Are real estate prices dropping in NYC?
In June 2022, there were 14,326 pending home sales, down from 15,326 in June 2021. This is a 6.5 percent decrease. New listings also decreased to 20,138 houses, marking a 6.4% down from June 2021’s total of 21,516 listings. In June, the median sales price in New York increased to $428,825.
Why are houses so cheap in upstate NY?
The property tax in upstate New York is extremely high. That the tax is so high explains why the house prices are low compared with other parts of the country.
Why is it called Sutton Place?
Sutton Place was named after Effingham B. Sutton (1817–1891), a shipping magnate and entrepreneur who made a fortune during California’s 1849 Gold Rush. He developed what was then an industrial area into a row of brownstones between East 57th and 58th streets on what was then Avenue A.