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Keep renting? Ouch!

Started by ericho75
over 13 years ago
Posts: 1743
Member since: Feb 2009
Discussion about
http://news.yahoo.com/apartment-rents-rising-vacancies-10-low-140611799--abc-news-savings-and-investment.html "On June 1, Dan Nainan's landlord informed him that at the end of August his rent would be increasing by more than 28 percent. A five-year resident of his one-bedroom apartment located in a prime spot in New York City, Nainan's rent is set to rise to $2,700 to $2,100 in less than three months." So, how many folks here missed the bottom because of morons from this site telling them prices will crash another 20% from the Spring of 2009 lows?
Response by greensdale
almost 13 years ago
Posts: 3804
Member since: Sep 2012

Of the new buildings in LIC, what is the percentage of rental buildings and what of condos?

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Response by ericho75
almost 13 years ago
Posts: 1743
Member since: Feb 2009

"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!!"

???
Jezz, talking about pure BS. Where's the sub 500 psf prices in LIC? I'm seeing prices above 800 psf lately.

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Response by ericho75
almost 13 years ago
Posts: 1743
Member since: Feb 2009

Obviously 'Yikes' is blind.
Here are some of the buildings and the recently psf sold in the area.

http://streeteasy.com/nyc/building/the-view-at-east-coast
800-900 psf

http://streeteasy.com/nyc/building/murano-5_19-borden-avenue-long_island_city
763 psf
725 psf

http://streeteasy.com/nyc/building/the-yard
720 psf
735 psf

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Response by ericho75
almost 13 years ago
Posts: 1743
Member since: Feb 2009

Even the Powerhouse is at around 750 psf.

http://streeteasy.com/nyc/building/the-powerhouse
795 psf
739 psf

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Response by cdrm1980
almost 13 years ago
Posts: 88
Member since: May 2012

Even prices in the Court Square area of LIC are approaching or have exceeded $800 psf.

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Response by somewhereelse
almost 13 years ago
Posts: 7435
Member since: Oct 2009

> Rent continues to go UP UP and AWAY!!!

Double digits below the peak. You've got ways to go...

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