...That Never Seems To End "The real estate crash that never seems to end appears to be getting even worse. Home prices continue to go down, the number of underwater mortgages is soaring and the number of foreclosures set an all-time record in 2010." "Real estate agents all over the country are pulling their hair out in frustration and large numbers of them have left the industry completely. The... [more]
...That Never Seems To End
"The real estate crash that never seems to end appears to be getting even worse. Home prices continue to go down, the number of underwater mortgages is soaring and the number of foreclosures set an all-time record in 2010."
"Real estate agents all over the country are pulling their hair out in frustration and large numbers of them have left the industry completely. The United States has never had such a prolonged real estate slump in the post-World War 2 era. Unfortunately, there are a whole lot of indications that the real estate crash is going to get even worse."
"( ) for the U.S. real estate industry every single month is a complete and total nightmare. But instead of being exactly like the previous month, each new month seems to bring news that is just a little bit worse than the month before."
http://www.businessinsider.com/amazing-statistics-about-the-housing-crash-2011-3
How long will NYC stay immune? How confident are you in your choice to pay one thousand dollars per square foot, plus high maintenance, plus high taxes given what is happening in the rest of the country?
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Response by NYCMatt
over 15 years ago
Posts: 7523
Member since: May 2009
"How long will NYC stay immune? How confident are you in your choice to pay one thousand dollars per square foot, plus high maintenance, plus high taxes given what is happening in the rest of the country?"
Plus high taxes?
So in your world, if EVERYONE decided overnight to rent instead of own, then no one would be paying property taxes, right?
They'd just go away, right?
Ignored comment.
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Response by NYCMatt
over 15 years ago
Posts: 7523
Member since: May 2009
Oh yes, and the maintenance issue.
RENTERS certainly don't foot the bill for MAINTAINING their rental buildings, right? That all comes out of the pocket of the landlord, I suppose.
Ignored comment.
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Response by lowery
over 15 years ago
Posts: 1415
Member since: Mar 2008
the percent of people in NYC who own their home is much lower than nationwide
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Response by tripel
over 15 years ago
Posts: 47
Member since: May 2008
ive been renting forever
have wanted to buy for 4 years or so
just seems like nothing decent in the 3-BR range for under $2M
renting a big and nice 2-BR for $4K seems more palatable, esp when maintenance is half that on a purchase anyway
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Response by Post87deflation
over 15 years ago
Posts: 314
Member since: Jul 2009
Why are they saying this is so long? After the late '80s bubble prices did not hit bottom until 1995, and did not start rising again until 1998 . . .
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Response by somewhereelse
over 15 years ago
Posts: 7435
Member since: Oct 2009
"RENTERS certainly don't foot the bill for MAINTAINING their rental buildings, right? That all comes out of the pocket of the landlord, I suppose. "
With non-stabilized apartments, landlords charge what they can get, plain and simple. Maintenance doesn't change that. So, increases would absolutely come out of the pocket of the landlord if the landlords are already maximizing what they can get. Sometimes it doesn't cover their costs.
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Response by NYCMatt
over 15 years ago
Posts: 7523
Member since: May 2009
"With non-stabilized apartments, landlords charge what they can get, plain and simple. Maintenance doesn't change that. So, increases would absolutely come out of the pocket of the landlord if the landlords are already maximizing what they can get. Sometimes it doesn't cover their costs."
And so the downward spiral continues ...
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Response by switel
over 15 years ago
Posts: 303
Member since: Jan 2007
I am so happy I didn't buy before the crash, my broker used to say "The price always goes up in Manhattan", Not true anymore ...
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Response by notadmin
over 15 years ago
Posts: 3835
Member since: Jul 2008
> "The real estate crash that never seems to end appears to be getting even worse.
what? it's just starting! prices are not back to mid-90s yet.
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Response by somewhereelse
over 15 years ago
Posts: 7435
Member since: Oct 2009
> am so happy I didn't buy before the crash, my broker used to say "The price always goes up in
> Manhattan", Not true anymore ...
Yeah, some moron broker said to be "Global Recession? Financial Crisis? They say that EVERY year...."
Ignored comment.
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Response by dealboy
over 15 years ago
Posts: 528
Member since: Jan 2011
Have NYC prices gone down much in the last few years?
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Response by Lance1
over 15 years ago
Posts: 39
Member since: Apr 2010
"$1,000 per sf, high maintenance, high taxes"?? I bought a new construction 2 bd/2bath in North Williamsburg in a luxury building for 650 sf with a 25 year tax abatement, Manhattan views, a pool, gym, etc. I'm one stop from Manhattan and have a 30 minute door to door commute to 52nd and Park Avenue. I already made money on it in just a year and can rent it out at a net monthly profit today. Manhattan may still not make much sense but there are plenty of other deals out there.
