Most of the country is still struggling to recover from the Great Recession, including the real estate market. Economist and many others once regarded New York City as relatively immune to housing bubble trouble.
Not so, this time around. The adverse effects of developers and investors throwing up new homes at remarkable speeds are still being felt here. Curbed NY recently reported that a condo building in a Astoria, Queens, is going on the auction block in February with apartment prices being slashed up to 67%. The building failed to sell 25 apartments, despite fantastic city views and top-of-the-line amenities. If you’re in the area, open houses begin this weekend.