Keep renting? Ouch!

Okay, as much as i think AboutReady made a mistake by NOT buying in 2009-2010, she righted the ship by buying earlier this year. If you plan to live in the city long term, IT MAKES NO SENSE to RENT at these prices....

My 1,500 square feet unit in LIC which my wife and i purchase in the Spring (closed in summer) of 2009 has a carry cost of $3,995 a month (includes mortgage, tax & maint). Didn't even factor in tax deductions which would probably take it down to the low $3,000s.

ericho -- answer to your last three posts -- because most people have no interest in living or buying in Queens. That's why.

ericho, you paid like what, $1M for your Queens apt with a $750K downpayment?

Did you consider the 75% return in equities ala SPY or 40% return in bonds ala TLT that you missed on that $250K? Works out to somewhere between $190K and $100K, around $4800 to $2500 a month. And don't forget the $100K in transaction costs, how long do you plan on being in that space? Say 8 years, works out to another $1000 a month.

> because most people have no interest in living or buying in Queens. That's why.

Ding ding ding ... LIC is the "better" part of Queens and it's still 'deserted' Your once-a-year Macy firework front-row seat was also usurped to the Hudson side of the river :(

No. I did not pay 1 million for my place. I've said it many times. I paid about $560 dollars for that 1,500 square feet unit. I don't know what's it worth now, but the new building (the yard) is going for 730 psf.

I was the biggest cheer leader here about getting into the stock market in Spring of 2009 and housing.
Don't throw me numbers about better return There's always something better with bigger return somewhere (depending on risk). There's nothing wrong with buying a distress asset like housing. My family expect to live there for many years. My cost of living are SET for many years.

"Ding ding ding ... LIC is the "better" part of Queens and it's still 'deserted' Your once-a-year Macy firework front-row seat was also usurped to the Hudson side of the river :("

Deserted? Maybe in that head of yours.
Occupancies for all these rental buildings are above 95%.

http://www.eastcoastlic.com/long-island-city/apartment-rentals/rentals/listings
http://www.avaloncommunities.com/new-york/long-island-city-apartments/avalon-riverview-north/

family? LIC?

yours....not mine

rents up in williamsburg? acc to plowjop (bj), our resident wmsbrg cheerleader, or which borker/shill?

dead cat bounce at best

yikes/bottoms,

You never explained why you changed your alias, even though you claimed to enjoy being grayed out. Were you tired of being so ignored?

As for rental market in Williamsburg, you're clearly not paying attention. Or were these the going rates a few years ago? You tell me.

http://streeteasy.com/nyc/rental/874086-condo-80-metropolitan-avenue-williamsburg-brooklyn
http://streeteasy.com/nyc/rental/894076-49-south-1st-street-williamsburg-brooklyn
http://streeteasy.com/nyc/rental/894244-rental-1-northside-piers-williamsburg-brooklyn

Cat fight.

> Deserted? Maybe in that head of yours.

Hahaha, roughly the same number of restaurants I noticed a few years back! If it isn't deserts, it would have turned into a mini "meat pack" by now with all the "young professionals" moving into all those new high rises.

> http://www.eastcoastlic.com/long-island-city/apartment-rentals/rentals/listings

Woah, quite a few vacancies or is that just me ? Hahahaha .. deserted!

> My cost of living are SET for many years.

Hahahaha .. delusional .. you really think your common charges are gonna stay the same if more than a few units become vacant ? Maybe you are in a tax abatement building so your RE could remain low. Eventually the building may start to exclude heat from your common charges too .. hahahaha .. maybe even water but I doubt these buildings can differentiate usage by unit so you save $50 a month there.

> My 1,500 square feet unit in LIC which my wife and i purchase in the Spring (closed in summer) of 2009 has a carry cost of $3,995 a month (includes mortgage, tax & maint). Didn't even factor in tax deductions which would probably take it down to the low $3,000s

3K for an LIC apartment and you're doing a victory dance?

"Hahahaha .. delusional .. you really think your common charges are gonna stay the same if more than a few units become vacant ? Maybe you are in a tax abatement building so your RE could remain low. Eventually the building may start to exclude heat from your common charges too .. hahahaha .. maybe even water but I doubt these buildings can differentiate usage by unit so you save $50 a month there."

I have another 12 years on my tax abatement. Again many years. I'm already paying less than 20% of my projected common charge when i first purchased the place. So, no i'm not delusional.

