Quote:
Originally Posted by LIMA
You mean all the empty strip malls and new businesses that aren't as crazy to pay 3 and 5k a month for nothing and then theyre demoed they're empty so long... all of those you mean...
The world changed rapidly the past 5 years, and all that greedy luck is going away quickly...
Those apartments charging an arm and a leg for nothing sq ft will be back to the few hundred they should be..
I see lots of projects suddenly stopping and all those ind parks aren't so full anymore... lots of vacant homes and tons more selling to get out...
comparing a commercial property to a home is not a great idea.
If the location of a commercial prop is good it'll remain occupied and that is what works to make comm props money, a house isn't the same, and most people aren't so quick to pay the entire mortgage to rent anymore as they're starting to think about what they have vs whats here, and theyre leaving.
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You make it sound like we're living in a third-world country. I got news for you: we're not. There's also not a mass-exodus from Long Island like a couple posters on this forum make it sound. And to be honest, the 2 families I know who left Long Island (North Carolina and Florida, shocker) were back within 2 years.
So long as we're due east of the most populous and economic and cultural center of the world, we'll always be getting spillover and real estate on Long Island will always be in demand, and expensive at that. For every 1 empty storefront or shopping center, there are 30 others that are occupied most on 10-30 year leases.
There are PLENTY of people getting very, very rich with real estate on Long Island. Some people just don't have the mindset to analyze how people and businesses make money. They'd rather just chug along at their 9-5 five days a week and collect their paycheck. Me, I'm a business guy.