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Old 10-04-2019, 09:26 AM
Status: "commuter" (set 2 days ago)
 
Location: NYC
68 posts, read 104,060 times
Reputation: 50

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I have a studio in Midtown South , lived there for several years, recently moved out and now renting it out. Maybe I will sell one day. Seems like the price is pretty flat.
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Old 10-04-2019, 10:25 AM
 
Location: Plandome, NY
7,100 posts, read 8,333,097 times
Reputation: 4025
Quote:
Originally Posted by BugsyPal View Post
It's more than just that.

NYS and NYC imposed/raised various taxes on buying homes > one million; so there was a rush to beat that deadline, now things have slowed.

You also have the SALT deduction issue making some people think twice about buying property in high tax NYS/NYC.

Yes, there is too much inventory (at all price points, except "middle class" whatever that is) of condos, and more is coming on line weekly as long planned projects hit the market.

Quite honestly things are over priced for what people are getting. Many of these new buildings have flashy amenities, but are built like garbage. Units tend to be small for what one is getting unless you're talking about the very high end (and even then..).

Big problem is that unlike previous real estate booms, banks did not largely fund all this new construction on their own if at all. Rather developers got investors, floated bonds (on Israel market) and used programs like Eb-55 and others to get some or a major part of funding.

Now they're stuck having to pay off those investors/notes and aren't meeting sales figures. Worse they cannot discount too much otherwise won't make money needed to pay off funding, but also make a profit.

Oh and things aren't going to get any easier for foreign money to buy property in NYC or elsewhere in USA. Treasury department is ramping up things regarding such buyers especially in markets like NYC, south Florida, etc..

If this country and or state/city goes into recession then all bets are off.
good post.

Also DeBlasio forcing some developers to make some affordable housing on new construction also makes it harder to make profit.

For many local NYers, I wonder if the re shuffling... "integrating" of school district will push people out to suburbs. Personally I know a lot of unhappy with that debacle.
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Old 10-04-2019, 10:34 AM
 
Location: planet earth
5,444 posts, read 2,112,722 times
Reputation: 12125
I'm in the market right now - searching for something.
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Old 10-04-2019, 01:33 PM
 
4 posts, read 474 times
Reputation: 10
I want to buy a 3 family house in the Bronx , but I feel prices are too high and I should wait it out
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Old 10-04-2019, 04:21 PM
 
9,796 posts, read 9,514,865 times
Reputation: 12419
Quote:
Originally Posted by leoliu View Post
is this true, or is it a trap? any manhattan owners here willing to share how much your property has devalued since the 2nd quarter?

I have no idea. In my opinion, someone who is constantly checking his home's value is crazy.
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Old 10-04-2019, 04:48 PM
 
21,788 posts, read 14,465,561 times
Reputation: 15343
Quote:
Originally Posted by sirtiger View Post
good post.

Also DeBlasio forcing some developers to make some affordable housing on new construction also makes it harder to make profit.

For many local NYers, I wonder if the re shuffling... "integrating" of school district will push people out to suburbs. Personally I know a lot of unhappy with that debacle.
Very little "affordable" housing lottery buildings have been condos, in fact aside from the one on Madison near 34th street, and the other on near Christoper street in WV cannot think of others.

Subsidies for "lottery" condos are deeper, especially when city plays games to "help" those who cannot even afford a down payment get into buildings. As such many developers would prefer to build as of right and not have to bother with that hot mess.
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Old 10-04-2019, 04:54 PM
 
21,788 posts, read 14,465,561 times
Reputation: 15343
Quote:
Originally Posted by Cida View Post
I have no idea. In my opinion, someone who is constantly checking his home's value is crazy.
Yet people do all the time. No small number of those in various new condo buildings (and some older) keep careful watch on sales in their building, and by extension value of their property.


Remember many of these owners aren't planning on remaining in city for long haul; in twenty or even ten years most plan to be gone. They bought because at the time it was cheaper than renting (especially with nearly nil mortgage rates), and that new condo units often beat pants off buying in some old co-op or former rental building converted.

Know several people who are here from Europe or South America and bought only because trying to find a rental was a huge PITA. None indeed to remain here for say even 12 years, so will be selling sooner rather than later.
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Old Yesterday, 05:29 AM
 
73,754 posts, read 73,583,647 times
Reputation: 51324
We have been watching prices in a co-op down the block from us that we have an interest in....prices are not dropping a dollar yet
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Old Yesterday, 05:35 AM
 
73,754 posts, read 73,583,647 times
Reputation: 51324
Quote:
Originally Posted by bluedog2 View Post
Unfortunately in this country, and especially in NY, I think most people do this every day or at least once a week. They also check the balances on their brokerage and retirement accounts almost every day.
It's the only way we American's have of measuring whether we are successful or if our lives are worth anything.

It doesn't really matter how much good you might do for others or for society. It's all about the bottom line.
At the end of the day the only one looking out for you , is you
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Old Yesterday, 06:41 AM
 
3,616 posts, read 3,444,311 times
Reputation: 2688
Quote:
Originally Posted by mathjak107 View Post
At the end of the day the only one looking out for you , is you
If you have no interest or intention to try to build a caring and supportive system for the society you live in, of course you will have to take care of yourself self at the end of the day...

The sad reality is, which is probably beyond your cognitive recognition, after certain point in life, you will completely lose the ability to take care of yourself or your loved ones, no matter who you are and how rich you are. Without support and care from the society around you, you will end up badly.

Money buys your false sense of security in a world full of selfish and greedy members.
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