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"The availability of housing by apartment size helps to tell the story of buyers' reluctance (or inability) to settle for prevailing prices. Inventories rose by about 15% for studios, then jumped to 21% year-on-year for one-bedroom apartments. But that rate slowed to 8% for two-bedrooms and 5% for four-beds, Miller said.
This trend, Miller said, runs counter to the past couple of years, when more buyers pounced on smaller and cheaper apartments.
Part of the softness is due to home sellers not budging during price negotiations. According to Miller, they're still attached to a market that existed before the new tax law came into effect."
That's literally in the article. Inventory in the smaller units is UP, kids, not down. Jeepers. The whole article is about how, contrary to prior experience, the LOW END of the market is seeing increased inventories and reduced sales, and this thread is just people yelling about four-million-dollar houses bought with cash, claiming the problem is DECREASED inventory, and struggling to understand what someone means when they say that rising interest rates over time mean higher mortgage payments. I'm not really sure what set y'all off, but, geez, take a walk or something. Some of the posts on this forum are on sensitive subjects, but this is a really strange issue to be berating people over (much less incorrectly).
"One huge issue is many simply cannot scratch up the twenty percent or even fifteen percent down payment on a home. Worse for them as prices go higher that number increases as well. "
Also, as monthly payments increase, so do expectations for liquid funds post-closing at co-ops. For a place that wants two years' worth, an extra $200/mo. mortgage payment adds up to almost another $5K liquid. Inconsequential at the high end, but for buyers at the lower end, it moves the goalposts that bit more.
"The availability of housing by apartment size helps to tell the story of buyers' reluctance (or inability) to settle for prevailing prices. Inventories rose by about 15% for studios, then jumped to 21% year-on-year for one-bedroom apartments. But that rate slowed to 8% for two-bedrooms and 5% for four-beds, Miller said.
This trend, Miller said, runs counter to the past couple of years, when more buyers pounced on smaller and cheaper apartments.
Part of the softness is due to home sellers not budging during price negotiations. According to Miller, they're still attached to a market that existed before the new tax law came into effect."
That's literally in the article. Inventory in the smaller units is UP, kids, not down. Jeepers. The whole article is about how, contrary to prior experience, the LOW END of the market is seeing increased inventories and reduced sales, and this thread is just people yelling about four-million-dollar houses bought with cash, claiming the problem is DECREASED inventory, and struggling to understand what someone means when they say that rising interest rates over time mean higher mortgage payments. I'm not really sure what set y'all off, but, geez, take a walk or something. Some of the posts on this forum are on sensitive subjects, but this is a really strange issue to be berating people over (much less incorrectly).
there is a difference between just increased supply and increased quality supply . it is like where had our home in the pocono's our home sold very quickly and we had multiple offers . that was back in 2012. today many of the homes that were up for sale when we sold are still listed and unsold in 2018 .
they are really low quality homes and it shows , because the good looking stuff goes real quick. looking at all the homes still for sale in our development i would say 2 are something i would consider .so lots of supply , lots of buyers , yet not a lot to choose from and so they sit unsold . .
"One huge issue is many simply cannot scratch up the twenty percent or even fifteen percent down payment on a home. Worse for them as prices go higher that number increases as well. "
Also, as monthly payments increase, so do expectations for liquid funds post-closing at co-ops. For a place that wants two years' worth, an extra $200/mo. mortgage payment adds up to almost another $5K liquid. Inconsequential at the high end, but for buyers at the lower end, it moves the goalposts that bit more.
Not just the down payment, but closing and other fees and THEN to have money left over in the bank (emergency funds, general savings, etc). Forget Manhattan prices, even just regular single family homes in the five boroughs, even in not-so-great neighborhoods are costly!
most of the time if we were not selling assets then the nyc tax vs real estate taxes in long island was much lower . but when we sold any real estate the city tax was a killer in comparison .
on the other hand , now that we retired i hardly pay nyc tax . a lot of retirement income is state and city exempt. ny does not tax social security , our city pension and the first 20k in retirement income from ira's .
I LOVE that home, especially the 25foor width. The major minus is those ugly window air conditioners. If I won Friday night's big lottery prize, I would buy the home if it has at least the semblance of a garden in back.
I LOVE that home, especially the 25foor width. The major minus is those ugly window air conditioners. If I won Friday night's big lottery prize, I would buy the home if it has at least the semblance of a garden in back.
Can someone explain picture #18 to me?
Its the cellar
I dont like the house
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
But for high earners, the added NYC income tax may be worse than any savings from lower property taxes.
Yeah. Might be hard to financially savvy convince guys from Wall St. to live uptown when they could live Closer (one PATH stop away in JC/Hoboken) and save an extra $250k per year in local income taxes.
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