What are your plans for the impending housing market collapse? (New York: real estate, apartment)
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I think New York City has weathered the housing crisis FAR better than the rest of the country. But whether it continues to avoid the fate of the U.S. all depends on the strength of the financial sector because that is the ONLY job engine in NYC.
As Wall Street and the banks go so goes the City. Without them, NYC is just another Appalachia.
But another wrinkle is the increasing wealth disparity. At the farthest extreme of wealth separation you approach a situation where a handful can afford to buy a solar system but the bulk can barely feed themselves. This force is one for a vast decrease in the price of anything but the finest largest homes and breathtaking increases for mansions worthy of the robber barons. The spread in housing prices will mirror the spread in incomes.
The effect of vast layoffs over a long period in the financial secor will lower prices dramatically.
NYC has not felt the devaluation of housing that the rest of the country has, but that is not to say it will not play catch-up.
A crystal ball will, like always, be VERY useful.
But for me it's moot...I'm here for the long haul.
I think New York City has weathered the housing crisis FAR better than the rest of the country. But whether it continues to avoid the fate of the U.S. all depends on the strength of the financial sector because that is the ONLY job engine in NYC.
As Wall Street and the banks go so goes the City. Without them, NYC is just another Appalachia.
But for me it's moot...I'm here for the long haul.
Thats not true while wall street is the largest part of our economy we still have the 2nd largest entertainment industry, and the largest media industry in the world, and growing tech industry. Don't get me wrong we'd take a huge hit if Wall street completely collapsed but we wouldn't turn into a giant Baltimore
I think New York City has weathered the housing crisis FAR better than the rest of the country. But whether it continues to avoid the fate of the U.S. all depends on the strength of the financial sector because that is the ONLY job engine in NYC.
As Wall Street and the banks go so goes the City. Without them, NYC is just another Appalachia.
But another wrinkle is the increasing wealth disparity. At the farthest extreme of wealth separation you approach a situation where a handful can afford to buy a solar system but the bulk can barely feed themselves. This force is one for a vast decrease in the price of anything but the finest largest homes and breathtaking increases for mansions worthy of the robber barons. The spread in housing prices will mirror the spread in incomes.
The effect of vast layoffs over a long period in the financial secor will lower prices dramatically.
NYC has not felt the devaluation of housing that the rest of the country has, but that is not to say it will not play catch-up.
A crystal ball will, like always, be VERY useful.
But for me it's moot...I'm here for the long haul.
That's the question I am asking myself. If I can't sell my place do I want to be here for good? I think I do but economics may rob me of that choice soon enough.
That's the question I am asking myself. If I can't sell my place do I want to be here for good? I think I do but economics may rob me of that choice soon enough.
I see by your other postings on other threads that you are really consumed by this.In another thread ,you boldly predict "The housing market will be going into free fall soon."
Why don't you just sell right now? Your OP indicates that you firmly believe the market is going to implode but things are actually selling right now at pretty good prices,especially given your scenario.You can be out of the market before your predicted doomsday arrives.Why are you waiting around ? Get out while the getting out is good! If I believed,as you do,that there is "an impending housing market collapse" I would have called my broker,listed and sold before even posting on here.
From what I have read and seen only parts of nyc with severe mortgage trouble are areas bordering Nassau county and westchester county. Neigborhoods such as williamsbridge and Wakefield Bronx and Jamaica, cambria heights queens. These residents bought into subrime loans and have other problems on trying to pay mortgages like single mothers instead of dual parent homes. Other parts of the city especially in Manhattan and areas close to the city core have survived the housing collapseto some extent. If I had a get set of money I would move out of nyc and purchase a forclosed home in one of those sunbelt States which were hit hard by the housing collapse. One of my child hood friends just won some settlement money and is purchasing a forclsed home in pa. Lucky him. As of the moment nyc housing market is on fire. The only thing now that can hurt nyc hosuing market is Europe with its shaky euro dollar with its pending collapse.
Last edited by Bronxguyanese; 01-01-2012 at 07:15 PM..
The Euro. Peak Oil. International political instability. From what I understand (I am not a NYC native and I am not THAT old) this city has had a real rollercoaster ride over the years, and I can't help noticing a pollyannaish, "Things will always be good" mentality around here. The same kind of mentality that led to the US housing bubble, and the NASDAQ tech bubble, in the first place. If my house, almost paid off, craters in value it wont be the end of the world in itself. But what if 1970s crime levels return? Would I still love it here so much? What if the City starts hemorrhaging jobs, and mine goes too? What options will I have if my place(not on Central Park West!) is only worth 80k? Or less? And I am not a troll! I have a personal and professional interest in macroeconomics and have begun blogging intensively on the topic.
Blog will be up in about a week. I hoped to be able to finish the articles (I sort of write bits and pieces of each one rather than write them in order) over the holiday but it's not quite ready yet.
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