"3K for an LIC apartment and you're doing a victory dance?"

Yes, if the same space is going for 5K. I can doing a victory dance and a victory lap around your neighborhood if you want.

"family? LIC?"
Cancer rates are higher in Chelsea and many areas of Manhattan in comparison to LIC. Your point? It should have read. "family? Manhattan? Yikes!"

People can choose to believe what they want, but the facts are out there. Prices are going up in many areas. Rents are clearly going up in all of NYC.

http://www.eastcoastlic.com/long-island-city/apartment-rentals/rentals/listings
Woah, quite a few vacancies or is that just me ? Hahahaha .. deserted!

New building you knucklehead. They just opened.

ericho, looks like you have a new old friend. Who is it?

"ericho -- answer to your last three posts -- because most people have no interest in living or buying in Queens. That's why."

Really? Then why are there vacancy rate so low in Long Island City? Why are new development prices hitting 700 & 800 psf? And why do folks ask question about LIC?

> New building you knucklehead. They just opened.

Should be fully occupied by now you idiot!! Never heard of pre-open occupancy ?

It's a RENTAL building that just opened for listing. The damn building looks like a construction zone. Folks are flocking in there as construction are still on going.

People just need to take a trip down here. The Gantry park is absolutely parked jam with kids and family. I get it. There's nothing that i can say that can change that mind of yours. It's folks like you that RUINED or PREVENTED people from buying a home back in 2009/2010 when prices were more affordable.

> It's a RENTAL building that just opened for listing.

NO DIFFERENCE. Listings are gone the second they appear but they are NOT.

> The Gantry park is absolutely parked jam with kids and family.

No kidding!!! It's a riverfront park! And the only REAL park south of Queenbridge park and serving practically all of LIC (Hunters Point, Sunnyside and Astoria) Duh!

> > The Gantry park is absolutely parked jam with kids and family.

it's like me saying Central Park is full of family and kids .... NO WAY!!!

What a waste of my time...

> What a waste of my time...

And mine as well. Agree to disagree ... keep dancing.

Re: Then why are there vacancy rate so low in Long Island City?

Most want a Lexus. Some will buy a used Kia. Just cant afford what they want so they settle for crap.

Q1 2009 Manhattan median apartment price - 975,000
Q2 2012 Manhattan median apartment price - 830,000

(from miller samuel).

2009 might have been a little cheaper than peak... but it was a bargain that since has become a bigger bargain...

Very happy I didn't buy... happy I had a lot in equities on the way up... but, most of all... happy I don't live in Long Island City.

Multiple choice:

a) Long Island City
b) Ft Lauderdale
c) Kevorkian

> Q1 2009 Manhattan median apartment price - 975,000
Q2 2012 Manhattan median apartment price - 830,000

BUT BUT BUT ... people are BUYING in LIC so who cares if I just lost 160K in my apartment in a nearly deserted 'hood at night. GL commuting on the 7th train that seems to be in one form of maintenance schedule or another, especially on the weekend.

>2009 might have been a little cheaper than peak... but it was a bargain that since has become a bigger bargain...

BUT BUT BUT ... my cost is FIXED for another 3 decades if the building hasn't delapidated to the point of eviction due to health hazard as everyone flees the less than desirable 'hood.

Multiple choice:

a) Long Island City
b) Ft Lauderdale
c) Kevorkian
d) Rent & see NYC RE implode in its own weight of delusional grandeur

> ericho75

Let me put it to you simply. When you see families moving out to the grade-B 'hood like LIC, you know NYC RE has gone to insanity level. Given the choices, you think any of these families would want to be in LIC rather than UES, UWS, Village, Tribeca, etc to name some of the 'hood w/good PSs. Now, stop being delusional and stop deluding yourself with excuses that you are able to spent 3K+, insanity, for a 1500 sq/foot apartment as a victory dance.

Re: When you see families moving out to the grade-B 'hood like LIC

it's been upgraded?

ericho75: "I was the biggest cheer leader here about getting into the stock market in Spring of 2009 and housing. Don't throw me numbers about better return There's always something better with bigger return somewhere (depending on risk). There's nothing wrong with buying a distress asset like housing. My family expect to live there for many years. My cost of living are SET for many years."

