Single Digit Price Increase An "Aberration"
This JournalNews piece is full of housing craziness. " The inability of buyers to afford houses appears to increase the demand for lower-priced condominiums and cooperative apartments, pushing those prices up as well."
That's what happened in Orange County. As potential buyers were priced out of what they wanted, they bid up lower quality homes. It really is just a mind game to convince yourself that the $300,000 house is now "worth" $500,000.
"The affordability of co-ops led Kyana Kelley to bid on a one-bedroom apartment for $90,000. She said she hoped to close in the next few weeks. Kelley, age 30, figures to sell the apartment and trade up in a few years on continued price strength. 'It's going to keep rising,' she said."
Think about this chap when a professional talks about being on your side. "Agent Bobby Palazzo said demand in Putnam was being fueled by people moving up from the Bronx, White Plains and Yonkers. 'You can still get something decent up here for under five,' Palazzo said, meaning $500,000."
"'Unfortunately,' he added."