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Old 12-02-2016, 09:00 AM
 
Location: Confines of the 101 Precinct
19,434 posts, read 34,496,858 times
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Nobody looked at them Bronx prices?

$1400 for Highbridge?????

Public transportation sucks...you're either running up or down some stair street to catch the train most likely!
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Old 12-02-2016, 10:44 PM
 
11,456 posts, read 6,495,836 times
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Originally Posted by SeventhFloor View Post
Nobody looked at them Bronx prices?

$1400 for Highbridge?????

Public transportation sucks...you're either running up or down some stair street to catch the train most likely!
I'm well aware of the Bronx rents, they were much cheaper only 3 years ago.
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Old 12-03-2016, 08:56 AM
 
Location: Confines of the 101 Precinct
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Originally Posted by l1995 View Post
I'm well aware of the Bronx rents, they were much cheaper only 3 years ago.
when I was a senior in high school, you could get a 3 bedroom in the Bronx for 800....this housing situation is out of control, straight up! why you think every other thread on here is about a lottery now???? This **** is serious!
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Old 12-03-2016, 09:55 AM
 
3,570 posts, read 3,782,710 times
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Originally Posted by SeventhFloor View Post
when I was a senior in high school, you could get a 3 bedroom in the Bronx for 800....this housing situation is out of control, straight up! why you think every other thread on here is about a lottery now???? This **** is serious!
If you can make it there, you can make it anywhere!

... so long as you win a lottery, be it genetic, timeframe, or housing.
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Old 12-03-2016, 10:06 AM
 
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Or bought where you could afford years ago. Who would have even conceived in the 1990s that we would have been having these conversations about DTBK, Harlem et al today.
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Old 12-03-2016, 10:35 AM
 
3,570 posts, read 3,782,710 times
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Originally Posted by LOVEROFNYC View Post
Or bought where you could afford years ago. Who would have even conceived in the 1990s that we would have been having these conversations about DTBK, Harlem et al today.
That's the timeframe lottery.

The majority of people moving into these places in NYC were not working, (many weren't even born) in the early 1990s.

It's hard to imagine another giant bust though.
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Old 12-03-2016, 12:38 PM
 
Location: Confines of the 101 Precinct
19,434 posts, read 34,496,858 times
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Originally Posted by LOVEROFNYC View Post
Or bought where you could afford years ago. Who would have even conceived in the 1990s that we would have been having these conversations about DTBK, Harlem et al today.
Buying where you could afford years ago meant risking your personal safety though. Actually, it still does today, to some extent.
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Old 12-03-2016, 03:54 PM
 
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I have a friend who lives in a Basement apartment in a walkup building in East Harlem. He pays like $1,200 and it is not a rent control apartment but is such a depressing corridor to get to that studio apartment.
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Old 12-03-2016, 04:11 PM
 
20,539 posts, read 13,568,197 times
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Originally Posted by SeventhFloor View Post
when I was a senior in high school, you could get a 3 bedroom in the Bronx for 800....this housing situation is out of control, straight up! why you think every other thread on here is about a lottery now???? This **** is serious!

Yes, but this isn't the 1980's any more!
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Old 12-03-2016, 04:26 PM
 
20,539 posts, read 13,568,197 times
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Originally Posted by WithDisp View Post
That's the timeframe lottery.

The majority of people moving into these places in NYC were not working, (many weren't even born) in the early 1990s.

It's hard to imagine another giant bust though.

Giant? Maybe not but things are starting to cool, and not just in New York.


Rent prices show signs of calming down, with NYC, San Francisco and DC sliding


Large amounts of this new rental and condo supply in NYC were/are not financed (in whole or large part) by the historical lenders; banks. Rather developers used EB-5/Asian money instead, often combined with various "affordable" financing from NYC/NYS. This is all very well to get buildings built, but banks a long time ago predicted a glut and that is starting to happen.


Downtown/west Brooklyn alone has seen vast numbers of new units and more is coming online. Then you have Manhattan including the huge Hudson Yards project along with new buildings from Wall Street to Harlem. Leave us not forget Queens and Bronx though the numbers of new units there aren't as great.


Then you have all the existing housing stock that has been renovated and or pushed into market rate territory. Long story short for those who can afford market rate housing there has never been a better time to rent and or perhaps buy. Places are offering concessions or whatever to get units moved.


While you have thousands applying for 80/20 units per buildings, the market rate side often is another story. More so for buildings that have been up/open for a few years and current market rate tenants are posting *reviews* on Yelp and elsewhere. In fact you are seeing the same for renovated existing units going for market rate rents. People are starting to wake up and realize they are paying $$$$ per month for apartments at are aren't worth that much.
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