Calculating the Real Value of Your Home
In the midst of all the talk about the tanking housing market, the New York Times reported this weekend not about what your home is worth, but what it should be worth, according to assorted economists. They looked at regional pockets of the U.S. and tried to calculate how much homes are overvalued there, which…
In the midst of all the talk about the tanking housing market, the New York Times reported this weekend not about what your home is worth, but what it should be worth, according to assorted economists. They looked at regional pockets of the U.S. and tried to calculate how much homes are overvalued there, which helps them figure out where and when the market might bottom out completely. Here’s some surprising news: While Miami, Phoenix and Chicago have the most overvalued homes, New York homes, at least according to the Columbia Business School, are five percent undervalued. Huh?
Finding the Right Price for a Home [NY Times]
Miami or Dumbo? Photo by Victoria Belanger.
What – I would love to hear your thoughts on Staten Island. I live there and I think it’s a great place to buy a house and raise a family. I’m very interested on your views on this topic.
What=hateful? Say it isn’t so!
DoWhat=Why do you want to ban yourself? And if you do, which one of your characters? DOW8000 or The What or both?
Everything is going to be alright. No need for all the animosity. Why so much hatred from you WHAT?
Please Brownstoner Just ban me!!! I want to ban me!!!
The What
Someday this war is gonna end…
Now you see what I’m talking about! The Asshats on this blog is unbelievable! New York is undervalued, huh? This is a illustration on a Asshat is. Take this fucktard 11217 for example.
“I’m not saying that NYC won’t correct (I think it will) but some people don’t seem to understand the role that NYC plays in the world. It is one of THE most desirable cities in the world to live/play/shop/etc etc etc and it’s still only the 22nd most expensive city in the world.”
Shoving the broom up your ass saying “I’m having fun”!
Then
“According to an article I read last week, London is 40% more expensive than NYC. Do you think London is 40% more desirable than NYC? I don’t.
In fairness, I do think London will correct a bit too…”
No Assfuck all of it will correct! As soon the Hot Money leaves the set your “investments” will get creamed.
This is Greed and Delusion at it’s finest!
The What
Someday this war is gonna end..
This market is so out of whack and speculative, no one knows when and how much prices will adjust. Everyone thinks they know how to calculate the market, but it’s bull. If analysts were so certain about how the market is going to pan out in the near future, although we are in a bad credit crises, I think there would be more stability for the mere fact we would know what the next move would be.
There were other studies mentioned in the article that said NYC was still overvalued, but not as much as Miami and Pheonix. Given that the studies did not discuss areas within a city, it is hard to apply this story to any given neighborhood without more iinformaiton – if it is even available.
I think the possible reason for the “undervalued” comment is that in comparison to other world cities, NYC is still considered “cheap”
Think about it. Are Americans going in and scooping up properties by the bushel in London, Paris, Dublin and Dubai??
Nope. Cause it’s still inexpensive here.
I’m not saying that NYC won’t correct (I think it will) but some people don’t seem to understand the role that NYC plays in the world. It is one of THE most desirable cities in the world to live/play/shop/etc etc etc and it’s still only the 22nd most expensive city in the world.
According to an article I read last week, London is 40% more expensive than NYC. Do you think London is 40% more desirable than NYC? I don’t.
In fairness, I do think London will correct a bit too…
I can’t fathom how someone can think the prices in NY are undervalued, especially in Manhattan. The prices don’t make sense and they have increased substantially over the years. The average apartment sale price in Manhattan hit a new record high of over $1m in Q1 of 2008. That’s a 47% increase from a year ago. That’s insane!!! New construction in Manhattan rose over 27% in the past year with an average price per sq ft of $1,473. Although housing prices in the other NYC boroughs have started to come down, it is no way undervalued and we have not seen the botom yet. Compared to the other boroughs, Staten Island has the most affordable housing.