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Too much unfilled retail... condos with nobody around...
Depends where. For average Brooklyn neighborhood, perhaps that's the truth, but hip neighborhoods in Brooklyn like Park Slope, Williamsburg, Brooklyn Heights and borough of Manhattan are not that affected by economy slip. The prices for properties had not come down there and will not go down that much. Let's put it this way: people who can afford to buy in those areas, still have tons of money and not affected.
Easy credit and lax lending standards were no doubt major players, but nonethless the demand to live in the city by those in our country as well as around the globe escalated and demand remains strong. There are no bidding wars on houses in East New York, but in the city there are...and it is having a ripple effect that is causing housing across the city to escalate. Yes there is softening demand...but demand is still there...and as the economy recovers...you will note that there are MANY buyers on the sidelines..and when they receive the greenlight to buy again..the feeding frenzy will ensue....
One thing that may help New York during the real estate slowdown is it's public transportation. Now that gas has become so expensive and shows no sign of stopping, I think the demand to live somewhere where you don't need a car will grow stronger. In locations that were built for the automobile, living car free will always be a terrible inconvenience. No matter how many buses you run, things are just spaced too far apart.
Agreed Pete...the value of city life will grow exponentially, as the costs to drive your car everywhere for everything, the costs to heat a large home, electric rates climbing higher, taxes, etc...will all play a more significant role in demographic trends..moreso than previosuly thought because of rapidly escalating prices on commodities like electirc, gas, oil, etc.
Many are rethinking the value and true cost of the suburban lifestyle.
only problem with living in the nyc surburbs is that the property tax is significantly higher. don't know how true this is for westchester but i know for a fact that its much higher in long island.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Yea, people educated elsewhere are moving here to take the high paying jobs on Wall Street, Madison Ave, etc.. And illegal immigrants are moving here and taking the jobs that used to go to many of the poor--the problem is that they work for even less, so the wages of the poor go down. Who exactly is moving here to take the middle class jobs--cops, teachers, nurses, and other middle class professionals? The answer is not enough people.
NYC has a cop shortage, nurse shortage, and teacher shortage, and is on its way to becoming a city of the Rich and the Poor. Once that happens, the poor will vote themselves the Rich's money, and they will leave, too. And then all that is left is....
Yes.
Rich people forget that the middle class is the wall that protects the rich from the masses of the underclass.
The teachers, counselors, social workers, etc. are the middle class who make a difference and are able to turn some of the underclass into productive citizens. The cops, corrections officers, and parole officers are the middle class who get their hands dirty handling the underclass who slipped by the teachers.
Once NYC flushes the middle class out, the city will burn like it did in the 70s, 80s, and 90s. No one left to protect the rich from the ghetto folk.
Thats a pretty dismal and wrong picture of the city's future. And for the record, the city did not burn in the 70s, 80s and 90s...there were specific areas that suffered from arson...and it only occured in the 70s.
I see a city that is stronger, healthier, more dynamic, safer, and green in the coming years. Yes the middle has tended to leave the city for a better quality of life, this is nothing new, unique, or indicative of some problem in the city today.
If you believe the future of the city is to burn like the 70s, I would suggest making your exit ASAP.
We'd love to buy in one of the boroughs but it's not as easy as that. We can't just choose a place we can afford and not think about where it's located. We did that in Chicago and ended up in this nifty neighborhood called Roger's Park. It was fine but we didn't have a child. Now with a child's schooling to think about, we have to buy in a good school district...I wish we could just buy a cheap place and not be concerned about the hood.
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