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Found an interesting little quote in today's NY Times. The article is about how parents are buying their kids really expensive condos in NYC. One couple bought their daughter a $900k 2br condo.
The money quote though is this:
"She added that parents or children with trust funds are buying about 25 percent of the inventory in Williamsburg. In Ms. Agrawal’s new building, parents bought about 10 percent of the 36 units."
25% Holy God that's a lot of spoiled brats running around the place!
Its not just Williamsburg, and not just condos. Looking for coops at income restricted buildings in Harlem, there were many all cash bidders. (I wonder where they got the money). At the place that we really wanted, our bid was the highest, we were finacially qualified with a good down paymet, but we weren't accepted because we needed a mortgage.
The parents will make it back and MORE, the best bond, bank interest is chump change compaired to real estate off the L train & Williamsburg, Greenpoint, Park Slope LIC now.
Williamsburg is the new East Villiage, everbody with guitars and artist boards moved from Manhatten. Live music, house sound systems, rehursal studios etc
Ever see the movie "The Super" "Coming to America" the apart building scenes were a real street NOT A SET on Broadway and Myrtle and Wilson and Melrose.
You could buy those houses in the 80's for $1 (pet 24 inch Norweegian rats included) for $1.00-$2,000
.... cant touch them now for $500K
Its all around the 5 boros not just in uber trendy neighborhoods like Williamsburg, Astoria or Jackson Heights Queens. That is the reason why brokers charge 15% of annual rent across the board and why rents & sale prices are rising by double digits -- because the parents pay. Those who make in the five figures can't afford to buy or rent unless they have wealthy parents similar to this article or don't mind living far upstate or on the East end past Ronkonkoma.
What will happen when the parents die if they don't leave their kids a 10 million dollar inheritance and they actually need to work for a living??
Yeah, but do most of these people have real day time jobs? Or do they just hang around all day in cafes playing the part of "artists" ?
Quote:
Originally Posted by NickL28
Its all around the 5 boros not just in uber trendy neighborhoods like Williamsburg, Astoria or Jackson Heights Queens. That is the reason why brokers charge 15% of annual rent across the board and why rents & sale prices are rising by double digits -- because the parents pay. Those who make in the five figures can't afford to buy or rent unless they have wealthy parents similar to this article or don't mind living far upstate or on the East end past Ronkonkoma.
What will happen when the parents die if they don't leave their kids a 10 million dollar inheritance and they actually need to work for a living??
Found an interesting little quote in today's NY Times. The article is about how parents are buying their kids really expensive condos in NYC. One couple bought their daughter a $900k 2br condo.
The money quote though is this:
"She added that parents or children with trust funds are buying about 25 percent of the inventory in Williamsburg. In Ms. Agrawal’s new building, parents bought about 10 percent of the 36 units."
25% Holy God that's a lot of spoiled brats running around the place!
That's infuriating. I have in my possession an old article from the Village Voice about how Williamsburg used to be comprised of working class families and how most of those families have moved to Jersey, Upstate, or the Bronx.
You know, a lot of people--including some on this board--say that gentrification doesn't have to be a bad thing, that it doesn't have to affect the people who've been renting the same crappy apartments all their lives to make ends meet, that the hipster/yuppie culture and the "ethnic"/working class culture can come together to create better stores, schools, and safer streets for everyone involved....I say that Williamsburg is the antithesis of those advocations...
Trust'afarians (that's a funny name)...you'll find them in any metropolitan area. There are even some who've ended up in New Orleans on a whim, if you can believe that.
That's infuriating. I have in my possession an old article from the Village Voice about how Williamsburg used to be comprised of working class families and how most of those families have moved to Jersey, Upstate, or the Bronx.
You know, a lot of people--including some on this board--say that gentrification doesn't have to be a bad thing, that it doesn't have to affect the people who've been renting the same crappy apartments all their lives to make ends meet, that the hipster/yuppie culture and the "ethnic"/working class culture can come together to create better stores, schools, and safer streets for everyone involved....I say that Williamsburg is the antithesis of those advocations...
Trust'afarians (that's a funny name)...you'll find them in any metropolitan area. There are even some who've ended up in New Orleans on a whim, if you can believe that.
They moved to the center of the country not 'upstate, the bronx, NJ or NC (which is becoming another New Jersey with the attendant shallowness & rudeness)...
Like I said, what happens when the parent cut them off or die??
They moved to the center of the country not 'upstate, the bronx, NJ or NC (which is becoming another New Jersey with the attendant shallowness & rudeness)...
Like I said, what happens when the parent cut them off or die??
I'm going by what the article said and my own experience----not that I trust the Voice that much because I don't, but just saying....But in any case, not to play devil's advocate further but I doubt there was this mass exodus from Williamsburg to the midwest; I think people spread out when they migrate, although some areas attract more people than others due to proximity to the familiar (i.e. picking Jersey, Western/upstate NY). I've never heard of a *working class* family from NYC picking up and moving to the midwest but I know a lot who moved to Jersey 'cause the houses are cheaper and there are still "ethnic" enclaves. Similar goes for Rochester/Buffalo areas.
Anyway, I'm guessing NC stands for North Carolina? Yeah, there's been a lot of talk of people moving down there. I think that's a really recent trend, possibly even younger and slower-moving than the whole W-burg phenomenon. Shudder...but let's avoid any arguing and maintain the original purpose of this thread, which is to marvel at the useless and terrifying nature of the trust fund brats dominating an entire corner of Brooklyn.
They moved to the center of the country not 'upstate, the bronx, NJ or NC (which is becoming another New Jersey with the attendant shallowness & rudeness)...
They did not move to the midwest-at least not the masses. Upstate, Pennsylvania, and for some reason the Orlando Fl area gained more lower income NYC residents than anywhere else over the last 20 years. The interesting thing about this is that these are not necessarily urban areas with any of the similar advantages. You have to wonder about the transition these people made and the isolation they probably felt in some cases.
Also the moving to the south trend(NC especially) has been going really strong for at least 25 years. These are still families with children relocating there for the most part though. Anyone young and single-especially with money-would be the exception to the rule on that. A place like NC is only hot for families.
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