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’m seriously wondering whom this depression will benefit even if prices go down 90% [SLIGHT EXAGGERATION].”
It’ll immediately benefit those credit-worthy buyers who have saved, are fortunate enough to keep their jobs and can stay solvent. It’ll eventually benefit everybody else when the economy recovers and people start working again as they will have the OPPORTUNITY to buy close to the bottom. RE always has “recovered”, and always will “recover”, SLOWLY and after jobs. The collapse and bottom will be ‘L’ shaped. I put quotes around the word RECOVER because it won’t be back to 2006. It’ll be back to historic average inflation, 4% annualy give or take.
***Bid half off peak comps***
cwbuecheler, yeah, you can have your kids, just don’t bitch when they start growing up.
I am interested in buying in Miami for 100k, but I don’t really know the area well. Can someone point me in the right direction? Is there a good real estate blog there? I want a place to take the kids — near beaches and restaurants.
Let me rephrase: “holding up” as in not tanking as deeply as some here would predict/hope. And it’s not like I wouldn’t love to buy a roomy 2 bedroom where I am renting right now. Don’t expect to, though.
As mentioned, the Miami area real estate boom was fueled by many more 2nd-homers, flippers, and other sorts of speculation. I expect NYC prices to go down, but anyone who thinks the drop will be from 700K to 100K is just dreaming. And SF (the “city proper”) is still an extremely expensive city to live in. I am always asking my friends if housing prices are coming down substantially and they say no. I suppose the prices are down in the “inland areas” etc. but that is the same situation in NYC. Prices in Manhattan and in the nice nabes in the boroughs with short commutes are holding up.
i_disagree: but don’t you know that it’s everyone’s right to have as many children as they want, without facing criticism, regardless of their financial means? 😛
simpletons, pseudo-intellectuals ie. 11217 can’t comprehend the simplest of concepts. When people reference the rest of the country, its relative pricing (not absolute). NYC will always be more expensive, it’ll drop 50% and still be more expensive. But drop it will like the rest of the country. If you disagree about the drop thats one thing, but if you idiots are saying “You won’t see 100/ft here!” then you just have no clue.
Someone is reading The What’s comments today.
” ‘…2 adults and 4 kids in a studio that they still can’t afford.’
Hey Brownstoner this is your QOTD! ”
-Posted by: Return of The What at February 5, 2009 1:39 PM in ‘Toll Gets Serious About Selling at Northside Piers’
***Bid half off peak comps***
iz, i was just going to post something similar. we’re supposed to shrug our shoulders at these “sellers who overpaid” but feel sympathetic for 2 adults who can’t afford a studio but have 4 kids? if this fantasy involves some evil millionaire wall streeter being in such a situation as to be forced to sell his mansion for $100,000, there’s no way this fictional family is going to be in such a situation as to afford it.