Landlords Screwed

B@llshit, not for New York City. Anyone who has been looking for an apartment (including myself) knows that vacancies are fairly low here (or at least the landlords are pretending they are); unless you go to the non-prime areas.

If you want crap there is plenty of that to be had.

there are some very good rental deals out there Invest, where are you looking? The cool thing is that the deals are going to keep getting better. LL are F%*& and many will be BK in the next couple of years

i have to call bs on you.... the landlords aren't being straight with you.

I've been looking last 2 months. Vacancies all over the place.... and I mentioned to one large building that another said they only had a few apartments of a certain size, and she flat out called bs.

There is MUCHO inventory and deals all over the place.

And I 'aint looking non-prime.

> If you want crap there is plenty of that to be had.

There is plenty of EVERYTHING to be had.

And I haven't even mentioned the unsold condos being rented out.

I got a GREAT deal - moving next week!

"I got a GREAT deal - moving next week!"

people should wonder about their great rental deals.... If they are that great, maybe the owner won't own the building too much longer. Then what happens to their great (non-RS) deals?

Rose won't own the building anymore?

Please!

In any case, except for foreclosure, a new landlord MUST honor the terms of outstanding leases.

Steve you got a great deal - you will only be giving $5K per month in rent to your landlord. Your landlord thinks it a great deal too.

NYC10022 you are a tool and no building will take you with no job.

All units in my buildings are full at normal rates....

"In any case, except for foreclosure, a new landlord MUST honor the terms of outstanding leases."

So all those renters in buildings owned by Swig, (oh... I'm not even goig to bother with all the others) have nothing to worry about? PS Outstanding leases are only outstanding till they expire. Did you get one of those 10 year leases?

My current landlord have been hard time getting someone. He has reduced the price by 25% and have had about 6 people who started the process with deposit but all backed out. He is an independent.

30yrs- All those people ARE safe until their leases end; just like every rental these days. Foreclose will have no impact on them whatsoever.

Somehwereelse, where are you looking, any specifics?

how will the building be taken care of during foreclosure? it will be nice living in a building that is not kept up, no trash taken out, toilets not fixed.... ah the rental life..

so sayeth the landlord. so are you saying your tenants have shitty lives?

not knowing how you will survive if the rental market keeps going down..not being able to comprehend that real estate actually can go down in value...tieing all your hopes and dreams to wall street paying fat cash bonuses to everyone like they did in the past only to find out that its not going to happen..waking up in the middle of the night and not knowing what to do...ahh the life of the modern manhattan landlord. sleep well

perti... if I am correct the city has first dibs, then workers, then lawsuits then mortgages.... keeping the bldg standing is in everyones interest.

you should really see someone about that growth in your azz.

So if the sky is falling on the LL's explain how the Big 3 -related, rockrose and rose are still getting the 4000k+ for a 1 bedroom apartment. Thats asinine. Yeah I know they through in the month free, bfd its still ridiculous.

"So if the sky is falling on the LL's explain how the Big 3 -related, rockrose and rose are still getting the 4000k+ for a 1 bedroom apartment."

they'll be reaching for the vaseline quite soon as well. Look at Swig, the sheffield, downtown brooklyn..it just takes time. the people and the credit just arent there to support the market anymore and its falling apart piece by piece. the weakest go first.

petrfitz
about 2 hours ago
ignore this person
report abuse how will the building be taken care of during foreclosure? it will be nice living in a building that is not kept up, no trash taken out, toilets not fixed.... ah the rental life..

Oh no, you didn't just go there petrfitz, toilets not fixed?

You went too far this time - you said the magic phrase that'll get aboutready on her broomstick over to the courthouse to sue.

Toilets must be fixed in the aboutready household by the landlord. After the incident with the plunger back on Christmas Eve in the late 1980s, landlords are held accountable for fixing all of the frequent toilet problems in the aboutready household.

aboutready
about 2 hours ago
ignore this person
report abuse so sayeth the landlord. so are you saying your tenants have shitty lives?

Only during a toilet overflow aboutready.

petrfitz - "how will the building be taken care of during foreclosure?" this argument is just as persuasive as someone saying "how will your co-op be taken care of when your neighbors can't afford their maintenance payments"

"petrfitz - "how will the building be taken care of during foreclosure?" this argument is just as persuasive as someone saying "how will your co-op be taken care of when your neighbors can't afford their maintenance payments""

Really? between 1990 and 1995, how many rental buildings got foreclosed on and how many Coop buildings went belly up? "Just as persuasive indicates some sort of parity? Was there?

"30yrs- All those people ARE safe until their leases end; just like every rental these days. Foreclose will have no impact on them whatsoever."

Really? Do you even no what a "non-disturbance clause" is? Have you ever bought properties at foreclosure and gone to L&T in NY? I have 100's of times, and I can tell you you are incorrect on this (unless you are referring to statutory tenants).

30 years - ho wmany rental buildings were sold and re-mortgaged in their entirety in the past few years at the height of the market versus the number of co-op buildings resold or remortgaged in the past few years in their entirety?

There were heaps more rental buildings purchased........

Cant wait until the trash piles up and the toilets overflow in Stuytown.......

because that's the kind of person you are, petro-dishing out good will to all, i'm sure your tenants love their slumlord.

really, you think people who have leases in a building owned by a landlord who bought knowing full well that the majority of them were RS should lose services? you're a fucking prince among men. how does this reconcile with your democratic leanings?

I am not the one with unrealistic or irreconcilable leanings. You renters want to take less risk by not buying, take less ownership in a building, but still demand stability and treatment like an owner?