Umm, it's not like I'm talking about buying AAPL. I'm just talking about boring stock & bond indices. It's great that you were cheer-leading about stocks in 2009, but you unfortunately seem to have blown your wad on your place in Queens.

Don't get me wrong, if you are happy for having gotten the place and living there for years to come with your family, good for you.

But when you come here spewing nonsense about your astuteness and ridiculous rents, please. While you were putting all the money you had saved up in 2009 into a 1500 sq ft LIC apartment to get to a monthly nut of $4K after tax abatements, I was renting a pretty bad-ass place in Manhattan at about the same ppsf. While you were frothing in the mouth over lame WSJ articles talking about 300 sq ft studios going for $2000, I was upgrading to an even better rental deal. Meanwhile, I've had my cash -- all of it -- in stocks.

So if you want to come here and do a victory dance about your buy in LIC and random rents you read off a website, I guess you'll just have to hear about my actual rents and investments.

WHERE'S MY SUB $500 PSF AT HUNTER'S POINT LIC!!!! ALL I SEE ARE HIGHER PRICES! 700 psf at the yard. 800 psf at 1 Vernon!

:)

Again, you guys are wasting my time.
Been wrong all these years and still fighting it. I'll revisit this again in another 3 years when rent prices are up another 30%.

See ya!

Ha! I win!
Ha! You lose!

ok buddy. head back in the sand now

Take care brush your hair

Ericho apparently went crazy when we pointed out that both rents AND prices are down in the last 5 years...

I'd be pretty pissed off if I were him, too.

ericho75: "I was the biggest cheer leader here about getting into the stock market in Spring of 2009 and housing."

Well, one call correct, and one call really bad.

Not sure why you are bragging... I got both right....

Like every stock jock on wall street trying to tell ppl with REAL money how they can make it grow more. Herez the key, growing it is not the problem, ya gotta start with a pile.

And the pile ericho69 gotz stinks and will wash away with the coming rains.

A guy living in queens in a $500k 'home' telling mr w67 with a $200k gain on one stk pick in 4 months 'how to own RE and invest'. That's caviar rich.

Like the valet telling me he'd rather the v10 R8 versus my white 4.2 r8. Flmaozz

Swe was touting buying stocks on May 1

> Re: When you see families moving out to the grade-B 'hood like LIC

< it's been upgraded?

Hahaha, I was being polite since I don't many exchanges with erich075 before. Don't want to be too harsh.

> Again, you guys are wasting my time.
> Been wrong all these years and still fighting it.

How's everyone all wrong for the last 3 years ? I bet you $100:$1 that the same folks who are talking about the exorbitant rent increase in NYC are the same folks who said NYC RE was in a bubble back in 06-08! How are they wrong ?

> I'll revisit this again in another 3 years when rent prices are up another 30%.

You do that ericho75 but I doubt in 3 years, your biggest concern will be about rent vs buy. It will most likely be about leaving vs staying in NYC :), especially in 'hoods like LIC.

> Ha! I win!
> Ha! You lose!

Delusional as I thought.

Are you sure it's a 1500 sqf you have at your place and not one of the micro-micro-studio of 150 sqf ? And you are paying what ? 3K+ for that micro-micro studio in uber-chic LIC ?

> Ericho apparently went crazy when we pointed out that both rents AND prices are down in the last 5 years...

> I'd be pretty pissed off if I were him, too.

BUT BUT BUT .. I get to pay 3K+ for a LIC apartment ... What ? Wait! What ? Rents AND prices went down ? WTF!!! "Honey, I think we got screwed!"

It's obvious that that the truth (aka reality) lies somewhere between the extremes of ericho and str33easier. I've lived in NYC since 1994 and have had 8 apts. Some I've bought (ie currently) and some I've rented (Lyric on W94 twice). My first apt which was a 1br and purchased for $129k FURNISHED! in 1996 was sold in a panic in 2003 because the world (or at least the world according to FOX NEWS) thought that we'd all be wearing burkhas by 2004. Despite selling the apt for triple my purchase price, the apt kept appreciating thru the 2000's to levels I personally thought never would seem possible (yes, I kept track of it). What's my point? My point is that there are often unforeseen forces operating in financial and RE mkts which may not be apparent to observers who are living "in the vortex" at the time. If I had to turn back the clock, I never would have sold that apt. But who knew that low interest rates would trump Bin-Ladinism and if we're all lucky enough to be here in 2015 we will quite possibly reminisce about the current RE discussions. I hope that prices come down for renters and that prices remain stable for buyers!

