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Old 07-23-2019, 11:11 AM
 
148 posts, read 63,556 times
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Banks not interested in foreclosures in judicial foreclosure states such as NY.
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Old 07-23-2019, 12:38 PM
 
1,743 posts, read 627,421 times
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When I was recently in NYC, a realtor told me that there is a much larger than normal number of properties on the market, and the prices are noticeably down, but in the luxury category ONLY - apparently has to do with a lot of superrich foreign owners pulling out of NYC. So, there are wider and cheaper choices for people looking to buy properties more expensive than $2-3 million. He said the inventory and prices in other categories of property have been flat this year - not climbing or falling.


In Parkchester, the Bronx, there is right now the first 1-bdrm condo ever listed for more than $200k. The trend has been a slight increase in price (about $10,000) from last year for condos that are somewhat larger or really well renovated. The lowest "regular" (ie, not pre-foreclosure auction) price has been about $150k for 1-bdrm condo. Most ordinary non-renovated 1 bdr units appear to be going for about $160k, without change from last year. This is up from about $125k in 2017, up from about $112k in 2016, and up from about $100k earlier (where the price had been between 2008 and 2015, without change throughout recession). I'm still holding onto my Parkchester crashpad and staying in NYC for a week or two here and there, until it becomes clearer where the neighborhood might be going in terms of quality of life.


Again in Parkchester, there are about 100-150 pre-foreclosures/foreclosures at any particular time. Since it is an 80% rental community, I think foreclosures might be mostly due to small property owners being unable to compensate for bad tenants who have stopped paying rent. The majority of small unit owners in Parkchester are Chinese (although very few Chinese actually reside in Parkchester) - they tend to own only one or a couple of units. I don't know whether they are the Chinese from China or Chinese-Americans, I just saw the list of owners and noticed that the majority of the names are Chinese.
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Old 07-23-2019, 02:15 PM
 
148 posts, read 63,556 times
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Over 3MM market is affected by this:

https://www.tax.ny.gov/bus/transfer/rptidx.htm
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Old 07-23-2019, 02:16 PM
 
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If there were such a think as "expert opinions" in a general online forum, we'd all be multi-millionaires.
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Old 07-23-2019, 02:31 PM
 
Location: Beautiful Pelham Parkway,The Bronx
8,484 posts, read 20,414,389 times
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Quote:
Originally Posted by leoliu View Post
Has it finally peaked? Any expert opinions here, please?
Sales seems to have come to a full stop in my hood...nothing sells in the past couple months. And there are several new huge apartment complexes under construction in downtown Flushing, which will likely depress the RE price further.
Anyone willing to call a bottom? I am happy to be a renter for another two years before considering buying.
It's over. It was what is known as a 2 year "Shanghai Rathskeller Continuously Rolling Over Bottom" and it rounded the trough on July 6th at 3 p.m. The all clear (buy) signal went out on Sunday morning the 7th at 6 a.m.
I got a text so I know. For sure.
I immediately went out and bought.Big. It felt good. Real good.

Last edited by bluedog2; 07-23-2019 at 03:06 PM..
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Old 07-23-2019, 02:39 PM
 
762 posts, read 380,480 times
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The day that Chinese money is taken out of Flushing, I will be ecstatic. I would love to purchase a home in my neighborhood but can't because of this. Quaint starter homes that need a little fixing up go for 1 million+ because of Chinese money here. It's INFURIATING.
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Old 07-23-2019, 02:43 PM
 
71,988 posts, read 72,020,102 times
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Keep waiting , you will likely be long gone .....like those who never got back in to equities after 2008 because a crash was eminent...in the mean time we tripled while they waited for a crash ....we could fall 30% and they would be behind
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Old 07-23-2019, 02:59 PM
 
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Bubble pop? No. Cyclically drifting down from the peak? Definitely. The high end is definitely overbuilt, with more coming.
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Old 07-23-2019, 03:14 PM
 
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The Staten Island home market is strong right now with variations across neighborhoods as you would expect. The east shore is particularly strong with an influx of Chinese-Americans fleeing Brooklyn and Queens crowded neighborhoods, increasing crime, and increasingly troubled schools.

Staten Island has the lowest crime rate in NYC which also makes it an attractive place to buy:
https://www1.nyc.gov/assets/nypd/dow...en-us-pbsi.pdf

Staten Island homes are among the most affordable in the city but nowhere is really cheap in NYC anymore. Many SI homes now sell in the +$1M range:
https://streeteasy.com/houses/staten...price:1000000-
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Old 07-23-2019, 03:25 PM
 
32 posts, read 4,661 times
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Quote:
Originally Posted by elnrgby View Post
Not quite the collapse (yet), but there is no question that large (and not so large) business took notice of what happened to Amazon. It is not entirely clear what all the various reasons are, or what the most important reason is, for the international superrich to be pulling out of NYC, but they are indeed pulling out. The opinion bizarrely voiced on this forum (that the foreign superrich are somehow causing NYC to be unaffordable to the poor) couldn't be more wrong. The superrich were driving up only the very top of the market (which they are now driving down I guess, since they are leaving en masse), which had absolutely nothing to do with housing for the poor, or even for the middle class. There is still a housing shortage in NYC for those two types of home seekers, and their housing choices/prices will remain exactly the same after the superrich leave - with lower real estate tax collections by the city due to decrease in values of top properties, and the result of less money available for public use (including for housing subsidies).

Maybe there's only so many super-rich in the world and ultra-luxury builders didn't take that into consideration.
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