Rental Prices Continue to Fall in 3rd Quarter

I cant say re: Brooklyn but in the Bronx Rent Stabilized market - (market) rents are only very slightly softer (if at all) and renting is still strong.

In terms of holding apartments vacant, again I cant speak what someone in an underwater situation would do (my guess is whatever would give them more leverage with the bank - which isnt clear) but for the vast majority of leveraged (but not over leveraged) buildings - some rent is far far better than no rent - I wouldnt let an apartment sit for more than 3 weeks without lowering the asking (and frankly it is rare) - also as a side note - LL are loath to lower 'rents' prefering to give concessions because the building's value is tied to the RR and a concession doesnt generally show up on the RR (well it would when a RE person examines RR because they'd probably be smart enough to ask for collectibles - but Banks often arent that smart - as we all found out)

Posted by: fsrg at October 21, 2009 10:20 AM

BTW - while I agree prices will continue to slide for some time I still can think of no greater endorsement for Michael Bloomberg on this site then the fact that the person who is predicting massive deflation of NYC RE (i.e. NYC being relatively less desirable) - is the same guy who supports Bill Thompson for Mayor so strongly that he puts it as a signature to each and every post!

Posted by: fsrg at October 21, 2009 10:30 AM

DIBS - No doubt, If Thompson is elected I give it 2yrs before the wheels come totally off the bus....then people will be rudely and clearly reminded why they are called the 'bad old days' in NYC

Posted by: fsrg at October 21, 2009 10:45 AM

When NY was at its worst 3-4X (in outer boros) was common - and with no cash down (take my building please....)

10x GRM is frankly still too high, you cant make any money on that! 8x or less and then we are talking about a decent immediate return.

Posted by: fsrg at October 21, 2009 10:54 AM

"Thompson may be a hack, but that's better than a democracy-usurping oligarch."

Such a silly argument - while I am not a fan of how BB got rid of (anti-democratic) term-limits; the reality is that had he not, there would have be ZERO viable Republican candidates and therefore the primary=general election; so effectively, by eliminating term limits BB has given voters more choice not less (therefore pro-democratic).

And no matter, even if I bought the faux argument - I'd rather my family lives in a well managed, relatively safe city, then in a corrupt, ill-managed unsafe one.

Posted by: fsrg at October 21, 2009 10:58 AM

A f'ed up economy is ALREADY here - and yet NYC Bond rating has not changed (generally at an all-time high), City services have not noticeably been effected and despite all the predictions - crime is lower (including property crimes).

But it is nice that along with your enthusiastic endorsement for Thompson, you acknowledge that NYC is headed into the abyss - so on this we agree - during a Thompson administration NYC will be a a declining and lousy place to live and work....on this we disagree - that such an outcome is inevitable.

Posted by: fsrg at October 21, 2009 11:08 AM

antidope - I am not turning it into a pro-democracy move - all I am saying is that the practical reality is that BB move did not usurp democracy....if you want Thompson, you can still vote for him - all that (actually happened in this case) was that the law change allowed him to run as well - I already said I am not a fan of the move but to refuse to vote for him over it (especially given the choice) is a gross overreaction IMO

""...a corrupt, ill-managed unsafe one."

Exactly why do you think Thompson will lead us there, fsrq?"

Past performance is usually indicative of future results - the selling of the Controller's Office is UN-defensible - it is pure pay-to-play and corruption at its worst.

His politically based pronouncement to fire Ray Kelly (who has served mainly under democratic administrations) telegraphs his priorities. He places politics over anything else - he hasnt even said who he'd replace Kelly with - If he did maybe I'd change my opinion but the idea that "anyone" is better than Ray Kelly is frightening.

Thompson has consistently demonstrated a total lack of leadership, he was born with a silver spoon and has achieved essentially ZERO in his adult life beyond getting elected or appointed to relatively weak positions.

IMO running NY is very hard - requires fortitude, incorruptibility and the ability to obtain and retain very competent managers - Thompson has no demonstratable history of ANY of this.

Posted by: fsrg at October 21, 2009 11:32 AM

"Please. Bloomie has done next to nothing of any substance in this city. He rode on a wave of good times. A sock monkey could have done as well."

Well your right if you consider in a post-911 NYC he:

Improved NYC fiscal standing dramatically

Lowered Crime by 30% (including in two upturns of unemployment 2002-2003 and 2008-2009)

Improved schools dramatically (graduation rates up 10+%, ended almost all social promotion,test scores up, school crime down, eased overcrowding in many schools, expanded choice with huge increase in charter schools)

Implemented a revolutionary smoking ban - (against public opinion)

Has helped protect NYC from another terrorist attack (if Bush can claim this then CERTAINLY Bloomberg and Kelly can as well)

Implemented 311

Implemented a massive new waste transfer plan

Got new street furniture and (albeit a few) public toilets operating - at ZERO cost to NYC (actually a profit)

Has been extremely progressive in trying new ideas, such as closing Broadway to make pedestrian plazas, moving cross walks to ease grid lock, forcing taxis to be hybrid and accept credit cards, setting up in lane bus stops, trying to get congestion pricing (and other things that I cant recall)

Has added new parks and undertaken and completed many dramatic park improvements (turf fields, new equipment, etc...)

and IMHO the city is as clean as ever with other city services (snow removal, garbage, recycling, etc) as good as or better than ever.

I think that mostly covers it - please name a Mayor that has done more?

Posted by: fsrg at October 21, 2009 11:49 AM

Yes the comptroller is a relatively weak position, and winning a democratic primary virtually unopposed is hardly an accomplishment worth bragging about..

and to compare Bloomberg using his political (and monetary influence) to advance his political agenda (which I beleive is how politics is played EVERYWHERE) is FAR FAR FAR from selling Money Management placements to campaign contributors (i.e. personal benefit) - which is essentially what Thompson did - and doesn't deny (he just says the two were unrelated), and if you cant see that then I'm afraid you are blind.

As for your assessment of the NYPD - I am not going to get into a tit-for-tat on it, since obviously you and I see things differently but it is undisputable that THOUSANDS more people of color are alive today, then would be if crime were even at the rates under Guiliani - and to ignore that while simply citing a few instances of (unclear) possible miconduct [harlem cop was running down the street with a gun out and no badge for god sake] is to take the debate so far out of REALITY and CONTEXT that it makes such discussions impossible.

Posted by: fsrg at October 21, 2009 12:01 PM

"selling Money Management placements to campaign contributors"

You're blind! You didn't see that Bloomberg's board signed off on these placements."

Ah more unaccountability for the empty suit Thompson....Thompson is the comptroller, he has the responsibility to vet these Money mangers (and not accept payoffs in doing so) - if Obama sold a Federal Judgeship would you blame the congress if they unknowingly confirmed the selection?????

"harlem cop was running down the street with a gun out and no badge for god sake"

You forgot 'while black'. Sean Bell didn't see no badge. The dude on Lafayette/Classon didn't see no badge (black narc but still NYPD practice)."

No I didnt forget that the Harlem Cop was black - so f'ing what - you see NYC exactly how the democratic machine has always seen NYC (and does Thompson) - I am not going to criticize ANY cop who shoots a guy running down a NYC street with a gun out and no badge - just like I wouldn't criticize aANY cop for shooting a mentally disturbed (white man) Gideon Busch when he is wielding a hammer and wont put it down. Cops are human not automatons - this is not to say there is no issues with race, or overzealous policing - again the NYPD is an organization by humans made up of humans - flaws will exist - but to ignore the thousands of mostly black men who are alive today because of NYC UNIQUE crime drop is to emphasis racial strife over reality - which is exactly how I expect Thompson to behave should he be mayor.

Posted by: fsrg at October 21, 2009 12:23 PM

I am obvipously a BB supporter - but I concede that on Term Limits he did it in a shady and backroom sort of way - and I wish he didnt - but lets not make out the prior Term-Limit votes to be some sort of pure Jeffersonian democracy movement.

It was pushed through in an off-year election by another billionaire and then a modification was rejected (not a new vote on term-limits). and finally lets not forget that the law ITSELF allowed for changes to be made by the city council (upheld in court) Again - I think BB did it the wrong way, but if that's the only reason you are voting against the guy, I have to ask, who has accomplished more as mayor? and what politican has a record totally unblemished by even a single base political act???

Posted by: fsrg at October 21, 2009 12:33 PM