Quote of the Day
We have to stop fetishing home ownership. If you can’t afford your home/your mortgage — a liability – you need to sell. I don’t care why. Job loss, medical, dumb moves. It doesn’t matter. If you can’t afford it today, you won’t be able to afford it next year either. This economy isn’t going to…
We have to stop fetishing home ownership. If you can’t afford your home/your mortgage — a liability – you need to sell. I don’t care why. Job loss, medical, dumb moves. It doesn’t matter. If you can’t afford it today, you won’t be able to afford it next year either. This economy isn’t going to turn around that quickly. Sell. Pay off your credit cards. Move on. The question, “How can we help them keep their home?” is not the right question. How can we get them back on their feet? That’s the real question and the answer is to sell their home. Sellers need buyers and that’s why we need a mortgage plan for credit-worthy people. The best possible solution would be to get back to the olden days when people might own a home and own one rental property as a nest egg. And other people rent until they can afford a home. Really afford a home.
— by Ringo in Housing Rescue Plan: For Some or For All?
the perfect renovation, the $1,000 sink, the restored idaho barn wood plank floors, etc. etc. and the subsequent house tour already seems incredibly bourgeois. A costco membership card is required ID for the 2008-2010 recession.
Sell to whom?
“This entitlement society has got to come to an end.” – Ringo at February 13, 2009 5:14 PM
Excellent bullet.
” ***Bid half off peak comps***
You are an optimist. Bid half off doesn’t cut it and you should change your signature. You are implying that ‘half off’ is a sound investment but it is not. BAD ADVICE. ”
Yo. I like this MaplewoodGuy. {I just hope he’s not overpaidinbedstuy or Bidding War Champion or 1121[Chapter]7 facetiously trying to head-fake Team Bear into thinking we have a new member (even though “he” considers me optimistic). Damn, I’m paranoid.}
***Bid half off peak comps until NY Case-Shiller YOY passes through zero***
Xander, plenty of 3 families for sale in the $600,000 range where I live. One week ago I saw a circa-1900 three-family in excellent condition list price $650,000 in Ridgewood, Queens, one block from the Brooklyn border and on the L train. After the rent roll, you’d be paying about $600 a month to live there. The layout doesn’t work for us because the basement won’t accommodate our business, but it was one of the nicest houses we’ve seen. The neighborhood is good too.
“This is Brownstoner you know – land of the “affordable” 1-2 million dollar homes :-)”
Funny you say that because now brownstoner is all about the flea and the community. How sweet. Yikes.
We are going to go back to boarded up rat infested homes. This is only the beginning. Renters will have their vegence.
“What 2002-2002? Valuations were not 3 times income in NYC. In 2002 there were already 5 times. If one has bought in 2001-02 needs to sell immediately (if he/she cans) and rent.”
I know, but I was trying to be positive. This is Brownstoner you know – land of the “affordable” 1-2 million dollar homes 🙂 Actually in 2001 or so in areas like Bushwick and places out in Queens you could find stuff for 3-4X the average income – if you were looking at total gut jobs or areas that were really crime ridden and trashy or just lucked out and found a fsbo who really wasn’t being greedy. But for the next 5-6 years after that even those areas inflated to the 10x-20x or more levels. I mean $700K in some of those areas is more than 20x what the average household income levels of the people in those areas bring in. I know several one earner families making 35K or less. Bodegas, Mcdonalds, Target, the corner butcher, etc all pay their employees less than that amount. And during those years and still now, rents are so dang high that those families who make 35K a year are all living 2 adults plus x number of kids in a 1 bedroom or studio apartment at $1300 or more a month. For anyone but the upper middle class or wealthy, we truly have moved back to the slumlord tenement days with respect to how people are being forced to live if they want to still live here in the city. I for one am ready to see that change.
***Bid half off peak comps***
You are an optimist. Bid half off doesn’t cut it and you should change your signature. You are implying that “half off” is a sound investment but it is not. BAD ADVICE.
“williamsburgguy, you are right, but please keep in mind the $500,000 houses are usually two-families, which means the monthly costs are more like what they would be on a $300,000 or $250,000 house when you factor in the rent.”
Assuming they can find a rental. Rents are 20% per cent down and there is a glut of condos available for rent.