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no one can tell you its a good investment or not. When I purchased my first apartments I wondered the same thing, and they've since doubled. But here's the thing, everyone basically thinks anywhere in NYC or ANY big city now is a great investment because prices have gone up and up. But nothing lasts forever, and when everyone is in agreement in thinking everything is a great investment, it's usually a bad sign. You could also be buying at the height of a market in an area that is not all too desirable.
Everything is cyclical. Suburbia used to be hot, now its shifted to City life. But I for one think NYC RE will see a downturn within the next 5-10 years. Prices are just too high. and the advantages of city living are dwindling. More and more people can work remotely, stores are closing everywhere so retail isn't the big draw for NYC like it used to be. Amazon and online shopping means you don't need to be close to retail stores anymore. And the transit system is just becoming more and more outdated, crowded and unreliable and in need of massive repairs. The roads aren't any better with record levels of traffic, driving is a nightmare. There's only so much people will take at these prices.
All of that is true but is outweighed by the lack of supply.
NYC RE is expensive because demand FAR outstrips supply. This wil not change anytime soon. 2008 only bumped prices down by 10-15%. Think about that. The worst economic crisis in 70 years wasn't able to put a decent debt in prices.
All of that is true but is outweighed by the lack of supply.
NYC RE is expensive because demand FAR outstrips supply. This wil not change anytime soon. 2008 only bumped prices down by 10-15%. Think about that. The worst economic crisis in 70 years wasn't able to put a decent debt in prices.
there are almost 9 million people living in NYC. It's not a lack of supply, it's high demand. And demand can most certainly change and often does.
2008 wasn't that bad, but then, there weren't apartments in queens selling for $1m like there are now. Manhattan has always been super expensive, but the outer boroughs have really exploded since then. There is definitely room for them to fall much more than 10-15%.
I just think with telecommuting, lack of retail... and a city bursting at the seems, that there will be a downturn coming.
there are almost 9 million people living in NYC. It's not a lack of supply, it's high demand. And demand can most certainly change and often does.
2008 wasn't that bad, but then, there weren't apartments in queens selling for $1m like there are now. Manhattan has always been super expensive, but the outer boroughs have really exploded since then. There is definitely room for them to fall much more than 10-15%.
I just think with telecommuting, lack of retail... and a city bursting at the seems, that there will be a downturn coming.
Almost 9? Try 10 million, really
Gotta include those with no paperwork.
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there are almost 9 million people living in NYC. It's not a lack of supply, it's high demand. And demand can most certainly change and often does.
It's most definitely a lack of supply. When you remove RC, RS, section 8, ML, and and NYCHA, market rate supply is very low.
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