U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-23-2019, 04:41 PM
 
145 posts, read 49,550 times
Reputation: 219

Advertisements

If I can't sell, I plan on renting my multi-family to interns at a nearby hospital. They are good tenants who are there just to "crash" for awhile after long sessions at the hospital
Reply With Quote Quick reply to this message

 
Old 07-23-2019, 07:50 PM
 
6,299 posts, read 6,420,472 times
Reputation: 2894
It depends on the location. The LIC new developments are still going for top dollar, and be worth even more if Amazon came. The new Westside developments like Hudson Yards same thing.
Reply With Quote Quick reply to this message
 
Old 07-23-2019, 08:05 PM
 
6,299 posts, read 6,420,472 times
Reputation: 2894
Quote:
Originally Posted by Gantz View Post
The prices that they are asking for some of these homes are questionable, especially if you're planning to rent them out. Imo rents in most of the outer borough neighborhoods haven't kept up with the rise in home prices. In a lot of neighborhoods rents are pretty much flat, while homes went up 20% in the same amount of time.
I also think a lot of people are sitting on money and are not buying and just waiting. Since the economy has been up, a lot of people had 10+ good years now of saving up, but I too don't see a lot of action.
There is also a surprising amount of foreclosures going on. Who are these people that are defaulting in this economy? I can't imagine the amount of foreclosures once a recession hits.
I dont know. Even ten years of savings at minimum wage or any point along lower half of the income brackets is till probably not enough in this market for desirable locations. How much can they even save in this high cost of living city?
Reply With Quote Quick reply to this message
 
Old 07-23-2019, 10:17 PM
 
Location: Queens
26 posts, read 5,829 times
Reputation: 36
Lots/Land are still selling fast, and I'm sure it depends on the neighborhood as well.

In my neighborhood there's a small street were you'd find several houses but over the years they were sold, demolished and now in their place stands condos. Last week I saw a whole section of multifamily dwellings getting prepped for demolition. Chinese developers are getting their hands on these properties super quick and by the looks of it they are successfully selling their units.

I think these housing trends will continue only because it's New York City - people are always gonna want to flock over here.
Reply With Quote Quick reply to this message
 
Old 07-24-2019, 02:03 AM
 
72,112 posts, read 72,094,203 times
Reputation: 49638
Quote:
Originally Posted by NJ Brazen_3133 View Post
I dont know. Even ten years of savings at minimum wage or any point along lower half of the income brackets is till probably not enough in this market for desirable locations. How much can they even save in this high cost of living city?
many buy co-ops .. our kids could only afford to rent here in bayside or buy a co-op in howard beach .so they bought in howard beach ..single family homes were out of the question .
Reply With Quote Quick reply to this message
 
Old 07-24-2019, 06:13 AM
 
Location: Northern Wisconsin
8,880 posts, read 7,755,887 times
Reputation: 15342
Increasing crime rate will take the shine off NYC real estate.
Reply With Quote Quick reply to this message
 
Old 07-24-2019, 07:09 AM
 
72,112 posts, read 72,094,203 times
Reputation: 49638
Quote:
Originally Posted by augiedogie View Post
Increasing crime rate will take the shine off NYC real estate.
meh...it has never happened
Reply With Quote Quick reply to this message
 
Old 07-24-2019, 10:00 AM
 
10,968 posts, read 9,383,731 times
Reputation: 6654
A lot of people have a lot investing in NYC at this point. If crime, especially in the better areas, started to be a problem again, look for NYC to be regiulianiized pretty quickly. The only reason an idiot like Bla got elected was that the previous to mayors put the crime issue to sleep so soundly that the voters essentially forgot about it.

Quote:
Originally Posted by augiedogie View Post
Increasing crime rate will take the shine off NYC real estate.
Reply With Quote Quick reply to this message
 
Old 07-24-2019, 01:33 PM
 
Location: Brooklyn, New York
3,765 posts, read 3,870,669 times
Reputation: 3583
Quote:
Originally Posted by NJ Brazen_3133 View Post
I dont know. Even ten years of savings at minimum wage or any point along lower half of the income brackets is till probably not enough in this market for desirable locations. How much can they even save in this high cost of living city?
Didn't say anything about minimum wage employees. It is those making $70k-100k had ~10 years to save up. By now a lot of people should be sitting on enough money for a down payment, Imo a lot more people than I see buying. In my section of Brooklyn, older duplexes that need a reno are going for $1.4 million, yet I don't think you can realistically rent them out for more than $2k-$2.5k a month... that's gotta be the worst cap rates in the country, even disregarding the ridiculous NYC tenant laws.

For those waiting for the Chinese to move out of Flushing.... You gonna have to wait at least 100 years.
Reply With Quote Quick reply to this message
 
Old 07-24-2019, 08:40 PM
 
6,299 posts, read 6,420,472 times
Reputation: 2894
Quote:
Originally Posted by Gantz View Post
Didn't say anything about minimum wage employees. It is those making $70k-100k had ~10 years to save up. By now a lot of people should be sitting on enough money for a down payment, Imo a lot more people than I see buying. In my section of Brooklyn, older duplexes that need a reno are going for $1.4 million, yet I don't think you can realistically rent them out for more than $2k-$2.5k a month... that's gotta be the worst cap rates in the country, even disregarding the ridiculous NYC tenant laws.

For those waiting for the Chinese to move out of Flushing.... You gonna have to wait at least 100 years.
Even at $70K-100K if they have been spending all that time in NYC, how much can they have saved up? That is like 90s family average salary meant for 90s priced homes.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:




Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top