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Old 07-28-2017, 01:54 PM
 
9,701 posts, read 6,678,814 times
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Quote:
Originally Posted by BajanYankee View Post
Doesn't New York have a greater quantity of less desirable areas and apartments than Chicago and Philly?
I would say no. The worst areas in NYC (at least proper) are much better than the worst areas in Chicago and Philly.

There are no abandoned zones anymore. Even the worst ghettos have healthy retail corridors, vastly reduced crime, and tons of immigrants and vitality. Places like the South Bronx are getting 30-floor luxury highrises and full-service buildings with indoor pools, spas, gyms and the like.
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Old 07-28-2017, 01:54 PM
 
Location: Crooklyn, New York
27,613 posts, read 24,814,812 times
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Quote:
Originally Posted by rainrock View Post
This isnt rocket science.

Lets take a look at the top 10 most expensive cities to rent. Shall we.

1.SF (Coastal)
2.San Jose (Coastal)
3.NYC (Coastal)
4.Oakland(Coastal)
5. Boston(Coastal)
6.Anaheim(Coastal)
7.San Diego(Coastal)
8.Santa Ana(Coastal)
9.Los Angeles(Coastal)
10.Seattle(Coastal)

Whats the 1 constant gang?

Geography/Living on the coast.

People love living near large bodies of water especially oceans. Living on an ocean also cuts your potential real options in half creating a crisis in supply + demand.
But are those cities expensive because they're on the coast? Or are they expensive because they are centers of important industries?

How would you explain the Denver metro having higher home values than the Philly metro? Or Miami not having very high home prices at all?
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Old 07-28-2017, 01:57 PM
 
Location: That star on your map in the middle of the East Coast, DMV
3,464 posts, read 3,003,850 times
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Quote:
Originally Posted by rainrock View Post
NYC is an anomally.
Lol first it was DC, now NYC is too?
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Old 07-28-2017, 01:57 PM
 
Location: Crooklyn, New York
27,613 posts, read 24,814,812 times
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Quote:
Originally Posted by NOLA101 View Post
I would say no. The worst areas in NYC (at least proper) are much better than the worst areas in Chicago and Philly.

There are no abandoned zones anymore. Even the worst ghettos have healthy retail corridors, vastly reduced crime, and tons of immigrants and vitality. Places like the South Bronx are getting 30-floor luxury highrises and full-service buildings with indoor pools, spas, gyms and the like.
I wasn't asking whether the worst areas of NYC are as bad as the worst parts of Philadelphia. In terms of sheer quantity, there are more less desirable areas of NYC, if by "less desirable" we mean lower-income areas with not very attractive housing stock. That's most of the city.
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Old 07-28-2017, 01:58 PM
 
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Quote:
Originally Posted by NOLA101 View Post
I would say no. The worst areas in NYC (at least proper) are much better than the worst areas in Chicago and Philly.

There are no abandoned zones anymore. Even the worst ghettos have healthy retail corridors, vastly reduced crime, and tons of immigrants and vitality. Places like the South Bronx are getting 30-floor luxury highrises and full-service buildings with indoor pools, spas, gyms and the like.
I agree that the worst areas in NYC are far nicer than the worst neighborhoods in Chicago or Philly, but they cost as much as the nicest parts of Chicago or Philly. You can buy in Lincoln Park or Center City for the price of East New York or Brownsville.
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Old 07-28-2017, 02:02 PM
 
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Quote:
Originally Posted by BajanYankee View Post
I wasn't asking whether the worst areas of NYC are as bad as the worst parts of Philadelphia. In terms of sheer quantity, there are more less desirable areas of NYC, if by "less desirable" we mean lower-income areas with not very attractive housing stock. That' most of the city.
OK, but areas aren't cheap because they're lower-income. They're cheap because they're bad areas. NYC doesn't really have bad areas, at least not like in Chicago and Philly.

Williamsburg and the Lower East Side are fairly low-income, but are also incredibly expensive and desirable. They're lower income because of tons of income-restricted housing, not because they're inherently undesirable.
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Old 07-28-2017, 02:05 PM
 
1,419 posts, read 680,899 times
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I have to wonder why someone feels the need to brag up NYC all the time. To pay half a million dollars for an apartment the size of my college studio apartment, is not really all that appealing, to all of us.
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Old 07-28-2017, 02:05 PM
 
61 posts, read 32,027 times
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Quote:
Originally Posted by NOLA101 View Post
Putting aside the fact that this is factually wrong (all four metros are in the same very general size range), it's completely absurd.

Detroit is much bigger and more populous than the Hamptons, Malibu, Palm Beach and Beverly Hills. So, going by your logic, Detroit is more desirable than Beverly Hills because more people live there. Who knew!

No, this is all basically irrelevent. The expensive cities aren't more NIMBY and don't produce less housing, the salaries aren't much higher, and foreign investment is a very small % of local sales.

Chicago is 9.5 million. Philadelphia is 6 million. Boston is 4.8 million. San Francisco is 4.7 million.

You were talking about metro sizes and facts, I think.


Ask millennials investing in Detroit because they can afford a life there. That seems desirable, doesn't it? It's entirely subjective what is desirable. I can move goal posts too!


Except it isn't irrelevant. San Francisco is notorious for NIMBY's. What sort of reality bubble do you live in? You've been told by at least a handful of people in this thread the same thing. Salaries aren't much higher? They're higher salaries than the two cities in the OP critiera, Chicago and Philadelphia. Foreign investment also plays a role not just in America, but all over the world.

China is beating America again, buying up pricey Brooklyn real estate

https://www.washingtonpost.com/reale...b62_story.html

https://www.economist.com/news/finan...foreign-buyers

https://www.housingwire.com/articles...tate-surges-49

Sydneysiders blame foreign investors for high housing prices

The effect of foreign investors on local housing markets | VOX, CEPR

Do you need more?
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Old 07-28-2017, 02:07 PM
 
61 posts, read 32,027 times
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Quote:
Originally Posted by Enean View Post
I have to wonder why someone feels the need to brag up NYC all the time. To pay half a million dollars for an apartment the size of my college studio apartment, is not really all that appealing, to all of us.

Because, as Bill Burr said not long ago, "they got everything they need right he-ah!", "I can get a slice over he-ah!"

New York is full of people who "feel" successful because they live "near" successful things and people. They don't actually live in Trump Tower, they just live near it, and that's enough to justify struggling. It's a weird phenomenon.

Most people I know that live down in New York are struggling. They stick to their small routine that encompasses less than 10% of the entire city, but they'll swear by living there. You know, even though they only use a small percent of it.

Middle class Americans can live more comfortably in Chicago, and utilize a higher % of the city than New York.
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Old 07-28-2017, 02:09 PM
 
1,419 posts, read 680,899 times
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Quote:
Originally Posted by OpinionatedOne View Post
Because, as Bill Burr said not long ago, "they got everything they need right he-ah!", "I can get a slice over he-ah!"

New York is full of people who "feel" successful because they live "near" successful things and people. They don't actually live in Trump Tower, they just live near it, and that's enough to justify struggling.
Lol, that logic beats me. I go on real estate sites every day, and I know what's out there. I just have to say, I'm very happy with the choices I've made.
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