you people are dumb

can you make your case with numbers to be more convincing at least?

and you are dumber for posting a talk with topic "you people are dumb"

Must be a landlord collecting rent!

well keep renting then, sure the landlord loves you...
with the 500k you make i'm sure you also live in a rent controlled or stabilized apartment anyway...

To the first post. A lot of people such as yourself have been thinking this way about real estate for the past 50 years. Yet those that bought 50,40,30,20 and even 10 years ago in NYC have done rather well don't you think. Now let's review your post 10 or 20 years from now and review who the dumb people who bought in this market today and see just how dumb they were.

Its hard to argue with a guy making 1/2 a Mil and giving a good 1/3 of it away to Uncle Sam. If he would have only bought an entry level $1.2M apt imagine the regular tax and AMT savings. Who is dumb?

500k is really nothing to brag about in NYC

You obviously posted with the desire to get people to go after you - how could we not with that stupid post of yours. Use some of that "500K" and go see a therapist to figure out why people don't like you. And the post above is right - 500k is not a number to brag about in this city renter-guy.

to the original poster - you're just jealous that you've been sitting on the sidelines so long that you haven't benefitted from the real estate boom. That's why you're hoping that other people will be dumb.

what does "HH income" mean?

house hold income,
either 2 breeders, or 2 dinks (dual incomes no kids)

I agree then, two people making a combined 500K a year is practically scraping by in Manhattan. Sad but true. I currently rent, too, and thought it was an idiot move to buy a luxury 2 bedroom last year. I figured prices would just level off if not drop slightly. This year I'm beginning to think I"m the idiot for waiting. Inventory in 2 bedroom apartments in neighborhoods I'm interested in is super low so I can't imagine prices falling.

These discussions are mind-numbing and increasingly ridiculous.

With current tax policy, continued appreciation of real estate values and increasing rents, it is always a better deal, in the LONG run (5-10 years) to buy.

Manhattan will never see the declines that the nation has as a whole for several reasons:
1) Population growth and a finite amount of buildable space
2) A weak dollar that drives foreign investment and a cheap real estate market vs. other major global hubs.
3) A more livable city that will never return to the "mean streets" days of the 70's and '80s due to an influx of families that are staying put
4) Better fiscal management by the fed that has helped maintain inflation and interest rates against all other factors.

Yes, there will be downturns, and prices may ebb for a year or several. But long term the trend is undeniable.

But, the basic fact remains that there is a difference between investing and HOME OWNERSHIP. There will always be better instruments than a home to invest in. If you are a full time analyst looking to increase the value of your dollar, the options are endless. Making a distinction between real estate investors and home buyers is essential. It is not always a good time to INVEST in real estate. But in Manhattan, in the long term, it is usually a good time to buyt a home.

I am amazed at how angry people get about others who want to own a home. Is there the same kind of spite with wanting to buy a car?

And, I am NOT a broker. Just a guy who has lived in and sold several apartments over the last 10 years and has been able to grow my financial security and personal comfort because of it. Not a bad tradeoff for a rental bill. . .

500K a year. what a waste on someone who obviously isnt intelligent enough to even make 10% of that.

folks, think about it - would you ever want to be forced to move from a rent-regulated apt when you're 80 (and living off limited means) because some developer is coming in to rip out your bldg and put up a stadium?

Nothing against the folks who currently are, just that owning your own home allows a sense of security for the future.

He's probably lying about his income, he lives in his mom's basement and steals an internet connection from his neighbors...

ditto and LOL to the last post... it's hard to take anyone seriously when they sound so unintelligent.

to the poster 3 up~
"owning" your house is simply not enough, have you ever heard of Imminent Domain??

it happened to me personally, my family owned a farm in upstate ny.
the MTA took it, our family was given was they deemed it was worth and now almost 30 years later they want to auction off the land. this was near Stewart Airport.

the Supreme Court is making it even easier,
welcome to the new America

http://www.washingtonpost.com/wp-dyn/content/article/2005/06/23/AR2005062300783.html

it's eminent domain idiot

that makes eminent sense.

the exercise of the state's power of eminent domain may have been imminent, hence the confused poster.