Quote of the Day
So the lesson I learned today is that in my early and late 20s, I should not experience all the city has to offer (nightlife, dinner, culture ie things that cost money) in order to buy an overpriced, depreciating asset. Then, ideally, I should procreate and bring my spawn to the bars/restaurants with me so…
So the lesson I learned today is that in my early and late 20s, I should not experience all the city has to offer (nightlife, dinner, culture ie things that cost money) in order to buy an overpriced, depreciating asset. Then, ideally, I should procreate and bring my spawn to the bars/restaurants with me so I’ll be the old dude with a kid. Then what exactly is the point of living in NYC if you don’t experience it? I would have a much easier time sitting at home on Saturday nights if I lived in Smithtown, Long Island – rents are a whole heck of a lot cheaper too..
— from Not-So-Bitter Renters Embrace Brooklyn
To the What,
30 year rates are not 6.4% they are about 4.8% which is historically low.
1977, 7.75
1978, 8.49
1979, 9.28
1980, 11.27
1981, 13.45
1982, 12.76
1983, 11.18
1984, 12.41
1985, 10.79
1986, 7.78
1987, 8.59
1988, 8.96
1989, 8.45
1990, 8.61
1991, 8.14
1992, 7.67
1993, 6.59
1994, 7.37
1995, 6.88
1996, 6.71
1997, 6.61
1998, 5.58
1999, 5.87
2000, 5.94
2001, 5.49
2002, 5.43
2003, ND
2004, ND
2005, ND
2006, 4.91
2007, 4.84
Brownstoner that was super wack. We dont bite in Brooklyn.
The What is not correct about 30 year T-Bond rates which are 4.8% not 6.4%. Contrast that with rates of 8%-9% back in 1987-2001 when the NYC real estate market was the weakest I’ve seen.
1977, 7.75
1978, 8.49
1979, 9.28
1980, 11.27
1981, 13.45
1982, 12.76
1983, 11.18
1984, 12.41
1985, 10.79
1986, 7.78
1987, 8.59
1988, 8.96
1989, 8.45
1990, 8.61
1991, 8.14
1992, 7.67
1993, 6.59
1994, 7.37
1995, 6.88
1996, 6.71
1997, 6.61
1998, 5.58
1999, 5.87
2000, 5.94
2001, 5.49
2002, 5.43
2003, ND
2004, ND
2005, ND
2006, 4.91
2007, 4.84
this is hilarious. i do think that there’s probably a compromise that runs like – buy a place with a really low monthly in a no where area that is still close enough to go out all the time.
“Quote of the Day”
Lets see if I can add something to this post, let’s go..
The posts of the Pretentious fart-smelling Smug-fuck elitist Asshats is making me sick! The Pratt Crime thing was a knee-slapper! 236 posts huh….
The price of energy has gone thru the roof and the Asshats are asleep behind the wheel. Why you ask? Heating season is around the corner, dumbasses. The 08-09 winter season is/will be a nightmare! The average cost to heat your Brownstone will be about 700- 1000 a month. Gas and Oil will be very expensive this winter! Plus pray to GOD there are no Hurricanes around. Just one Katrina will send a barrel of Oil to 200.00! I don’t think you (Asshats) understand the gravity of this situation.
The amount of Condo’s going online now, Oh shit! They are STILL building Condo’s everywhere! Now tell me that demand will absorb the excess inventory, yeah right!
The Mortgage and Bond markets are imploding right now! The rates on a 30 year is around 6.40% and they are going up. This will have a devastating effect on the market! Will The FED taking crap securities, the Asshat Taxpayer will have to fund the bail out!
Last but not lease. I know you Asshats have not thought about about the heath of Barack Obama! If something “happens” to him before election day, the Ghetto will ignite into the 60’s. Every Asshat will be the target of the Hood’s fury and the property values will fucking plummet! Be very very careful! We are living is some “Strange Days”
The What
Someday this war is gonna end…
Its called embracing middle class values and sacrifice. Something America once stood for.
It’s anyone’s call as to whether or not new york city real estate prices will go up or go down in the near term, but a couple hundred years of history suggests that it will go up again over the long term.
On the certain side is that your rent will increase over time and if you’re not rent controlled/stabilized, it is certain that it will go up signiciantly. I rented for 18 years and and found that my rent was on pace to double every 10 years.
Owning is more expensive in the early years of a purchase (i.e. first 5 years or so), but the cost of owning will remaind stable over time (if you have a fixed rate mortgage of course).
I agree. It seems like it’s the wannabe buyers who are bitter, not the young renters.
people are commenting on a quote from comments about an article that you qouted from someoneone else. I hope nymag or curbed picks this up for others to comment on