Everyone is predicting where sale prices will be in the one year (back to 1999 - 2004 prices, depending on type of apartment, location etc). What are your predictions with the rental market on the UWS? Will the spring/summer season cancel out some of drops we've been seeing (as brokers are saying of course) or will the fundamentals (lay offs, rising unemployment etc, the sales market, family... [more]
Everyone is predicting where sale prices will be in the one year (back to 1999 - 2004 prices, depending on type of apartment, location etc). What are your predictions with the rental market on the UWS?
Will the spring/summer season cancel out some of drops we've been seeing (as brokers are saying of course) or will the fundamentals (lay offs, rising unemployment etc, the sales market, family income etc) be the driving forces? How will they effect it and by how much?
Also: Where can I find the historical stats for rents from 1999-2009? Does anyone have a specific previous year to where they see rents heading?
Full disclosure on why I'm interested: I want to move (i'm expecting a baby in june on a fifth floor walk up) but I prefer to wait 3-8 months) if it will be worth my while. My dream apt: a 2 or 3 bed floor thru in a renovated townhouse with outdoor space. Near park, no more than second floor walk up. No basements. No High rises. No need for doorman. All for under $5000) NO BROKERS PLEASE SELLING ME THEIR SERVICES. I KNOW THE MARKET NOW, WANT TO GET IDEAS ABOUT WHERE IT MAY BE GOING....)
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We too are watching the UWS market for 2 and 3BRs closely and are betting that rents will drop more before they rise.
Also, I've appreciated uwsmom's (and others) reviews of rentals. Thanks.
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Response by nyc10022
almost 17 years ago
Posts: 9868
Member since: Aug 2008
I'm not sure why anyone would think rents would be going up? less income, less jobs, less demand.
Flattening out, I can maybe understand the logic, but up?
I still think we have some time to go... but not that much more. Maybe another 10% for rentals.
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Response by Otto
almost 17 years ago
Posts: 128
Member since: Dec 2008
The rents in our building (West End Ave.) are on a steady trajectory DOWN.
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Response by newbuyer99
almost 17 years ago
Posts: 1231
Member since: Jul 2008
A couple comments:
1) If you are willing to live even on 2nd floor walk-up with a baby, I think you're masochists.
2) Along the same lines, if you're willing to put up with bars on windows and other inconveniences of 1st floor apartments, there are some great deals with private gardens well within your price range. We stumbled upon several when looking in december, but didn't want the first floor.
3) I'd say wait as long as you practically can. We looked all through the fall, things got worse every month, moved in December (lease was up), and rents have continued to fall since. I agree no reason that trend stops anytime soon.
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Response by uwsmom
almost 17 years ago
Posts: 1945
Member since: Dec 2008
"1) If you are willing to live even on 2nd floor walk-up with a baby, I think you're masochists" - we do and it's manageable...just have to make two separate trips (1. with the stuff: stroller, etc, 2. with the baby). Wouldn't do it with more than one child.
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Response by uwsmom
almost 17 years ago
Posts: 1945
Member since: Dec 2008
...that would be going down stairs...coming up the stairs, baby is #1 and stuff is #2 =)
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Response by misha
almost 17 years ago
Posts: 9
Member since: Jan 2009
thanks for the advice and comments. we also have been looking through the Fall and saw one amazing deal in December (I think we only know this now looking back). It was a parlor floor floor with garden floor-thru PLUS half first floor. The stairs between the two floors had two half-flights with wide steps and banisters. A private owner was renting it (she moved to california) and it had all new updates in kitchen/jacuzzi bath/big california closets, 2000 square feet, lovely garden. It was lowered from 7500 to 4995. Since then, EVERYTHING else we see in the price range is parlor floor with the DUNGEON basement and either spiral staircase or 970 degree angles stairs, and often dated or very basic bathrooms. So I am not seeing the deals, or perhaps I have just been spoiled now.
As to second floor living, we would have to be in a building like ours that is child-friendly (landlord and neighbors) and let's us keep the stroller in the lobby.
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Response by edinmanhattan
almost 17 years ago
Posts: 1
Member since: Nov 2008
I as a realtor do not see rents falling, especially in the West Village, if anything I see concessions from landlords, like one month free rent, owner pays fee and bonuses to agents, but no rent drops in this neighborhood.
not an expert, but would have to vote for down.
saw this on another thread.
129 West 80th (http://www.halstead.com/detail.aspx?id=1690753)
not two bedrooms, no outdoor space but only $3,500. bodes well for you i would think if you are patient.
I think the fundamentals will be strong ;)
Have you seen this: http://www.streeteasy.com/nyc/rental/458349-condo-58-west-88th-street-upper-west-side-new-york
We too are watching the UWS market for 2 and 3BRs closely and are betting that rents will drop more before they rise.
Also, I've appreciated uwsmom's (and others) reviews of rentals. Thanks.
I'm not sure why anyone would think rents would be going up? less income, less jobs, less demand.
Flattening out, I can maybe understand the logic, but up?
I still think we have some time to go... but not that much more. Maybe another 10% for rentals.
The rents in our building (West End Ave.) are on a steady trajectory DOWN.
A couple comments:
1) If you are willing to live even on 2nd floor walk-up with a baby, I think you're masochists.
2) Along the same lines, if you're willing to put up with bars on windows and other inconveniences of 1st floor apartments, there are some great deals with private gardens well within your price range. We stumbled upon several when looking in december, but didn't want the first floor.
3) I'd say wait as long as you practically can. We looked all through the fall, things got worse every month, moved in December (lease was up), and rents have continued to fall since. I agree no reason that trend stops anytime soon.
"1) If you are willing to live even on 2nd floor walk-up with a baby, I think you're masochists" - we do and it's manageable...just have to make two separate trips (1. with the stuff: stroller, etc, 2. with the baby). Wouldn't do it with more than one child.
...that would be going down stairs...coming up the stairs, baby is #1 and stuff is #2 =)
thanks for the advice and comments. we also have been looking through the Fall and saw one amazing deal in December (I think we only know this now looking back). It was a parlor floor floor with garden floor-thru PLUS half first floor. The stairs between the two floors had two half-flights with wide steps and banisters. A private owner was renting it (she moved to california) and it had all new updates in kitchen/jacuzzi bath/big california closets, 2000 square feet, lovely garden. It was lowered from 7500 to 4995. Since then, EVERYTHING else we see in the price range is parlor floor with the DUNGEON basement and either spiral staircase or 970 degree angles stairs, and often dated or very basic bathrooms. So I am not seeing the deals, or perhaps I have just been spoiled now.
As to second floor living, we would have to be in a building like ours that is child-friendly (landlord and neighbors) and let's us keep the stroller in the lobby.
I as a realtor do not see rents falling, especially in the West Village, if anything I see concessions from landlords, like one month free rent, owner pays fee and bonuses to agents, but no rent drops in this neighborhood.