Why $2,000,000?

In my post on 5 Steps to Acquiring the Dream, Step one was setting a quantifiable goal for a piece of property in Manhattan. I said $2,000,000 was the price I was aiming for. This number was not pulled out of thin air. Some research was done to arrive at it.

I went to the Trulia NYC website, and looked for 3 bedroom, 2 bath apartments/condos/co-ops on Manhattan. A minimum of 2000 square feet was also chosen. The results started at $1,500,000 and went all the way up to $30,000,000. Needless to say, I stayed closer to the bottom end. Even at that price, the home sizes were pretty decent. Ideally, I would like to be somewhere nearer to midtown, which would offer good walking access to the theaters and central park. I did find some deals there.

Now of course, right now in April 2010, we are probably near the tail-end of a major recession and real estate prices have taken a hit. Who know what prices maybe when we can afford $2,000,000. Lets hope we don't have another run up like we did before this last bubble.