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Of course RE prices dropped in other places. Because no one wants to live in Minneconsintucky, OH or whatever small towns or cities people are moving here from.
However major cities are seeing increases, such as Chicago, San Francisco, Austin, Los Angeles and Phoenix.
Do you think they will stay here or will the shine wear off of having to be in the center of coolness after a few years?
Of course RE prices dropped in other places. Because no one wants to live in Minneconsintucky, OH or whatever small towns or cities people are moving here from.
However major cities are seeing increases, such as Chicago, San Francisco, Austin, Los Angeles and Phoenix.
No, even the big cities like Chicago, Phoenix or Miami took a deep hit in real estate prices. New York is one of the cities that was almost not affected byt the real estate crash the entire country experienced.
This shows that NYC real estate market is the healthiest in the nation.
Do you think they will stay here or will the shine wear off of having to be in the center of coolness after a few years?
It's not just center of coolness that brings people to New York but rather the enourmous job market and opportunities in areas virtually not available in other cities like publishing, art, journalism, media, finance and of course most HQs of Fortune 500 companies in the nation.
New York is not some tourist attraction and playground for the rich, it is also $1.3T economy. The largest in the world and unparalelled in the US.
The point I was trying to make was that outside of certain Brooklyn neighborhoods people have experienced loss in equity over the past few years.
I am trying to ppoint out that this loss in equity is nothing compared to loss in equity in Chicago or Miami. Do you realize that people lost fortunes on real estate in other cities? Yes many home owners prcatically walked away from their properties because paying the mortgage was just not worth it. What is some "loss of equity" compared to foreclosure epidemic around the country?
Example of Brooklyn and Queen development in the recent years proves that the wealth will eventually trickle down to other parts of the boro. I remember when Williamsburg was a dump nobody wanted to look at and Long Island City was even worse. Funny that all these "defenders of real New York" never wanted to live in these neighborhood then
I am trying to ppoint out that this loss in equity is nothing compared to loss in equity in Chicago or Miami. Do you realize that people lost fortunes on real estate in other cities? Yes many home owners prcatically walked away from their properties because paying the mortgage was just not worth it. What is some "loss of equity" compared to foreclosure epidemic around the country?
Example of Brooklyn and Queen development in the recent years proves that the wealth will eventually trickle down to other parts of the boro. I remember when Williamsburg was a dump nobody wanted to look at and Long Island City was even worse. Funny that all these "defenders of real New York" never wanted to live in these neighborhood then
Yes, I do realize that. And, I was around long before gentrification took hold in NYC, when moving up meant moving East.
How would you describe the real estate market in SE Queens and Sheepshead Bay vs. Fort Greene and LIC?
Yes, I do realize that. And, I was around long before gentrification took hold in NYC, when moving up meant moving East.
How would you describe the real estate market in SE Queens and Sheepshead Bay vs. Fort Greene and LIC?
IMO, it's a tale of two cities.
Hey, we all know that the scale in New York is very different than most other cities. Boros by themselves would be sizable cities if located elsewhere so its hard to even talk about one single NYC market or even one Brooklyn or Queens market. Forrest Hills has never been Ozone Park.
I don't know much about real estate market right now, besides friends who from time to time put their houses on the market just to find out where they are. It's looking good.
I know that opposed to those living in other American cities (I have friends in most) we are blessed with real estate market that did not take a 50% plunge. That's by itself is a miracle.
If I was looking for a place in Brooklyn I would definetely look into Greenpoint, it's close to Williamburg and on the rise, yet still somewhat affordable. I believe the place in 5-10 years will be another Williamsburg or rather a part of Williamsburg.
Greenpoint is hot now and prices have gone up. If price isn't you concern, okay. if it is, an alternative might be Sunnyside or Woodside, Queens.
Pretty quick trip on the 7 train to midtown.
I think ppl overreact a little when I here them talk about the state of the middle class in NYC, I think what they saying about NY being a city for just the rich and the poor is true for Manhattan only. Look at Queens and Staten Island in both those boroughs the majority of people are middle class and in Brooklyn and the Bronx like a third or more of the population is middle class.
People think that gentrification will just consume the city when it's mostly gonna stay in the areas of the outer boroughs closest to Manhattan.
People in Bay Ridge or Queens Village are gonna continue living their middle class lifestyles.
well all that means is you have a huge cluster of
some of the highest paid people living in brooklyn.
the landlords must be very happy that they have a
lot of people who don't mind forking up so much
money to pay the sky-high rents every month and
not complain.
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