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No. NYC is far more expensive than DC more than just for supply and demand reasons. Simply, part of its expense is that it can be. The tag of "Manhattan" or "NYC" allows landlords to arbitrarily raise their prices even more because people will pay for it independently of pure supply and demand. The fact that nearly half of all apartment units have some form of rent control or stabilisation in NYC is equivalent to the highest rate in the country, which exacerbates price problems. That's not to DC is cheap by any means, but to say the difference is only slight is a gross understatement. The price of nearly everything in NYC is marked up, but at the same wages are also moderately higher. Is the bump enough to compensate for the cost of living? Usually, no. But when you see people paying over $800,000 or $3,000 a month for studios in DC, come back to me, because that's not even close to uncommon in Manhattan or even parts of Brooklyn nowadays.
But when you see people paying over $800,000 or $3,000 a month for studios in DC, come back to me, because that's not even close to uncommon in Manhattan or even parts of Brooklyn nowadays.
there are many desirable parts of NYC, including fashionable parts of Brooklyn, that are considerably cheaper than that, IIUC. Comparting the handful of top Manhattan nabes that appeal to the super rich to DC isnt that meaningful, as we dont really have that lifestyle to any considerable degree. Similarly SFHs close in are much scarcer in NY. OTOH if you focus on older apts in elevator buildings, which NYC has in abundance, and which are relatively scarce in DC, I think you would find NYC does well (still more expensive, but not that out of line with wages - and again, NYC should be MUCH more expensive considering only demand, which was my point)
You take my opinion about the current real estate condition of the city and blow it out of proportion with rhetoric about people dying and low-income housing. I've noticed the same silly pattern of responses in quite a few of your posts.
I know what DC is about and how expensive it's becoming. As a near-30 year resident of the area, I've grown accustomed to the changes the District has undergone and continues to undergo. I'm not complaining. I'm merely stating that the housing market in the city isn't attractive to someone like me who wants more than what the city is offering at its current cost. That's called an opinion, and I'm sure some subscribe to that same notion and have elected to pursue other alternatives as I have (for the time being).
First of all you don't know me. So watch your language.
It sounded like complaining to me. I think every buyer or renter wishes that real estate was cheaper while every owner or seller wishes for bubble prices or higher. At the end of the day there's nothing one can do about the price of real estate.
I use personal rhetoric all the time, that is nothing new. I'm going to continue using rhetoric. I like telling stories. I see nothing wrong with telling a story as it relates to the topic. If I got off topic then say "hey you got a little off topic there." I will remember to stay the course next time. I'm not perfect. You're certainly entitled to your opinion. However, we're adults and I don't appreciate being called a weirdo. My name is Terrence. I never called you out of your name and I'll DEMAND that you pay me the same courtesy.
Last edited by terrence81; 04-12-2012 at 09:15 AM..
there are many desirable parts of NYC, including fashionable parts of Brooklyn, that are considerably cheaper than that, IIUC. Comparting the handful of top Manhattan nabes that appeal to the super rich to DC isnt that meaningful, as we dont really have that lifestyle to any considerable degree. Similarly SFHs close in are much scarcer in NY. OTOH if you focus on older apts in elevator buildings, which NYC has in abundance, and which are relatively scarce in DC, I think you would find NYC does well (still more expensive, but not that out of line with wages - and again, NYC should be MUCH more expensive considering only demand, which was my point)
One thing I'm starting to notice when I look at NYC real estate listings is that once you get away from Manhattan, New York prices are about the same as the DC area if not a little cheaper.
One thing I'm starting to notice when I look at NYC real estate listings is that once you get away from Manhattan, New York prices are about the same as the DC area if not a little cheaper.
It depends where. Northwestern Brooklyn (mainly Brooklyn Heights, Cobble Hill, Carroll Gardens, DUMBO, and Park Slope) aren't that much less expensive than Manhattan nowadays, but still more than DC. The rest of the borough radically varies, but DC is slightly more expensive in general when excluding the northwestern section. Queens, the Bronx, and Staten Island are almost always cheaper than DC, however.
It depends where. Northwestern Brooklyn (mainly Brooklyn Heights, Cobble Hill, Carroll Gardens, DUMBO, and Park Slope) aren't that much less expensive than Manhattan nowadays, but still more than DC. The rest of the borough radically varies, but DC is slightly more expensive in general when excluding the northwestern section. Queens, the Bronx, and Staten Island are almost always cheaper than DC, however.
Good point about Park Slope and company. I should've said Manhattan and certain Brooklyn neighborhoods. Brooklyn is turning into the north Arlington o NYC huh? After watching Mob Wives I started looking at real estate listings for Staten Island for some random reason and was just shocked by how affordable the houses are in that borough. I use affordable loosely of course.
BTW, another up-and-coming area that gets mentioned sometimes is Hyattsville, Md. They've really worked hard to improve the retail offerings lately, there's a variety of single- and multi-family housing, and okay access to downtown DC. The prices are well below DC -- but the property taxes are pretty killer, so you might only end up saving 10% or so on a monthly basis.
It all goes to show that the price of the house really is only a small part of the monthly carrying cost. A lower price can be offset by higher fees, taxes, or interest rates. Speaking of which, there's been some solid discussion of co-ops here; I've posted in other threads about some of the differences.
I know The Velocity has one studio 777sq ... but is around $350 since it has a private patio.
I agree with you
A studio condo for $350K? Dear lord...
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I agree
