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Btw I had my eye on this one in the same building, but it's $690K so I will just have to resign myself to looking at the pretty pictures. Photos - 35-20 77th Street, #41
That's the building where elevators open right up into the Apt? Those coops were very well run even has Jackson Heights went through some very dangerous periods. Always required the 20%-30% down and great credit. Low mortgages on the overall properties have kept maintenance charges in line.
There are two major developments in the last couple of years that argue against the current NYC buying frenzy being any kind of bubble.
Number 1 is the large number of homebuyers who are paying all cash,even here in my decidedly non trendy working class neighborhood.2 of the last 4 apartments to sell in my building were all cash buyers.I am in the process of buying a second apartment in my building( a studio) to use as a painting studio and I too will be paying all cash.That will make it 3 out of 5 all cash deals if I close before the 1 br that just went into contract a few weeks ago.Paying all cash was very,very rare in my building ,in a working class neighborhood,until the last couple of years.
There is now way there is a housing bubble when there are decent neighborhoods in the city where it is significantly cheaper to own than to rent.Rents would have to drop dramatically first and I don't see that happening any time soon,if ever.
How far are these decent neighborhoods from job centers? That's a factor.
Some bankers and economists are predicting another major recession within the next 5 years. Some are predicting a big sell off on Wall Street within the next few months. Massive layoffs can indeed make rent prices go down. They have in the past and they will in the future.
Real estate prices were sustained in NYC through the use of Stop and Frisk, and Bloomberg's manipulation of the media. Bloomberg is over, and the federal court system struck down Bloomberg's appeal on Stop and Frisk. De Blasio is against the tactic. So well to do out of towners won't feel safe in places like Spanish Harlem, Lower East Side, Bedstuy, etc.
How far are these decent neighborhoods from job centers? That's a factor.
Some bankers and economists are predicting another major recession within the next 5 years. Some are predicting a big sell off on Wall Street within the next few months. Massive layoffs can indeed make rent prices go down. They have in the past and they will in the future.
Real estate prices were sustained in NYC through the use of Stop and Frisk, and Bloomberg's manipulation of the media. Bloomberg is over, and the federal court system struck down Bloomberg's appeal on Stop and Frisk. De Blasio is against the tactic. So well to do out of towners won't feel safe in places like Spanish Harlem, Lower East Side, Bedstuy, etc.
How far are these decent neighborhoods from job centers? That's a factor.
Not sure what you mean by that.I was speaking about my neighborhood and my building.In my building,probably more than 1/2 of the people have 20 minute commutes either within The Bronx or to Westchester.Of the remaining 1/2,probably 1/2 of them commute to Manhattan(40 minutes) and 1/2 to either Queens or New Jersey.Commute destinations are pretty much spread all over the place.A lot of my neighbors walk to work.
What exactly do you mean by "job centers" ? Is Fordham U a job center ? Are Montefiore Medical Center or Albert Einstein College/Jacobi Medical Center "job centers"? Is the Hutchinson Metro Center(http://www.hutchmetrocenter.com/overview.html) a "job center"? Every borough of NYC has "job centers" like these that would be coveted by any city in the country.All of them happen to be within walking distance of my neighborhood.
There have been "some" economists and pundits predicting wall street selloffs and real estate crashes every year since I have been alive.There are always people predicting doomsday scenarios.If you want to run your life accordingly I wish you the best.
There are always people predicting doomsday scenarios.If you want to run your life accordingly I wish you the best.
I legitimately think we're gonna see a zombie apocalypse in our lifetimes. No, not the dead rising up. But a massive scale rabies like pandemic. For humans. That's how I run my life. With things like that in mind. Real estate and it's fluctuating prices will be nonsensical at this point. Which really it is in the scheme of things.
You've been warned...
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