Should We Feel Sorry For Novo Contract Holders?
Say what you will about the Novo’s architecture or finishes, or about its developer, or about the fact that it won’t have the most exciting commercial tenant in the world. All of a sudden, we’re starting to feel kinda bad for the 4th Avenue condo’s contract holders, some of whom have been waiting a looong…
Say what you will about the Novo’s architecture or finishes, or about its developer, or about the fact that it won’t have the most exciting commercial tenant in the world. All of a sudden, we’re starting to feel kinda bad for the 4th Avenue condo’s contract holders, some of whom have been waiting a looong time to move into the building. While everyone knows that new-construction delays are possible, or even likely, we’re hearing some desperate stuff from contract holders these days. One person posting on the Novo Yahoo group last week had this to say: “I heard a somewhat worse scenario from my mortgage broker who called the sales office today. They said the TCO is now expected in July with closings 30 days later – that potentially pushes closings to August. What does that mean for move ins? I’m assuming September. Sorry if you think I’m being too pessimistic, I’m just reacting on what I’ve been told. Trust me, I just want to get into the place, I’m in a studio with a year old child! Mucho fun. Been in contract since early April last year so I’ve heard it all by now. Wish I’d have seen through the BS back then. This is business to them, a potential home to us…” Meanwhile, the contract holder who sent us the tip a couple weeks ago saying he and 11 other buyers were about to be released from their contracts because Novo developer Shaya Boymelgreen hadn’t finished work on the adjacent public park by late June wrote to say he hasn’t seen Boymelgreen’s workers making any significant progress on the park. (Neither have we). With all the delays, he’s ready to throw in the towel. “Finding an affordable 3br apartment in Park Slope is a Herculean task,” he writes.” We are so disappointed with what has happened with the Novo as it had affordable 3br units. I believe now at this point we will start looking for a new rental and perhaps look at options outside of Park Slope or perhaps the city altogether.”
C-of-O Woes for the Novo? [Brownstoner]
Novo Takes a Nosedive [Brownstoner] GMAP
Ridiculous is your belief that we will be paying $7-9 a gallon for gas in 5yrs.
Unless the Govt starts to tax gasoline like cigarettes (not likely), I promise you (not that its worth anything here but….) that gasoline will revert to more historical norms relatively soon and we will be back to less than $3 a gallon soon enough.
Oil has gone through these cycles from the days when Pennsylvania was the “Saudi Arabia” of the world (smoothing out the boom and bust was how Rockefeller got control of the industry and made billions) and on every price spike people always believed that ‘this time is different’ – but it isnt – demand (and to a lesser extent supply) is elastic and adjusts – thereby bringing down prices.
I know people have short memories but Oil was at approximately $11 a barrel as recently as 1999 – China and India have not raised demand that much in 9 years to justify 1000x price increase – no matter what journalists like to write.
zzzzzzzzzzzzzzzzzz
3:47–but you’re OK with giving 18K a year to NOVO??
2:01 and 3:47: The quote said “April last year” that is ~14 months ago, not 2.
“My nieces and nephews are enrolled in “programs”, be it soccer, music lessons, whatever, to which they are chaffeured. They have no concept of getting together with their friends and amusing themselves.”
You don’t have kids, do you? My kids here in Brooklyn have after school programs 4 days a week. And guess what? I or the nanny take them there (sometimes by subway, but often car is easiest). I don’t think what you’re talking about is a suburb thing.
The 1,500 to 2,000K a year on gas I quoted was for 2 car families. Even if prices triple, you are talking a max of 6K a year down the road for 2 cars.
2:47 – 10K in gas? Give me a break. 15,000 miles/25 MPG = 600 gallons x $5/gallon = $3,000.
****
I don’t know any family in the suburbs who has only one car. Usually 2…sometimes 3.
And we are talking about $7-9 gas in 5 years. Not $5. It will be 5 bucks by next year or the year after…
So yes…in 5 years, some families will be paying a HUGE chunk of change for gasoline.
I find that ridiculous. Especially since most of that money is not even going to our country.
I’d rather pay 5% city tax here to go towards building a more self sustaining city than to the Prince of Saudi Arabia.
That’s just me, though.
For everyone that has not locked in rates for closing beyond 2 months should really consider doing a long term lock. The summer is infamous for high rates and with hurricane season and oil prices going up, dont expect rates to be dropping. Of course no one knows for sure. We still have the best long term lock options with free float down option 60 days prior to closing. The rate you lock in at is the highest it can be. If rates do drop prior to closing, simply float down at no cost. sunny_hong@countrywide.com
3.11 PM;
Your math is not complete. Being in the suburbs requires an extra car, and that car will easily go through 15K miles per year. Right now the IRS estimates that the total cost per mile (including gas, maintenance and depreciation of the car) is $0.505/year. That works out to $7.5K/year for that extra car, PLUS the cost of insurance. Put it all together, and you are talking about $10K/year for that extra car.
Another factor not considered in much of the analysis above is maintenance of the home. Things do break down. A larger lot/home means more money spent on things like lawn care, termite control, cleaning of gutters, etc.
Finally, and this is just from my observation of my family who has moved to NJ: you spend alot more time there being a chaffeur to your kids. I don’t think it is particularly healthy for the kids. My nieces and nephews are enrolled in “programs”, be it soccer, music lessons, whatever, to which they are chaffeured. They have no concept of getting together with their friends and amusing themselves.
To each his own. Folks should be able to live where they want. I will say, however, that the economic realities are definitely tilting more in the city’s favor. Since the price of gas has gone up, I’ve used public transit more, such that my mileage is down to 200/month, without impacting my life style much. Can you really do the same thing in NJ? Indeed, one of my theories as to why gas prices keep going up is that there is little elasticity in demand. Once you are in the suburbs, your consumption pattern is locked in.
Benson