Barbara Corcoran: Why NYC Could be in a Real Estate Bubble
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Barbara Corcoran says real estate pricing in NYC may be in a new bubble and that the great thing about a bubble is no one knows when it's gonna burst. Meantime, the high pricing’s good for the local economy, so let it continue, she tells Bloomberg TV. Asked if there’s any affordable new construction in NYC, Barbara says “forget about it,” pointing out that the median price for a new home nationally is $220k, while there are parking spots selling for $1M in Soho. She also points to Washington Heights as among the most under-valued real estate in the city, and suggests the Second Avenue subway may not result in a long-anticipated pricing boom on the UES. [Bloomberg]