Prices & 2nd ave subway

you are about 5 years late to the party.

Yes. It has effected prices.

Price down now...will be up in 5 years when it is done. Can you stick out five years of construction? I just bought on the UES...it was an easy decision for me.

I know a friend that took a hit because of the subway. He was literally in the worst area possible because of the location of the blasting and 2nd ave stop. He held the apartment for about 5-6 years, sold it at a $70,000 loss and that doesn't include the broker's commission and flip tax.

The subway noise and post-construction relative quiet are 100% priced into today's prices in Yorkville, because there are thousands of people who think like RandyinNY. It reminds me of a friend who suggested buying stock in Ben & Jerry's in December because their sales will spike in July.

Consigliere, your friend's 5-6 year holding period coincided perfectly with the partial deflating of a huge real estate bubble, floated along by low interest rates. Plenty of others who bought and sold in that time frame took a similar hit.

Subway done on dec 2016

As soon as the subway is completed you will see stochastic price increases, so try to time your purchase right before it is completed

Oh Brooks2, always agitating on Streeteasy.

How far down this 2nd ave subway is going ?

Correct Alan, he got hit bad.

It don't think prices are going down any further because of the 2nd avenue subway. Most of the big blasting is over. You will still have the ugly steel temporarily buildings in the middle of 2nd avenue and dust, etc. My new place is about 1/2 block from one of the new stops and I am not experiencing any issues except an eyesore on 2nd....very livable. If you aren't buying real estate for the long term /investment, you should rent. If you are buying for the long term/investment, get in now.

just watch out for the waste transfer station location and 5 blocks up and down as well as 2-3 blocks west. it will coinside with the train opening and the smell coming in. the good will not outweigh the bad.

Agreed. Prices have already been affected. Most of the blasting is already done. 2nd Ave subway expected to be completed by 12/2016. Only upside from here if you invest now amd plan to stay for at least 5 years.

The point, RandyinNY, is that prices did NOT go down as a result of subway construction. They went down as a result of the general turndown in the economy, and the general turndown in real estate prices citywide. That area was never well-loved, so the prices are a bit lower than comparable areas. The added value of the subway was priced in from the time of the proposal to begin construction (once again). Quieter phases of construction will be less unpleasant, but won't give a pop to prices in and of itself. The pop is pre-priced in. Summer sales volume of ice cream.

MIBNYC, this phase will connect around 60th (forgot the exact street) with the BMT tracks that head over to the Times Square, Herald Square, Canal Street, lower Manhattan and on to Coney Island (or Brighton Beach?). A later phase will add a more straight-shot line down mostly Second Avenue to Wall Street.

5 years is nothing in real estate. Doesn't anyone have any patience...? As the subway completion nears, people will try to jump in, hoping for big returns in one or two years. Prices will already inched up by then. The payoff will be lessened. The prices are going to steadily rise from this point on....with possible small fluctuations up and down...but up overall.

The waste transfer station will affect a small area of the UES...but that still leaves a huge section of the UES (along the 1st and 2nd avenue corridor) not affected. Yes, I wouldn't buy at 91st street..but buying between 65th and 85th gives you a lot of real estate to work with.

Do you honestly believe this will be done December, 2016?

"As the subway completion nears, people will try to jump in, hoping for big returns in one or two years. Prices will already inched up by then. The payoff will be lessened. The prices are going to steadily rise from this point on....with possible small fluctuations up and down...but up overall."

... this sort of carefully scripted scenario is the clearest possible indication of a delusional separation from reality. Like those people who plan their lives out year-by-year when they're young ("I will graduate college when I am 21, having met the love of my life. We will marry when we are 23. We will buy a big house to start a family in when I am 27. I will have the first of 2.3 children when I am 29. They will go to St. Paul's and Rosemary Hall when they are 14."

Disappointment follows.

Priced in already. And scene.

Agree with RandyinNY, add also 86th street first till east end as this are has some amazing prewar and near a park and in line with the new subway stop

Even if it is 2017...who cares...it will get done.

"Do you honestly believe this will be done December, 2016?"

EVERY RE calculator you can find online says that in Manhattan, one does not break even buying on rent versus buy until 5+ years. Therefore, someone buying TODAY should not sell until at least 2018. So stupid and short sited.

"5 years is nothing in real estate"
Do you plan to live until you are 700 years old? 5 years is a long, long time. It is quite possible that buying on 2nd avenue a few years ago would have been a sound financial decision. But who in his right mind wants to spend years of his life living with that? Time is money. The whole reason I live in NYC is because of how much I love the city. If I lived on 2nd avenue right now I'd be miserable.

5 years is not a long time... I am there now and the construction is actually no big deal. I know this because I live there. People are freaked out for no reason. I live 1/2 block from 2nd avenue and am not affected at all, except the few minutes a day I walk by it. 5 years will come and go I will end up in a great position with very little inconvenience.