http://www.streeteasy.com/nyc/sale/374741-condo-270-west-17th-street-chelsea-new-york Folks, I am an ordinary US citizen who lived in the above grade-b so-called luxury building at west 17th and 8th avenue in 2000 when I had to choose to rent or buy, for 2900 rent per month or to buy for 380,000. Unfortunately, I rented. Now, my point is, when a 644 sf apartment listed above is selling for almost... [more]
http://www.streeteasy.com/nyc/sale/374741-condo-270-west-17th-street-chelsea-new-york
Folks, I am an ordinary US citizen who lived in the above grade-b so-called luxury building at west 17th and 8th avenue in 2000 when I had to choose to rent or buy, for 2900 rent per month or to buy for 380,000. Unfortunately, I rented.
Now, my point is, when a 644 sf apartment listed above is selling for almost 800K this is ludicrous. Questions:
- several units in this building sold in late 2008; shouldn't the government step in to stop stupid people from making bad decisions?
- are the sellers at ludicrous pricers simply smart or venal? are sellers listing so high still crazy..or will they have the last laugh? someone told me "don't sell in this market" is the advice brokers are viving but could that not be the same as saying don't sell stocks after lehman collapsed but before october?????
- how is it moral for the government to use renters' tax dollars to prop up artificially high asset prices which benefits sellers but hurts buyers?; aren't prices a zero-sum game?
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Response by jimstreeteasy
about 17 years ago
Posts: 1967
Member since: Oct 2008
i could rent the same apartment i had 8 years ago for roughly 10 percent above the then rent; the apartment itself has doubled in price
i could rent the same apartment i had 8 years ago for roughly 10 percent above the then rent; the apartment itself has doubled in price
jimstreeteasy, are you renting at market rate?