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Response by Socialist
over 15 years ago
Posts: 2261
Member since: Feb 2010
" already made money on it in just a year"
Really? Has anyone offered you more than what you paid? BEcause if not, then you have not made a dime.
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Response by Lance1
over 15 years ago
Posts: 39
Member since: Apr 2010
when the same unit below me closes for more than I paid, then yes, I'm in the money dingo!
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Response by bhh
over 15 years ago
Posts: 120
Member since: Sep 2008
It is not often I agree with socialist but alas, he is right. Unless that unit below you closed for about 10% more than yours, you aren't even in the green due to transaction costs and until you actually sell, you haven't made a cent. Paper profits can disappear very quickly, in case you haven't been paying attention for the past 11 years.
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Response by RealEstateNY
over 15 years ago
Posts: 772
Member since: Aug 2009
"North Williamsburg in a luxury building for 650 sf with a 25 year tax abatement, MANHATTAN views, a pool, gym, etc. I'm one stop from MANHATTAN and have a 30 minute door to door commute to 52ND AND PARK AVENUE."
Notice all your references are to MANHATTAN.
I'm not saying you didn't make a good investment, but you have to live there.
Williamsburg will never be Brooklyn Heights, never mind MANHATTAN.
I can buy a 4000 Sqft home in a guard gated community in Las Vegas, 20 minutes off the strip for $100 a square foot. Remember, it's all about location, location, location.
"How long will NYC stay immune? How confident are you in your choice to pay one thousand dollars per square foot, plus high maintenance, plus high taxes given what is happening in the rest of the country?"
Plus high taxes?
So in your world, if EVERYONE decided overnight to rent instead of own, then no one would be paying property taxes, right?
They'd just go away, right?
Oh yes, and the maintenance issue.
RENTERS certainly don't foot the bill for MAINTAINING their rental buildings, right? That all comes out of the pocket of the landlord, I suppose.
the percent of people in NYC who own their home is much lower than nationwide
ive been renting forever
have wanted to buy for 4 years or so
just seems like nothing decent in the 3-BR range for under $2M
renting a big and nice 2-BR for $4K seems more palatable, esp when maintenance is half that on a purchase anyway
Why are they saying this is so long? After the late '80s bubble prices did not hit bottom until 1995, and did not start rising again until 1998 . . .
"RENTERS certainly don't foot the bill for MAINTAINING their rental buildings, right? That all comes out of the pocket of the landlord, I suppose. "
With non-stabilized apartments, landlords charge what they can get, plain and simple. Maintenance doesn't change that. So, increases would absolutely come out of the pocket of the landlord if the landlords are already maximizing what they can get. Sometimes it doesn't cover their costs.
"With non-stabilized apartments, landlords charge what they can get, plain and simple. Maintenance doesn't change that. So, increases would absolutely come out of the pocket of the landlord if the landlords are already maximizing what they can get. Sometimes it doesn't cover their costs."
And so the downward spiral continues ...
I am so happy I didn't buy before the crash, my broker used to say "The price always goes up in Manhattan", Not true anymore ...
> "The real estate crash that never seems to end appears to be getting even worse.
what? it's just starting! prices are not back to mid-90s yet.
> am so happy I didn't buy before the crash, my broker used to say "The price always goes up in
> Manhattan", Not true anymore ...
Yeah, some moron broker said to be "Global Recession? Financial Crisis? They say that EVERY year...."
Have NYC prices gone down much in the last few years?
"$1,000 per sf, high maintenance, high taxes"?? I bought a new construction 2 bd/2bath in North Williamsburg in a luxury building for 650 sf with a 25 year tax abatement, Manhattan views, a pool, gym, etc. I'm one stop from Manhattan and have a 30 minute door to door commute to 52nd and Park Avenue. I already made money on it in just a year and can rent it out at a net monthly profit today. Manhattan may still not make much sense but there are plenty of other deals out there.
" already made money on it in just a year"
Really? Has anyone offered you more than what you paid? BEcause if not, then you have not made a dime.
when the same unit below me closes for more than I paid, then yes, I'm in the money dingo!
It is not often I agree with socialist but alas, he is right. Unless that unit below you closed for about 10% more than yours, you aren't even in the green due to transaction costs and until you actually sell, you haven't made a cent. Paper profits can disappear very quickly, in case you haven't been paying attention for the past 11 years.
"North Williamsburg in a luxury building for 650 sf with a 25 year tax abatement, MANHATTAN views, a pool, gym, etc. I'm one stop from MANHATTAN and have a 30 minute door to door commute to 52ND AND PARK AVENUE."
Notice all your references are to MANHATTAN.
I'm not saying you didn't make a good investment, but you have to live there.
Williamsburg will never be Brooklyn Heights, never mind MANHATTAN.
I can buy a 4000 Sqft home in a guard gated community in Las Vegas, 20 minutes off the strip for $100 a square foot. Remember, it's all about location, location, location.