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I want to shift the focus of the conversation to Queens, Staten Island. I do question whether prices will drop in these two somewhat 'suburban' boros? If I am living in a cramped apartment in a Manhattan, Brooklyn high rise, South Shore Staten Island and Northwest Queens would look good if I want a bit of social distancing yet still want to stay in the city. I would consider it to be a good hedge if things get better in NYC sooner than expected. Compare that to some horrendous commute with multiple connections through Metro North or NJ Transit.
What I am saying above only applies to a subset of New Yorkers. Those who were looking to move to NJ, LI, CT or Upstate will leave anyways. Things are so murky at this time with respect to real estate. People have counted NYC out many times (9-11 etc.) and I am not so confident that real estate will go down in NYC and the City will empty out.
There are several threads where just about everyone is claiming to be leaving.
Real estate prices in Manh are only slightly lower. Its early yet but the market hasn't suffered much. I think in Brooklyn its stable.
Will the prices decline?
I think the ultra rich will keep their NYC apartment. They will purchase weekend/bug out houses outside of metropolitan area.
Upper middle class are moving to Westchester or northern New Jersey suburbs. Real estate prices in this market might go down. However, it is a very small portion of the overall real estate market. There are wealthy foreigners waiting to purchase it.
The middle class and poorer population - majority of the city - is staying. They can't afford the suburbs' real estate taxes or expense of commuting. The vast majority of real estate will stay the same.
If you people think real estate prices are ever going down
2008 prices did not go down, all that happened was subprime loans became available and that allowed more people to obtain a mortgage (ARM ended up costing ppl their ARMs and LEGs for not understanding how ARMs work)
Meh
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
People should take a step back for a moment and realize this: If NYC ever became as cheap as Buffalo it will be because it's economy, cultural offerings, and quality of life would be as lacking as Buffalo. A "cheap" NYC isn't one most people would want to live in, trust me.
^ Correct. People think because it becomes cheap that it will be good for the poor but there are plenty of cheap cities and the poor there are more miserable than the ones in expensive cities. Ask the poor in Newark, Camden, Buffalo, Detroit, Baltimore, etc. if they are happy even if they own their own homes or have low rents.
There are several threads where just about everyone is claiming to be leaving.
Real estate prices in Manh are only slightly lower. Its early yet but the market hasn't suffered much. I think in Brooklyn its stable.
Will the prices decline?
That's just New York. One of the biggest pastimes on this forum since it's inception is complaining about the city and threatening to leave . But they never leave. Many people on here have been threatening to leave for a decade or more. But they are still here.
Another big pastime has always been projection real estate crashes. Year after year and many times every year people come on here predicting the demise of the NYC real estate market. But it just keeps going up and up.
I want to shift the focus of the conversation to Queens, Staten Island. I do question whether prices will drop in these two somewhat 'suburban' boros? If I am living in a cramped apartment in a Manhattan, Brooklyn high rise, South Shore Staten Island and Northwest Queens would look good if I want a bit of social distancing yet still want to stay in the city. I would consider it to be a good hedge if things get better in NYC sooner than expected. Compare that to some horrendous commute with multiple connections through Metro North or NJ Transit.
What I am saying above only applies to a subset of New Yorkers. Those who were looking to move to NJ, LI, CT or Upstate will leave anyways. Things are so murky at this time with respect to real estate. People have counted NYC out many times (9-11 etc.) and I am not so confident that real estate will go down in NYC and the City will empty out.
I live in New Dorp, SI. I can't predict the future but safe quiet low density neighborhoods in SI and eastern Queens should weather this storm. Of course prices will drop, just like everywhere else. Staten Island's advantage (except on the north shore) is it's very low crime rates and the lack of apartment buildings. The Staten Islanders who were around during the major rezoning of NYC in 1961 did us all a favor when they resisted calls by the city (Mayor Wagner) to permit apartment buildings all over the east and south shores. In the new age of telecommuting SI and eastern Queens offer advantages. Reasonably priced homes and condos in nice neighborhoods with decent local shopping and mostly good schools.
NYC population density
based on 2019 census
population estimates:
BORO || Avg pop per sqmi (2019)
Bronx || 34017.39
Brooklyn || 36470.35
Manhattan || 71340.39
Queens || 20997.94
Staten Island || 8157.94 NYC || 27750.70
Last edited by dfc99; 05-08-2020 at 01:57 PM..
Reason: added info
That's just New York. One of the biggest pastimes on this forum since it's inception is complaining about the city and threatening to leave . But they never leave. Many people on here have been threatening to leave for a decade or more. But they are still here.
Another big pastime has always been projection real estate crashes. Year after year and many times every year people come on here predicting the demise of the NYC real estate market. But it just keeps going up and up.
Yep. I think you've got it, dear Watson.
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