Quote of the Day
Once we join the rest of the country in terms of accepting reality – we are by the way now falling under the same lending standards of income to debt ratios, and under the new appraisal requirements set forth in the lending crack-downs – we should see prices return to levels where they still should…
Once we join the rest of the country in terms of accepting reality – we are by the way now falling under the same lending standards of income to debt ratios, and under the new appraisal requirements set forth in the lending crack-downs – we should see prices return to levels where they still should be had the past 10 years of bizzaro world not happened. In 1-2 years (or less) wait and see if we don’t follow the rest of the country. I’m looking again at condos around Miami and they are around $100/psf – even less for anything that isn’t new construction. These same exact condos were in the $700-800 psf range just 2 years ago – I still have my old offering and information paperwork from when I was looking at the same units back then. One of the units that was asking $700,000, is now right at $100K with the seller kicking in closing costs. And we are talking prime neighborhoods. So sit back and watch. It’s not going to be pretty for sellers who overpaid, but will be great for families in our city who can move back in and not have to live 2 adults and 4 kids in a studio that they still can’t afford.
— by williamsburgguy in Toll Gets Serious About Selling at Northside Piers
I think a lot of places in the U.S. outside of NYC are beautiful:
San Francisco
Portland, Oregon
Newport and Laguna, CA
Hilton Head, SC
Charleston, SC
Coast of Maine
And the list goes on and on. This is a very beautiful country.
Miami does not rank in the top 20 for me. Nor top 50. No where in Florida does.
I think Miami is a pit. Every person I know who’s been there thought it was a dump. I was just talking at dinner the other day with two friends who are doctors who went recently for the first time and they were absolutely horrified with how “3rd world” they thought Miami was. Another friend was there for a business trip not long ago and her words about Miami included, “desolate and devoid of culture” as well as a few unsavory words about the people she met while there.
Takes a little more than a nice beach to entice me.
There are gorgeous beaches in Sandy Hook, NJ, Montauk, Bethany Beach, DE, Corolla NC that I’d rather go to in a second. And the added benefit is that they aren’t located in Florida.
One of the most culturally backwards state in the union.
I see very little to suggest Miami is the new NYC.
And for the record, Sam I don’t think Billyburg is beautiful at all. I live in a co-op brownstone in Park Slope. You know Park Slope…right?
p.s. With Miami smack dab in the center of one of the most active hurricane patterns in North America, I’m glad you aren’t in charge of deciding which city should be the new world capital in the U.S.
one huge difference between NY and other place in america is the wealth of job opportunities and a huge entrepreneurial spirit and acceptance of risk takers. it’s still a place where you can come and do very very well in a short amount of time in jobs that aren’t even available in other cities (sort of like how LA owns the movie biz). in today’s market the growing marketing of websites alone will continue to attract many many people. you cannot snap your fingers and make the same industry available in denver for instance.
I go to Miami Beach all the time, I own a condo there. It is gorgeous. Maybe not if your idea of gorgeous is Billyburg, but what most adult Americans would consider gorgeous. The Beaches have really benefitted from a very enlightened conservation program. The historic buildings have been lovingly restored and are knock-your-socks-off stunning, there is no air pollution or water pollution of any kind. I know New Yorkers can’t admit that any place else is nice, especially a warm breezy paradise like Miami Beach, but it’s true. The other surprise is that NY is hotter in summer that Miami Beach where the trade winds keep things balmy. Nothing is worse than NY in the summer, it is just a gross-out.
I would not be at all surprised if fifty years from now, Miami is more like New York, and New York is more like Buffalo. Miami is poised to be the international banking, insurance, and entertainment center for the Americas and Europe. Its potential is breathtaking.
Yes, they make up 25% of the city’s income. I realize that.
But we aren’t talking about that. We are talking about heads.
Sam said:
“What attracted people to NYC over the past twenty years has been the ridiculously lucrative job offerings on Wall Street, Madison Avenue, etc.”
That has nothing to do with how much income these people make when referring to why they moved here. He basically said that’s why people moved here.
I’m saying, that’s why a very few minority of people moved here. Certainly not all.
“Since jobs in the Financial Services make up less than 10% of jobs in the city…”
You’re counting heads. Count income (retroactively, that is).
***Bid half off peak comps***
“What attracted people to NYC over the past twenty years has been the ridiculously lucrative job offerings on Wall Street, Madison Avenue, etc.”
Really??!
Because that’s definitely not why I came, nor is it the reason why anyone I know came. Most people I know came here to work in creative fields or to live in a place where being a little “different” was normal.
Since jobs in the Financial Services make up less than 10% of jobs in the city, I’d say that 90% of the people who came here didn’t do so because of Wall Street.
And Madison Avenue? I’m SURE that’s why all these 20 somethings who have flooded neighborhoods like Williamsburg and the Lower East Side have come here. For Madison Avenue and Wall Street.
Huh?
There are always going to be rich people, and those rich people are always going to pay lots of money to live somewhere.
There’s a reason why there are about 40x more foreclosures available in Bed Stuy right now than there are in Brooklyn Heights.
panda10, “prime” areas in SF such as Pacific Heights and the bay area such as Palo Alto have hardly dropped. But yeah you can get a condo in subprime areas such as Hunter’s Point for bargain-basement prices, JUST LIKE HERE.
iz – you maaaay have missed the sarcasm in my post.