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Old 08-09-2019, 07:10 AM
 
Location: NY
4,090 posts, read 1,054,810 times
Reputation: 2408

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Quote:
Originally Posted by Javawood View Post
If maintenance wasn't so high, I'd have bought in the Bronx. If it has a maint of over $700, I need it to cost less than $250k. If it has a maint of over $1k, I'm not going to touch it with a 10 ft pole. The only way I'd budge on that is Mitchel Llama since the buy in is so low.

I have some hope that prices fall to what I consider reasonable, but I have high doubt. In the very least though, the down payment is ready. The market returned much more than property has appreciated, to which I can basically say: the math was right.


Sometimes waiting is the smartest calculation one can make.
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Old 08-09-2019, 01:39 PM
 
75 posts, read 11,703 times
Reputation: 78
'The rest of the top 10 neighborhoods where prices are rising the most include Tompkinsville, Staten Island, where the median home price rose 33.6%, to $472,500.'


Tompkinsville is still a mostly sketchy high-crime area in the 120 Precinct. Only for the brave housing pioneer types.
https://www1.nyc.gov/assets/nypd/dow...-us-120pct.pdf
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Old 08-09-2019, 05:26 PM
 
Location: Beautiful Pelham Parkway,The Bronx
8,499 posts, read 20,474,098 times
Reputation: 6394
O
Quote:
Originally Posted by Mr.Retired View Post
Sometimes waiting is the smartest calculation one can make.
And most of the timei it’s the dumbest calculation. At least in my 50 years of NYC real estate hunting.

I have numerous friends who have been waiting and talking about how cool and smart it is to wait since 2008. It hasn’t worked to their favor at all either in prices or the horrendous hundreds of thousands they have shelled out in rent while waiting.

It seems like there has been a substantial group of these market timers during every NYC real estate epoch I have witnessed since the 70’s . In the end it never seems to work for most of them. Market timing doesn’t seem to work for most in the stock market either.

Last edited by bluedog2; 08-09-2019 at 05:58 PM..
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Old 08-10-2019, 03:19 AM
 
72,704 posts, read 72,559,630 times
Reputation: 50244
Quote:
Originally Posted by bluedog2 View Post
O

And most of the timei it’s the dumbest calculation. At least in my 50 years of NYC real estate hunting.

I have numerous friends who have been waiting and talking about how cool and smart it is to wait since 2008. It hasn’t worked to their favor at all either in prices or the horrendous hundreds of thousands they have shelled out in rent while waiting.

It seems like there has been a substantial group of these market timers during every NYC real estate epoch I have witnessed since the 70’s . In the end it never seems to work for most of them. Market timing doesn’t seem to work for most in the stock market either.
we all have had that vision of being last man standing , cash in hand when the proverbial " crash comes "


University of Michigan Professor H. Nejat Seyhun analyzed 7,802 trading days for the 31 years from 1963 to 1993 and concluded that just 90 days generated 95% of all the years’ market gains — an average of just three days per year.

miss those best days being out , which typically happen in the worst of times and you can't make that up .

if we could miss the worst days of being invested buffet's returns would be puny in comparison . but not only can't we seem to pick those worst days , we can't even seem to pick the worst time frame for being out so the days will follow along . missing the worst days to be in is a wish , not reality .


but catching the best days is very easy . just stay invested !
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Old 08-10-2019, 06:30 AM
 
1,055 posts, read 516,854 times
Reputation: 896
Quote:
Originally Posted by bluedog2 View Post
O

And most of the timei it’s the dumbest calculation. At least in my 50 years of NYC real estate hunting.

I have numerous friends who have been waiting and talking about how cool and smart it is to wait since 2008. It hasn’t worked to their favor at all either in prices or the horrendous hundreds of thousands they have shelled out in rent while waiting.

It seems like there has been a substantial group of these market timers during every NYC real estate epoch I have witnessed since the 70’s . In the end it never seems to work for most of them. Market timing doesn’t seem to work for most in the stock market either.


A coworkwr of mine has been waiting since 2011. She could have well afforded it then. Now houses that were $600k then are now over one million and I think she can no longer afford the areas she wanted to live in. We dove head first and purchased where we could afford. We are on our third house looking to purchase a 4th sometime next year with over $600k in equity.