> str33easier

I am curious how I'm extreme ? :)

my own stats taken from SE...10/6/2011, total apts. for sale in the UES was 1967 with $947 median ppsf...today its 1778 apts for sale at $1024 ppsf...10/6/2011 was when I started keeping track of the overall UES..

@str33easier: Not extreme as in extremist. Perhaps polarizing would have been better. :-)

that said, I do agree with many of your views. My experience just dictates that there are generally other things going on no matter how well presented a particular set of facts and figures may be.

inonada
about 22 hours ago
Posts: 4212
Member since: Oct 2008
ericho75: "I was the biggest cheer leader here about getting into the stock market in Spring of 2009 and housing. Don't throw me numbers about better return There's always something better with bigger return somewhere (depending on risk). There's nothing wrong with buying a distress asset like housing. My family expect to live there for many years. My cost of living are SET for many years."

Umm, it's not like I'm talking about buying AAPL. I'm just talking about boring stock & bond indices. It's great that you were cheer-leading about stocks in 2009, but you unfortunately seem to have blown your wad on your place in Queens.

Don't get me wrong, if you are happy for having gotten the place and living there for years to come with your family, good for you.

But when you come here spewing nonsense about your astuteness and ridiculous rents, please. While you were putting all the money you had saved up in 2009 into a 1500 sq ft LIC apartment to get to a monthly nut of $4K after tax abatements, I was renting a pretty bad-ass place in Manhattan at about the same ppsf. While you were frothing in the mouth over lame WSJ articles talking about 300 sq ft studios going for $2000, I was upgrading to an even better rental deal. Meanwhile, I've had my cash -- all of it -- in stocks.

So if you want to come here and do a victory dance about your buy in LIC and random rents you read off a website, I guess you'll just have to hear about my actual rents and investments.

Hey bigshot, how much cash are we talking about here?

LIC penthouse--sub 500$psf--nice place--great deal

http://streeteasy.com/nyc/sale/650277-condop-4-74-48th-avenue-hunters-point-long-island-city

I see Citylights still has insane maintenance, but technically,it IS a winner.

> I see Citylights still has insane maintenance, but technically,it IS a winner.

2K for a LIC building ? What are they charging the tenant for ? Breathing the East River air ?

> @str33easier: Not extreme as in extremist. Perhaps polarizing would have been better. :-)

uwsbeagle, polarizing is ok for discussions, noh ? :)

> that said, I do agree with many of your views. My experience just dictates that there are generally other things going on no matter how well presented a particular set of facts and figures may be.

Agree, we can never figure out all the reasons and variables for the market to go up and down but we don't have to. Knowing a good probability is good enough for me and usually good enough for most outcomes to be correct. No one knows the future but that doesn't mean you can't have a set of "probability", whatever that means to different people, for the different outcomes.

"Hey bigshot, how much cash are we talking about here?"

Take you net worth (monetary, not as a human being) and add a couple of digits to the left of the decimal point.

Dollars fuckface. Now Dont dance around the question big shot.

West67, when will you be buying that 3 bed on cpw for $500 per foot?

Put up your net worth, in dollars, and I'll tell you where to add the digits.

Pussy, knew you wouldnt do it. Bitch. You're some poor loser living with your parents, doling out advice (that no one needs) on an anonymous web forum.

If you and guys like w67 are so smart, where is that 500 per/ft pricing?

>You're some poor loser living with your parents,

Really? That's what you really believe?

I never called for $500 ppsf, just stagnant prices for a very long time. I'm happy to continue enjoying my cheap rent and rising stocks.

I don't get why you're all in a hissy. You have cheap rent, I have cheap rent. We should be all kumbaya. I guess the difference is that in order for me to buy a place, I just gotta be stupid enough to give up cheap rent and plop down my cash. You on the other hand need people like me to do so repeatedly just to get to that kind of cash.

Is that why you are always so angry?

Probably

>I never called for $500 ppsf

w67 did, he also told you to buy Sprint and you didn't

>, just stagnant prices for a very long time.

I agree with that.

Ino, asked you first. You love to talk here about how well you have done, so give us the number. No need to be coy.

"I agree with that."

Kumbaya, brother.

"Ino, asked you first."