I am not wishing these things on anybody, all I am doing is pointing out the flaws in your logic. As a renter you should not expect to be treated like an owner, you should not expect a landlord to treat you like anything other than a business transaction, and as a renter you should expect to get F'd as soon as the landlord can find someone willing to pay a better deal.

That is the insecurity you get as a renter. If you want to be treated like an owner, or as an equal to an owner, then buy..

I was under the assumption that the leases are assigned to the banks when a property is mortgaged, therefore if the banks has to foreclose they have all rights to continue collecting the rents and honoring the lease contract terms.

i've owned most of my life,petro. renting does not and should not equal the landlord breaking the law. i'm renting WELL below my limit, i can tolerate a doubling of the rent should the landlord so decide to screw me, or i could go find another place. all of that is fine to me, it's the risk i assume in a market-rate rental. i don't ask to be treated as an owner, where have i ever said that i have? i'll take the tradeoff, savings and mobility, against higher expenses and lack of mobility, under these circumstances. there is no error in my logic. and i'll expect basic services, that's not "treatmen like an owner". actually, it's treatment like a renter, because one of the things we get in return for our instability is certain repairs and services. i was here before TS bought it, it was well run, it's their fucking fault they were so stupid.

many of us renters, had we had enough money or the opportunity to buy our final apartment before 1998, would never have moved. you act as though everyone has a choice to buy, many do not, not in manhattan nor elsewhere.

but to say that you can't wait for the sewage to fail, which as i understand it would definitely be within the legal obligations of the landlord to prevent, is foul.

You are joking (helping you out with a euphemism for lying), right aboutready?

" i don't ask to be treated as an owner, where have i ever said that i have?"

Even worse:
You actually want to receive monetary damages from the landlord even though you in no way have been damaged by your landlord. You just want to stick it to your landlord ... for what we don't know. For your limousine liberal populist leanings?

Treble what? Please help me comprehend your entitlement and bitterness ... they seem to go hand in hand.

riversider: wondering where you were this morning.

"you're a fucking prince among men"

said the Toilet Seat Welfare Queen among unemployed women.

riversider: i thought you eschewed profanity?

All the interpersonal insults above will not change one simple truth: market forces reign supreme. And for the next 12 or so months it means that renters hold the upper hand. I do not know whether petrfitz really is able to get such great rents even now or if it is simple posturing on his part. But the reality is that there is lots of real estate available out there and more is coming to the market. Yes, there will always be exceptions to the rule where an especially crafty landlord or a particularly optionless (or stupid or lazy) tenant will agree to a deal whre the tenant pays too much. But the rents have been declining and they will be declining, at least for the next 12 months. No amount of emotional outbursts will change that.

We just rented a classic 5 (1,400 square ft) on WE Avenue for $4k - it was previously rented for $4,750. I gave up a 2 bedroom rent stabilized apt. on 81st/Amstrdm @ $1,900 because it just didn't feel like a good deal anymore compared to the new pad. There is a ton of inventory for those looking in the $4k-$5k range.

I'd agree with 10024. And a lot of these properties are condos and coops that people can't sell. Meanwhile, demand is weak in this range...so lots of good deals. Particularly, at even higher rental levels.

Topper and 10024 - would you agree that because the $5K rentals are weak right now that this means the $1.5M to $2M apartments should lose value? The rent vs own calculation looks worse for sellers when renters can get great places for $5K/month.

"it will be nice living in a building that is not kept up, no trash taken out, toilets not fixed...."

Ah, so now we know what Perfitz does all day!

Dude, I just took a massive dump and clogged my toilet. Can you please clean that out for me?

"All the interpersonal insults above will not change one simple truth: market forces reign supreme. And for the next 12 or so months it means that renters hold the upper hand. I do not know whether petrfitz really is able to get such great rents even now or if it is simple posturing on his part. "

Lets guess... the guy who said he was betting big on Manhattan RE and that it was going up 15, right before it went down 20%. The guy who bragged about buying in Lake Las Vegas, then it went completely bust. With the supermodel / nobel prize winner wife. Who cleans toilets. Who then shows up here and claims his investments went up 3x.

Do we really have to wonder how full of crap he is?

The guy is a clear moron

Commercial... stll lmao...

http://www.cnbc.com/id/15840232?video=1313926228&play=1

"Manhattan Rents Fall as Much as 9 Percent Amid Employment Cuts"

"Manhattan apartment rents fell as much as 9 percent in October from a year earlier as unemployment cut demand and landlords lowered rates, according to Citi- Habitats Inc.

Average rents dropped for all apartment sizes and the vacancy rate rose 0.15 percentage point to 1.86 percent, the highest since November 2008, the New York-based property broker said today in a report. "

"Manhattan studio rents declined 9 percent from October 2008 to an average monthly rate of $1,901, Citi-Habitats said. One- bedroom apartments fell 7 percent to $2,563. The cost of renting a two-bedroom decreased 8 percent to $3,605 and rents fell 6 percent to $4,774 for three-bedrooms. "

http://www.bloomberg.com/apps/news?pid=20603037&sid=aCrlfFnIdimA

Yes, Jazzman. I've seen some quite delightful high end rentals at pretty reasonable rent levels - particularly relative to what they would sell at. Price-to-(gross)rent ratios in the mid-20s.

the rental market is flooded with avail. units, there is no bottom in sight

I was in a higher-end rental building in Manhattan checking prices. I actually had floorplans from 14 months ago for the same apartments (already in the crash, things were a little soft already)

The new rates were about 20% below the old rate... and then there was a free month thrown in.