NYC market is different. Even in the height of the recession you had multiple bids on homes and the houses were still not 'affordable' then.

A more stable job market and higher concentration of real estate buyers means that their is more competition for limited resources. Plus unlike other states there aren't vast tracts of undeveloped land to build new houses , keeping the price low.
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Old 08-10-2019, 06:51 AM
 
72,704 posts, read 72,559,630 times
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we sold 2 of our manhattan co-ops in 2009 for just 10% below the peak
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Old 08-10-2019, 06:53 AM
 
72,704 posts, read 72,559,630 times
Reputation: 50244
Quote:
Originally Posted by LOVEROFNYC View Post
A coworkwr of mine has been waiting since 2011. She could have well afforded it then. Now houses that were $600k then are now over one million and I think she can no longer afford the areas she wanted to live in. We dove head first and purchased where we could afford. We are on our third house looking to purchase a 4th sometime next year with over $600k in equity.

NYC market is different. Even in the height of the recession you had multiple bids on homes and the houses were still not 'affordable' then.

A more stable job market and higher concentration of real estate buyers means that their is more competition for limited resources. Plus unlike other states there aren't vast tracts of undeveloped land to build new houses , keeping the price low.
although will rogers was wrong when he said buy land , they are not making anymore of it ...

we have lots of huge developments on landfill where water once was ,places like battery park city .
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Old 08-10-2019, 07:35 AM
 
1,055 posts, read 516,854 times
Reputation: 896
Quote:
Originally Posted by bluedog2 View Post
O

And most of the timei itís the dumbest calculation. At least in my 50 years of NYC real estate hunting.

I have numerous friends who have been waiting and talking about how cool and smart it is to wait since 2008. It hasnít worked to their favor at all either in prices or the horrendous hundreds of thousands they have shelled out in rent while waiting.

It seems like there has been a substantial group of these market timers during every NYC real estate epoch I have witnessed since the 70ís . In the end it never seems to work for most of them. Market timing doesnít seem to work for most in the stock market either.
Quote:
Originally Posted by mathjak107 View Post
although will rogers was wrong when he said buy land , they are not making anymore of it ...

we have lots of huge developments on landfill where water once was ,places like battery park city .

These new developments are hardly 'affordable' to the people who are holding off on buying waiting for the prices to make a nose dive. Those developments are mot comparable in price and amount to the available land space and prices of home outside of the tri state area. I doubt most who held out for 'better prices' are able to easily purchase these new developments.

When u drive out of NYC it is not unheard of to see signs in other places advertising 'new homes for under $300 or even $200k!'. When people think of affordability this is more in line with what they would like to see.
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Old 08-10-2019, 09:01 AM
 
Location: NY
4,090 posts, read 1,054,810 times
Reputation: 2408
Quote:
Originally Posted by bluedog2 View Post
O

And most of the timei itís the dumbest calculation. At least in my 50 years of NYC real estate hunting.

I have numerous friends who have been waiting and talking about how cool and smart it is to wait since 2008. It hasnít worked to their favor at all either in prices or the horrendous hundreds of thousands they have shelled out in rent while waiting.

It seems like there has been a substantial group of these market timers during every NYC real estate epoch I have witnessed since the 70ís . In the end it never seems to work for most of them. Market timing doesnít seem to work for most in the stock market either.

Opinion:
Well it worked for me.....................of course timing is key.
at this moment in time prices have begun to lose steam and
pouncing through the small window of opportunity
will only benefit those interested in purchasing.
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Old 08-10-2019, 09:04 AM
 
72,704 posts, read 72,559,630 times
Reputation: 50244
Quote:
Originally Posted by LOVEROFNYC View Post
These new developments are hardly 'affordable' to the people who are holding off on buying waiting for the prices to make a nose dive. Those developments are mot comparable in price and amount to the available land space and prices of home outside of the tri state area. I doubt most who held out for 'better prices' are able to easily purchase these new developments.

When u drive out of NYC it is not unheard of to see signs in other places advertising 'new homes for under $300 or even $200k!'. When people think of affordability this is more in line with what they would like to see.
affordable or not , they are making more land where the water once was
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