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Old 07-22-2019, 11:35 PM
 
3,538 posts, read 3,376,511 times
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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.
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Old 07-23-2019, 01:18 AM
 
21 posts, read 15,593 times
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Bubbles gonna pop sooner or later. Gonna be 2007 all over again. Personally I can't wait. Foreign investment cough cough I mean foreign laundering cough is gonna dry up sooner or later. That's the only thing keeping this current bubble alive.
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Old 07-23-2019, 01:54 AM
 
1,031 posts, read 505,177 times
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Prices are going down. Listings sitting longer. Shortsales and foreclosures are going up. Everyone panics. The market is a cycle. We are positioning ourselves. If the market tanks I hope to buy 2 properties at a good price.
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Old 07-23-2019, 02:12 AM
 
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it really depends on the property ...there are properties that sell for top dollar in a day . there are others that sit and sit .

one thing about real estate is it is highly local and personal unlike stocks .

there can be hundreds of homes for sale but the only home that counts is the one my wife likes ..

that home can get top dollar while others can't .
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Old 07-23-2019, 06:55 AM
 
Location: NY
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Realtors can do whatever they want except drive down the property taxes..............
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Old 07-23-2019, 07:40 AM
 
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I'm sort of looking for housing right now and the price they're asking for dumps---OY.

The market has softened a bit where I am with a slight decrease but nothing super noticeable. It's not like you would move from "can't afford it" to "can." I think overall there might be a slowdown but a HUGE drop in what most people are buying in the outer boroughs I don't see it.
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Old 07-23-2019, 07:49 AM
 
148 posts, read 63,175 times
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NYC RE market is a bubble that will take another 200 years to burst. If you have the $$ buy now and do not wait. If $$ is an issue go somewhere else. NJ, Westchester or LI offer wonderful alternatives to NYC.
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Old 07-23-2019, 07:58 AM
 
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westchester has brutal taxes . my son is up there and taxes on an 1800 sq ft home in scarsdale were 20k .. now he lives in ryebrook and has almost 5000 sq ft but pays 23k. even that 1800 sq ft home sold for a million and it sold the day it listed ... the house he bought just listed the day before . so quality homes go very fast up there and prices are high
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Old 07-23-2019, 08:55 AM
 
Location: Brooklyn, New York
3,760 posts, read 3,866,787 times
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Quote:
Originally Posted by LOVEROFNYC View Post
Prices are going down. Listings sitting longer. Shortsales and foreclosures are going up. Everyone panics. The market is a cycle. We are positioning ourselves. If the market tanks I hope to buy 2 properties at a good price.
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.
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Old 07-23-2019, 11:06 AM
 
Location: Boston, MA
762 posts, read 1,040,450 times
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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.
This. I agree that the Price to Rent ratios are out of whack in most neighborhoods in NYC. Chinese money seems to be drying up as well (https://www.nytimes.com/2019/07/21/u...trade-war.html).

I am not seeing data around rising foreclosures, although Pre-Foreclosure activity seems have picked up (https://www.crainsnewyork.com/real-e...second-quarter). It will be interesting to see whether we enter a recession in the near future.
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