The housing market is unique for a number of reasons. The New York City housing market is unique for a whole additional set of reasons. Both of these statements are true in a emotive, general sense but they are also true in terms of cold, hard economics.

One factor that makes both of these statements true is the size of the product being sold in the housing market. By “size,” I mean size both in terms of actual size and the size of the buyer’s budget. With size comes... [ Read More ]