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Its worth more, but property taxes are still pretty low in NYC. My parents bought their house for around $200,000 in 1999. Today, it would sell for around $1,500,000 based on comps on the block, but its assessed value is nowhere near that amount of money (last I checked, it was still assessed at under $600,000).
Yes, will give you that; the archaic and byzantine system of NYS/NYC property taxes means assessed values are often out of whack.
You have brownstones/townhouses on the UES or UWS that can (and do) sell for tens of millions, but their assessed value is barely two million or so. However even then people are paying 50k or more in property taxes per year.
CASH OUT!!!!!!! We've been thru so many bubbles, the next one is going to be pretty big and dipping in multiple industries. cash out now if you have the money, duh!
Rents <1K would be nice to have again, even in crappy areas rents for studios and one bedrooms are like 1,500 on the market so wtf do you do when you don't meet the 40x rent rule? Never get to have your own apartment unless you luck out with the NYC Housing Lotteries which now ONLY cater to 60% and below AMI cuz all the registered voters started screaming?
CASH OUT!!!!!!! We've been thru so many bubbles, the next one is going to be pretty big and dipping in multiple industries. cash out now if you have the money, duh!
Rents <1K would be nice to have again, even in crappy areas rents for studios and one bedrooms are like 1,500 on the market so wtf do you do when you don't meet the 40x rent rule? Never get to have your own apartment unless you luck out with the NYC Housing Lotteries which now ONLY cater to 60% and below AMI cuz all the registered voters started screaming?
My parents' area and much of NYC were not heavily affected by the last housing market crash. NYC on the whole still remains a safe investment. With the level of development in my parent's area, I do not recommend that they sell anytime soon, but rather that they hold on for as long as they can afford to.
I’ve said it before and I’ll say it again... To make it in this city you have to have a household income under $25k per year and/or have a slew of screaming kids or have a household income over $200k. Anywhere in between and you are screwed. Fact!
NYC is no place for the middle class, especially Manhattan.
Nope.
You just have to be someone who knows how to live within their means, and not chase the “coolest” neighborhoods. Plenty of available real estate in NYC for middle class families who aren’t obsessed with saying things like “that’s not cool enough for us”, “not enough bars/museums/gmo-free artsy coffee bars within walking distance”, etc.
I don’t have a financial care in the world and my combined income is well under $200k, AND I pay more in child support than some of you make annually.
My parents' area and much of NYC were not heavily affected by the last housing market crash. NYC on the whole still remains a safe investment. With the level of development in my parent's area, I do not recommend that they sell anytime soon, but rather that they hold on for as long as they can afford to.
Obviously don't know if this applies to your parents, but from what one has seen and heard homes on good sized lots are seeing prices go up. Not as much for the house per se, but land it sits upon. Despite the so called "down zoning" or whatever people are still buying single family homes and tearing them down to put up multi-family townhouses. That and or trying to get several homes on connecting lots so they can do a development.
one anecdote experience doesn't tell us anything, however, you continuing to bring this one example up makes it clear you have a fetish.
If you are eluding to me and the OP, am perhaps the only one who speaks about such things here, but the conversation goes on elsewhere, that is a fact. As have repeated replied to such comments/attacks; get off your hinnie and walk around Manhattan a night. That and or speak with persons whose job it is to deal with those in financial distress.
As a child during 1970's remember news and other media reporting adults and seniors were supposedly eating dog food because that was all they could afford. From that Congress passed COLA laws that supposedly took care of at least those on Social Security. But things haven't worked out that way.
For professional or personal reasons am often out late. If the weather is nice and distance manageable will walk home. Besides being good exercise (and often faster than most buses), get to see much of Manhattan while streets are less crowded and much quieter. Suffice to say you begin to notice that few rubbish bags are left unmolested and who is going through them.
For all the talk about helping those in need by the city and in particular BdeB, you pretty much have to be dirt poor and willing to surrender some pride, dignity and self-respect in order to get the often meager aid city doles out. Did you know that to apply for those various "one shot deals" to help with back rent the city pretty much puts you through the same process as if applying for welfare? A hard credit check is done and comes up under some NYC social service agency.
Also find it interesting that so many *hate* the poor or whatever, both on this board and elsewhere, meanwhile their neighbors, co-workers or whatever aren't often doing much better. But because they aren't officially "homeless" and use various means to keep things together (dumpster diving, running up high credit balances, etc..), they appear to be holding onto that middle class lifestyle.
Someone mentioned rent control, but less than 2% of apartments in NYC are rent controlled. The last apartment I had was rent stabilized and it was WAY WAY out in Queens and the rent was $1600 for one bedroom.
I know many middle-class-looking folks who are just barely hanging on to their house of cards until the next big blow comes by. It's just what BugsyPal is saying: they walk the walk, they talk the talk, they go home and get on their knees and pray. I know people way behind on mortgage (house and condo), just paying the lights and phone and getting food stamps and medicaid. I know someone whose condo foreclosed and because it was Wells Fargo, when she went to the proceeding, they didn't show up and produce paperwork so she is still under a roof because her social security just covers her maintenance. They'll start the process over, or sell the note to someone who will, and if they have papers, she's out.
And a lot of NYers don't drive, so that sell and move to a little town somewhere isn't going to work for them. Also, some little towns around here, rent is still $1250. Rent is out of line.
Someone mentioned rent control, but less than 2% of apartments in NYC are rent controlled. The last apartment I had was rent stabilized and it was WAY WAY out in Queens and the rent was $1600 for one bedroom.
I know many middle-class-looking folks who are just barely hanging on to their house of cards until the next big blow comes by. It's just what BugsyPal is saying: they walk the walk, they talk the talk, they go home and get on their knees and pray. I know people way behind on mortgage (house and condo), just paying the lights and phone and getting food stamps and medicaid. I know someone whose condo foreclosed and because it was Wells Fargo, when she went to the proceeding, they didn't show up and produce paperwork so she is still under a roof because her social security just covers her maintenance. They'll start the process over, or sell the note to someone who will, and if they have papers, she's out.
And a lot of NYers don't drive, so that sell and move to a little town somewhere isn't going to work for them. Also, some little towns around here, rent is still $1250. Rent is out of line.
Sure, but that's still covers a good number of people. Of course, there are other programs like Section 8, NYCHA units, etc.
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