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I know some people are planning to stay, while others seem to be cashing out while they still can. Now would certainly be the time to sell if youu have any reservations about staying here for the long haul, as you may not be able to get much after July.
More toxic assets than anywhere in the US. Ask yourself what your neighbors do for work, and then ask how much their mortgage (roughly) is each month. The numbers, as often as not, won't add up.
I don't know about you but I keep a close watch on my neighbors, and their finances. A couple of households in particular are very suspicious in my neighborhood, and neither of them bought before the peak either. The numbers simply do not add up. You could write off a few as having rich parents or being successful active traders, or maybe even working nights as an escort, but the sheer numbers of ginger ale people living in champagne homes here points to something with far worse implications.
no one can speak for anyone elses finances.. many of my neighbors have homes that are paid for or they bought well before the peak..
I know,I don't know what the OP is even babbling about.Most of the people in my building bought their apartments back in the early to mid 90's and either have no mortgages at all or are making payments of a few hundred a month .
I don't know about you but I keep a close watch on my neighbors, and their finances. A couple of households in particular are very suspicious in my neighborhood, and neither of them bought before the peak either. The numbers simply do not add up. You could write off a few as having rich parents or being successful active traders, or maybe even working nights as an escort, but the sheer numbers of ginger ale people living in champagne homes here points to something with far worse implications.
Doesn't sound like you live in a place that is representative of NYC.
There are no people in my neighborhood living off of rich parents and the overwhelming majority are solid 2 income households where people have been living in the same place for at least 10 or 15 years,often much longer.
I don't know about you but I keep a close watch on my neighbors, and their finances. A couple of households in particular are very suspicious in my neighborhood, and neither of them bought before the peak either. The numbers simply do not add up. You could write off a few as having rich parents or being successful active traders, or maybe even working nights as an escort, but the sheer numbers of ginger ale people living in champagne homes here points to something with far worse implications.
You're a little late to the party boss.
The housing market has already collapsed in many parts of the nation (CA, AZ, AND Fl in particular). Brazilians and Chinese have been scooping up prime properties in FL and CA as if the streets are paved with gold.
NYC prices are off 20-25% from their peak but(as opposed to 50%+ in many other parts of the nation) they won't move to much lower. There's simply too much demand and a somewhat robust economy as compared to the rest of the US.
Houses that are listed between 500k and 650k are selling like hotcakes in my neighborhood in Brooklyn. With a 3.5% rate on a 30 year, that's only $2700/month. Well within range for a dual income middle class household in NYC.
The tough part is that many people don't have 20% down payments and therefore the banks won't extend loans. They want people to move in with equity.
Housing prices do not have much more to fall across the nation. Let alone in NYC. Maybe another 15% across the nation while they will stabilize in NYC.
Last edited by wawaweewa; 01-01-2012 at 02:33 PM..
Awesome, I'm going to wait until July and swipe up a couple condos on Central Park South for $80k!
hate to disappoint you but i own co-ops on central park south and at the peak of the downturn we sold 2 for 10% less than the all time high.
it took longer to sell but price was no problem.
Last edited by mathjak107; 01-01-2012 at 02:46 PM..
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