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If I can't sell, I plan on renting my multi-family to interns at a nearby hospital. They are good tenants who are there just to "crash" for awhile after long sessions at the hospital
It depends on the location. The LIC new developments are still going for top dollar, and be worth even more if Amazon came. The new Westside developments like Hudson Yards same thing.
The prices that they are asking for some of these homes are questionable, especially if you're planning to rent them out. Imo rents in most of the outer borough neighborhoods haven't kept up with the rise in home prices. In a lot of neighborhoods rents are pretty much flat, while homes went up 20% in the same amount of time.
I also think a lot of people are sitting on money and are not buying and just waiting. Since the economy has been up, a lot of people had 10+ good years now of saving up, but I too don't see a lot of action.
There is also a surprising amount of foreclosures going on. Who are these people that are defaulting in this economy? I can't imagine the amount of foreclosures once a recession hits.
I dont know. Even ten years of savings at minimum wage or any point along lower half of the income brackets is till probably not enough in this market for desirable locations. How much can they even save in this high cost of living city?
Lots/Land are still selling fast, and I'm sure it depends on the neighborhood as well.
In my neighborhood there's a small street were you'd find several houses but over the years they were sold, demolished and now in their place stands condos. Last week I saw a whole section of multifamily dwellings getting prepped for demolition. Chinese developers are getting their hands on these properties super quick and by the looks of it they are successfully selling their units.
I think these housing trends will continue only because it's New York City - people are always gonna want to flock over here.
I dont know. Even ten years of savings at minimum wage or any point along lower half of the income brackets is till probably not enough in this market for desirable locations. How much can they even save in this high cost of living city?
many buy co-ops .. our kids could only afford to rent here in bayside or buy a co-op in howard beach .so they bought in howard beach ..single family homes were out of the question .
A lot of people have a lot investing in NYC at this point. If crime, especially in the better areas, started to be a problem again, look for NYC to be regiulianiized pretty quickly. The only reason an idiot like Bla got elected was that the previous to mayors put the crime issue to sleep so soundly that the voters essentially forgot about it.
Quote:
Originally Posted by augiedogie
Increasing crime rate will take the shine off NYC real estate.
I dont know. Even ten years of savings at minimum wage or any point along lower half of the income brackets is till probably not enough in this market for desirable locations. How much can they even save in this high cost of living city?
Didn't say anything about minimum wage employees. It is those making $70k-100k had ~10 years to save up. By now a lot of people should be sitting on enough money for a down payment, Imo a lot more people than I see buying. In my section of Brooklyn, older duplexes that need a reno are going for $1.4 million, yet I don't think you can realistically rent them out for more than $2k-$2.5k a month... that's gotta be the worst cap rates in the country, even disregarding the ridiculous NYC tenant laws.
For those waiting for the Chinese to move out of Flushing.... You gonna have to wait at least 100 years.
Didn't say anything about minimum wage employees. It is those making $70k-100k had ~10 years to save up. By now a lot of people should be sitting on enough money for a down payment, Imo a lot more people than I see buying. In my section of Brooklyn, older duplexes that need a reno are going for $1.4 million, yet I don't think you can realistically rent them out for more than $2k-$2.5k a month... that's gotta be the worst cap rates in the country, even disregarding the ridiculous NYC tenant laws.
For those waiting for the Chinese to move out of Flushing.... You gonna have to wait at least 100 years.
Even at $70K-100K if they have been spending all that time in NYC, how much can they have saved up? That is like 90s family average salary meant for 90s priced homes.
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