Not seeing the fabulous discount on rentals or coops and condos nyc

[071402]

Originally Posted by Henna

Hahaha. It was funny to glance at your posting history here. 71 posts full of negativity and doom and gloom about NYC and then ONE post in 2011 when you were supposedly living in Miami and calling that place a cesspool and couldn't wait to leave there.

Guess you'll never be happy anywhere. But really, is making 70+ posts on a forum that are basically all the same -- trashing a place -- making you any happier? If not, maybe just get Netflix and watch a movie instead.

Yes, it's a bit obvious from this poster.

[071402]

Originally Posted by mathjak107

most co-ops are owner occupied .

any rentals tend to be sponsor apartments left over in many of the buildings .

co-ops make up 75% of owner occupied buildings .

?? This has nothing to do with the post.

[mathjak107]

Originally Posted by 071402

?? This has nothing to do with the post.

sure it does ..you want to know why there are not more price drops in co-op rentals ... the answer is there are relatively few co-op rentals , they are mostly owner occupied with few rentals .

maybe you want to re-read your subject line.

more than half the rentals in nyc are stabilized so rents tend to follow the guidelines in most rental buildings ... the rest are small multi family homes , single family homes and only a very tiny portion are co-op rentals .

co-op rentals tend to be in a whole other category because they are owner occupied and many buildings tend to have perks not found in just lower end rental buildings . .many apartments are fully renovated as well .many co-ops do not allow rentals . so when it comes to co-op rentals it is supply and demand at work . there is not much supply .

so the question is why a co-op instead of a regular rental building which is likely stabilized ...you can get all the stabilized apartments you want here in queens , i can't speak for orther areas though .

being stabilized does not mean the rents are lower but it does mean at least the rents are controlled by a pro tenant board instead of the whim of the co-op owner .

co-ops are not stabilized unless you were the original tenant when the building converted .

i fail to see the logic here of wanting to rent a co-op

[Tencent]

Originally Posted by vision33r

Most small LL do not want low income renters. I've had my share of low income renters, I rather find people with good wages and offer them good discounts than low income folks paying market rate.

Apparently many slumlords are not smart enough to take this approach.

[candlestix]

I take all of this with a grain of salt, until I see data it doesn't mean much. Even then it might not mean much for Manhattan. The suburban areas could see increased interest, and even home sales. That matters to those smaller towns when the population goes however it doesn't say much compared to New York's 8.5 million residents. Looking at the Long Island townships many of them are 100-200k total population, which is basically a few blocks in the city. A few thousand people might seem like a lot of newcomers in the scheme of things that's a tiny blip. Only time will tell if commuting will rise in popularity.

I think the New York City housing market has risen at a much higher rate than we will see it fall. Some neighborhoods have starter apartments going up by 10-20% a year. Crime and school districts don't appear to drive Manhattan sales prices, maybe buyers will re prioritize after covid? When buyers are desperate they will buy anything. I've seen emotional buyers easily overpay by 100k, just be thoughtful and don't become one of those buyers.

Renters that pay as much as a mortgage, 3k+, and people with children might permanently leave the city. I think many coop and condo homeowners will likely remain in the area. Generally people will follow the employment market.

Personally I wouldn't jump to buy unless it's an exceptional deal or an exceptional neighborhood. Think about it, given what we all know, buyers have to be prepared to stay 5-10 years or be willing to take a big risk on future home values.Due to high property values many sellers will feel comfortable waiting the market out. Renting now wouldn't be the worst thing that could happen. There is likely a housing bubble coming, it's unclear when or how Manhattan will be impacted for now price discounts are only seen in the least accessible brackets. Most new mortgages pay about 4-10k in mortgage interest a year, yeah it's tax deducible but I can easily see home values going up or down by that much in a year.

I bought 2 years ago and feel that my apartment value is probably slightly better than me paying market rent, but after mortgage interest, and potential closing costs of reselling etc, if I listed now I think I would end up more or less breaking even. I think the higher the price of a home the more I would hesitate to buy. 500k-1 million in the suburbs of Manhattan might get a lot in the next 5 years.

[GGG2020]

Definitely give it time. I know a lot of people struggling with whether it's worth it for them to stay here. And the ones who have decided it's not worth it, many of them can't leave right this minute anyway because they have jobs and leases, or they own a place and don't think they can sell it right now. Also a lot of people hoping their jobs will come back - a few have, but a few will not. Also many parents who are still in denial about how much of a sh!tshow schools will be next September, and for years to come if DeBlasio and Carranza don't leave. All of these people are slowly coming to terms with leaving, even the ones who are city people all over. They're not going to all run for the exits at once, but exit they will. The question is, will anyone want to take their place? There's a sucker born every minute, they say, so anything is possible.

[BBMW]

I think deals are just not happening, and sellers are trying to wait it out rather than sell cheap. There are two units going on sale in my building. This will give me a better gauge of the market.