What is this, third grade? You're the one who want me to post personal info.

... Someone's laughing, my Lord, kumbaya ...

LIC is a slum. Why would anyone live there? WHen I drive through LIC to to get to the bridge to avoid the tunnel toll, I roll my windows up and make sure the doors are locked, especially when I drive past the PRISON that is right in the heart of LIC.

"but I doubt these buildings can differentiate usage by unit so you save $50 a month there."

Oh yes they can. Co-op village on the LES used to give free electric, but now the unit owners pay.

Everyone is SO cool for picking on Long Island City. Even "new" posters like str33teasier automatically get their insider credentials by picking on Long Islandy City.

> I drive past the PRISON that is right in the heart of LIC.

ericho75, that 3K maintenance of yours better include armed security patrol and armed escort from the Vernon Blvd station.

Another bitter wacko who doesn't know anything about LIC is commenting, Probably while wildly overpaying rent for their apartment.

> Probably while wildly overpaying rent for their apartment.

So true about LIC apartments ..

LIC is such a tragic laughingstock, even long-established greyed-out trolls come up with amusing nicknames for it ... "Long Islandy City" is a SO cool one!!!

"Been wrong all these years and still fighting it. I'll revisit this again in another 3 years when rent prices are up another 30%."

He must be looking at the same wrong chart LICC was... the one that was tracking *maintenance*...

;-)

"Another bitter wacko who doesn't know anything about LIC is commenting,"

careful with the bitter comments... it is pretty clear that you are seething here...

"ericho75, that 3K maintenance of yours better include armed security patrol and armed escort from the Vernon Blvd station."

Hey fucktard, at 11 Major crimes per 1,000 people, precincts 114 & 108 has lower crime rates than most of Manhattan. Or than all of the precints in Manhattan below 59th. All. Of. Them. Fucktard.

http://www.dnainfo.com/crime-safety-report/

Am I the only one troubled by the word "fucktard". There are certain people in society who shouldn't be having sex. Jason is one of them. Please, retarded people fucking, not a great idea. Jason, try porn instead.

HB, i am troubled by the thought of retarded people trying porn

or RENY for that matter.

> Hey fucktard, at 11 Major crimes per 1,000 people, precincts 114 & 108 has lower crime rates than most of Manhattan. Or than all of the precints in Manhattan below 59th. All. Of. Them. Fucktard.

Hey jason, r u also a LIC commuter and a Manhattanite wannabe ? I think so ... I smell someone looking from across the river wanting to be in the city!

Nope, I just don't like people who say shit that is blatantly untrue.

but if str33t said true things, you'd be ok with him/her?

no problem in LIC (and harlem) as long as you stay indoors. get a nice TV and you don't have to get out after dark

> no problem in LIC (and harlem) as long as you stay indoors. get a nice TV and you don't have to get out after dark

in harlem, the area just next to morningside park is fine imho, guess it's too small to count?

> no problem in LIC (and harlem) as long as you stay indoors. get a nice TV and you don't have to get out after dark

Jason will say you're talkign sh*t and blatant lies while he huddles in his LIC apartment, double-locked, hand-guns loaded next to the bed, curtains all drawn, etc .. u get the picture.

> in harlem, the area just next to morningside park is fine imho, guess it's too small to count?

next to morningside but east of morningside drive, i.e., as close to Columbia as you can :)

Yet another ignore person. I post data that shows LIC (where I DO NOT and have NEVER lived) has HALF the crime rate of Murry Hill and like 1/3 that of Chelsea...and he starts hurling stupid insults. So many ignores.

I think Jason is autistic.

I think you are a piece of shit.

Almost 8000 posts. What a waste.

Jim, what is the typically recommended period for a marriage that is only a sham to get the spouse his or her citizenship? How long does your wife have left with you?

You do absolutely nothing with your time, why dont you do a little research and find out? School is out for summer, no?

Rent continues to go UP UP and AWAY!!!
Sales are going up up and away...prices are going up up and away!!!

Take it away renters!

Up up and away!!

Hey whatever happened to str33teasier? Now we have to deal with Catguy instead.

Jim, any update on your sham marriage?

greasydale....how much have you invested here?

Hi C0C0!

so..you're an investor.

LIC--the one submarket that just cant get traction---in the frezied bull RE estate mkt--comps out there are dogmeat--if only id bought in billyburg!!