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Linked OP was about "affordability" not investment and or rising property values. Report was geared towards those seeking to own, which for most the first and foremost issue is finding something they can afford to buy.
Another thing; rising property values are all very well; long as one can afford to pay the increased taxes as well.
Again some around here seem woefully ignorant about owing a home. It isn't like a stock where you can sit tight and wait until a sale to deal with tax issues. You get a bill every year for property taxes based on rates and assessed value. Those sums must be paid regardless of your plans to sell or whatever.
Don't get me wrong, you want a property to rise in value. Indeed it must when you have a mortgage or you'll be in some deep ...... However that increase must be manageable and sustainable. As we were discussing in another thread people can and do get easily "priced out of their homes" because they cannot afford the property taxes.
Dude, the difference in property taxes isn't that great. My parents taxes arw about 7k per year. Property taxes aren't the make or break in the city. We're not talking a massive difference in property taxes for the average homeowner.
But 400k vs 800k is a massive difference in affordability for someone looking to buy now. Maybe the goal for many people is too secure a home of their own rather than make as much profit as possible
My parents weren't looking to make a profit. BK just seemed like the better choice. It still is.
I would much rather purchase a 1 bedroom condo in a great neighborhood in Brooklyn for $600 - 700k than a house in SI for 450k.
Purchasing housing in NYC Is an investment because of how expensive housing is. SI isn't dirt cheap. You still have to shell out almost 600k over the lifetime of the mortgage on a 400k house.
Dude, the difference in property taxes isn't that great. My parents taxes arw about 7k per year. Property taxes aren't the make or break in the city. We're not talking a massive difference in property taxes for the average homeowner.
Will agree (and have often stated) NYC homeowners pay comparatively low property taxes. But that does not keep people from feeling the city is putting the squeeze on them.
My parents weren't looking to make a profit. BK just seemed like the better choice. It still is.
I would much rather purchase a 1 bedroom condo in a great neighborhood in Brooklyn for $600 - 700k than a house in SI for 450k.
Purchasing housing in NYC Is an investment because of how expensive housing is. SI isn't dirt cheap. You still have to shell out almost 600k over the lifetime of the mortgage on a 400k house.
I prefer BK over SI too, but it's pretty feasible that someone could afford a 400k house but not a 700k house.
I know SI isn't dirt cheap. I don't think anywhere in NYC proper is, except for some homes in beach communities that are isolated and have a igh risk of being destroyed in a natural disaster.
Plenty of people purchase their home because it fits their needs, not because they are counting on the appreciation. A 1 bedroom condo in Brooklyn might be fine for a single person or couple but if you have kids and need more space it’s no longer an option. Which is why a lot of families move to SI or NJ.
I don’t think it will ever become as popular as the other boroughs because of the lack of subway, but the homes near me (I rent but keep an eye out) have increased in value tremendously in the past five years.
Will agree (and have often stated) NYC homeowners pay comparatively low property taxes. But that does not keep people from feeling the city is putting the squeeze on them.
we are only lower real estate tax wise because we have a city income tax to deal with. the good news is though that in retirement not a whole lot is taxable on the state side of things as far as basic income for us .
my wife's pension is not taxed in nyc/ nys , the first 20k in ira money is not taxed , our treasury bond interest and social security is not taxed by nys or nyc . so the city income tax may not have much effect eventually on retirees here
Last edited by mathjak107; 08-25-2018 at 03:03 AM..
I paid just south of $180 per square foot for my coop apartment. That won't last. A unit similar in size of mine, sold in the building across the street from mine for $15,000 more than I paid. That increase happened in one year.
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