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I am a self professed democrat. That line about Trump scaring away Chinese and Russian investors is nonsense. Infact I think they would absolutely love him.
He is less likely to seize assets from individuals who purchased it with ill gotten gains. He is not for much regulations. So you can come and set up your businesses.
Wealthy investors are still out there buying up everything in sight! Infact the investors canvassing our neighborhood are offering $10 to $15k for property referrals.
Many are still looking at neighborhoods as unworthy of their $500k while investors are dropping tens of million to purchase empty lots and properties in that same neighborhood. By the time they realize what is happening the middle income man has been priced out.
Quote:
Originally Posted by upthere22
not true at all, the market today is the lowest it has been in a decade. at all levels, specially luxury housing due to decreased demand of Chinese and Russian investors.
its too complicated to explain here, but if trump shrinks the trade deficit, there will be less foreign investment surplus from china. therefore less people buying apprts in NYC. just the idea of it has scared the investors.
just check the chart below, you will get the idea.
While this is true, a more direct impact has come from changes to the tax code, and specific laws surrounding foreign money buying investment properties.
It's just not as lucrative for foreign money to buy up luxury condos, as it was in years past.. so the market has declined. This decline at the top of the market has had effects spread throughout the entire market.
People's perception of a neighborhood's worth is subjective. I hope you find the right place to invest in when you are ready. It seems you are both not there yet.
There are still houses, co-op and condos available for under $500k. If you are seriously in the market and have realistic expectations you will find one.
A lot of East Harlem is the same way. If the banks aren't willing to invest and lend for businesses to open there then there you have it. You want the shops but you need people with high incomes to afford the shops and amenities and that takes time.
I guess chicken before the egg but someone has to make the first move and it will only be the reckless gentrifiers with $5M trust fund from daddy.
The Bronx does have some neighborhoods that can fetch that and more... Riverdale has numerous condos that go for $1 million+. Country Club would be another contender with its waterfront properties.
Co-ops in 1020 Grand Concourse, which is also in a prime location and a luxury building cost half the price of the Joinery. What happens in 3-5 years when this new development isn't so new anymore?
Co-ops in 1020 Grand Concourse, which is also in a prime location and a luxury building cost half the price of the Joinery. What happens in 3-5 years when this new development isn't so new anymore?
I saw an apt in that bldg for $549K
I love that bldg
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