"Yes, prices are high," says Kirk Henckels, senior vice president at real estate brokerage Stribling & Associates. "They're higher in London, and they're getting higher in Paris." These days, New York's real estate prices seem to trend endlessly skyward. And, according to the FDIC study, New York hasn't experienced a bust in the past few decades. But remember this: Housing prices fell 6% between the end of 1989 and the end of 1990, after a major real estate run-up was terminated by the stock market crash. Home prices stayed flat for an entire decade.
