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This is where the comparison is incorrect. We're not buying from recent buyers obviously. We're buying from Grandma who bought in 1986 that can't afford property tax and groceries in NYC anymore...
Or we are buying new construction that was forced to make a 20% discount so they can get people in to start paying REIT investors.
Hmmm...just wondering if you have seen any price cuts like that yet? I have never seen RE prices go down and I was a kid back in 2007-08 so that's not a part of my memory
All the homes in that under 800k closer to 600k within 1 hour of grand central that are new construction have sold out. When you ask? These homes all sold between 2014-2017. You will need a time machine.
Ok, by any chance what areas were these? I dont have a time machine but at least want to knowledgeable about all the areas that are in that 1 hour commute time
I chuckle at the people waiting for the fabled market crash for half priced houses. No dice. We bought a house during the last recession. We were STILL competing with other offers in NYC and the houses were not exactly cheap. Better off buying now so in 5 years you are that much closer to paying off your mortgage
I chuckle at the people waiting for the fabled market crash for half priced houses. No dice. We bought a house during the last recession. We were STILL competing with other offers in NYC and the houses were not exactly cheap. Better off buying now so in 5 years you are that much closer to paying off your mortgage
Interesting perspective, were these foreign buyers or locals? At least people weren't waiving inspections etc
Ok, by any chance what areas were these? I dont have a time machine but at least want to knowledgeable about all the areas that are in that 1 hour commute time
Your best bet is to seek a new job in the location with new construction homes. Your pay may be a little less. However, you will be able to buy what you want and hopefully have a better standard of living.
Since you work near Grand Central Terminal, focus on commutes on Metro-North or subway lines that runs through GC. New Jersey is a horrible commute if you work near Grand Central. And starting your day in the Port Authority Bus Terminal will not enhance your life.
New construction is spotty in that you won't generally find large new developments. New construction usually means an investor bought a property, demolished the existing house and built a new house on the property.
I chuckled at the bolded. Not that it isn't true, but I started my NYC career working at the PABT in 1979 for the expansion project when the north wing was being added on. I was going through. That was my destination for the day. You should have seen it THEN! The whole area was different. The PABT is improved since those days, sad as that sounds.
But now the new one will be built, disrupting commutes for years...
A new construction for under $800 in a safe white neighborhood within an hour of midtown? Haaaaa. Haaaa. 1995 is calling you.
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