more land, and Manhattan is a very small island.
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