Ahhh it looks like there's a nifty deal going down on the West Side of town. A new kind of West Side "Story" but this one doesn't involve Puerto Rican gangs. The NY Post is exclusively reporting that Google is about to buy one of the biggest office buildings in Manhattan for a cool $2bn. Yep that's a "B". The building is a whole city block long on 8th avenue between 15th and 16th streets. They would be picking it up for $690 a square foot which, for those of you not from NYC, might think that's insane. However, at the top of the market this building went for $1570 a square foot. Maybe somebody at Google has been reading the MonkeyBusinessBlog? Like I said yesterday, real estate prices might drop some more, but maybe not much more. Some people at Google, obviously think so.
Kind of mixed housing news this morning too. The supply of homes available at the current sales rate is about 8 months now. Meaning if nothing else gets built, the supply of homes would be all sold in 8 months. Which is a very nice improvement from recent times when it got up to 12 and 13 months. I really like this stat, and since a healthy number is 6 months, this might be saying something. However, on the flip side I do think the national median price of $223,000 is still a little too high. Which doesn't mean there are NO deals out there, but you need to see that number drop before declaring a housing recovery.
You also need to see more people getting jobs. Kinda like this guy just did: