NYC Property Values Level Off
The large yearly gains in the city’s property values appear to be a thing of the past. The Finance Dept. estimates that city property values rose only 1.44 percent in 2007, a big drop after six years of double-digit increases (in 2006, for example, there was an 18 percent gain). The smaller increase in values…
The large yearly gains in the city’s property values appear to be a thing of the past. The Finance Dept. estimates that city property values rose only 1.44 percent in 2007, a big drop after six years of double-digit increases (in 2006, for example, there was an 18 percent gain). The smaller increase in values is being attributed to declining values in small homes outside of Manhattan. The growth in real estate values over the last several years has helped buoy the city’s economy and contributed to record budget surpluses. The lower assessments may force the city to make increases in the tax rate or end the $400 property tax rebate, according to David Weprin, chairman of the City Council Finance Committee. This is an indicator that we might be up for some tough fiscal times, and Wall Street isn’t helping, either, Weprin told the Times. Property values are no longer going up; they’ve stabilized, and I would expect that’s the trend we’ll see before they go down.
Gains in NYC Property Values Start to Flatten Out [NY Times]
Home Values Drop, But Taxes Go Up [NY Post]
Growth in Property Market Value Slows [NY Sun]
Photo by crown heist.
anyone seen the latest news on the antartic ice shelf and greenland melting from a few days ago? anyone at all worried what a few yards of sea-rise would do to NYC real estate? this summer’s arctic ice melt was off the charts, way beyond the wildest predictions. anyone in brownstone brooklyn got katrina-proof flood insurance? if you’re in it for the next 20-30 years, you might want to look into that.
hey 9:52, bought my first 2br for $125k in the 90s lol
is the runup sustainable? like i give a shit! the only way i end up underwater is if global society collapses and we all end up hunting rats for food. so, you know, you can hope for that.
maybe end of the world deathcult terrorism might be a good route for you lol
Another renter checking in … though I made a little dough on the bubble first.
Maybe it’ll look more like this, as reported from near SF, when TSHTF. A 34% haircut over the next 2 years might well be conservative here, no matter what the cheerleaders say this week …
Property #1 is 124 Birch Ln, San Jose, CA 95127. In fact, both of these properties are in 95127, which is an outlying area of San Jose (confirming my theory that the “tidal wave†of foreclosures would start from the exurbs and work its way inward.) 3BR, 1 bath, 1564 sq.ft. on a nice-sized lot of 7840 sq.ft. Last sale 7/1/2005 for $601,000. Now asking $399,000. Doing the math, we find that is a 34% discount off peak. The MLS lists 3 pictures of the inside and it seems to be in fairly good condition.
This house would rent, in decent condition, for about $1800/mo. Doing the math for 200x rent comes out to $360,000, which I’m guessing the bank would take as an offer.
Another renter here who’s got your back, Sylvia. The woman speaks the truth. The only difference between me and Sylvia is that I AM a little bitter. Many of the owners on this site are smug greedy f*cks. I mean, how could you not know that this run up was not sustainable? But not to worry. Even if the worst happens, you will still have realized as much as 100% return on your investments. I can’t even get excited about a correction because what will it mean? The 2 BR I’m looking for will now cost $650K instead of $800K? The world has gone mad, I tell you. And oh am I ever bitter.
I like to imagine the What looks like Mickey Rourke before the plastic surgery. I heart the What.
I’m not sure why people who are so sure of the value of their homes would be so defensive. I’m not angry or bitter. I’m telling you I was right. What in that statement makes you think I’m bitter, or hate homeowners? How bizarre.
3:22: Yes, you do need somewhere to live for the next 20 years. So do I. That’s why I’m renting, so I can get the best place for my money right now (rents have NOT caught up with home sale prices) and not have to be tied down to a particular house (and a huge hunk of debt) once housing depreciates. As it obviously already has, since its increase in value last year didn’t even keep up with inflation.
I doubt none of this applies to you or affects you. I guess you must work for an industry that will do fine in a recession and not lay you off, live in a neighborhood where crime will never be an issue, no matter what happens to the economy of the city around you (remember the 80s in NYC?), have all your investments/retirement funds in some kind of account that doesn’t depend on the stock market going up, up, up, and get paid in a currency that isn’t being depreciated (ie, flushed down the drain by inflation/hiked-up interest rates) like the dollar.
If you’ve really found such a living arrangement in NYC, please let me know. I want in. Until then, I’ll keep renting.
-Sylvia
Come back The What. Your missed.
Have a nice evening all you fucktards and asshats!
That is a great block.
Sylvia is my ex-wife’s name. It’s a very, very bad name.
Sylvia, My mortgage and maintenance is less than what rent would be. I’m not sweating prices going down.