Reno Prices Down?
So after reading some of the recent posts about varying kitchen reno labor costs, it got me wondering. Are contractors prices kind of down now because of the economy/lack of projects? I’ve heard this in the news lately but didnt know if it applies to nyc. We’re looking to renovate our kitchen…is now the time?
So after reading some of the recent posts about varying kitchen reno labor costs, it got me wondering. Are contractors prices kind of down now because of the economy/lack of projects? I’ve heard this in the news lately but didnt know if it applies to nyc. We’re looking to renovate our kitchen…is now the time?
BHO, sorry for name calling. Didn’t mean it. Let’s move it into OT. I think it’s wrong to discuss the economy here. BTW I don’t preach real estate bull but I think your theory of Great Depression is far fetched.
I plan on putting a tray copper tin ceiling in my kitchen….and I work on the street. I MUST BE INSANE!!!
obesedude, I partially agree with you, but BHO is saying that it’s going to get even worse and soon you’ll be able to get labor for almost free cause we’re heading into great depression.
In my opinion, are there more contractors out there with less workload then before? Yes. BUT I personally know a few who are very good at what they do, charge fair prices, actually care about their work and they are as busy as ever. The difference is before they actually had to deny work or refer someone else because they couldn’t handle the workload and now they have enough in their schedule to accept jobs that they chose to take.
Personal anecdote. My co-op is redoing the lobby in our building and I called 15 reputable companies (some with recommendations through brownstoner). only 5 scheduled appointments with me to estimate the work, 2 called back to say they were too busy and didn’t want to deal with co-ops since they had enough work already, 8 didn’t even call me back. This is without even asking what the budget is or the scope of the work.
Home prices, Boerum Hill. People don’t want to agree with me but the whole economy was wrapped around home prices. From Main Street (flipping) to Wall Street (SIV’s), everything was moving along at a trepid pace because of Ponzi resales and refi’s.
Since prices in NYC lag the rest of the nation, the economies supported by it will lag too. It’s very logical.
Can somebody please give me an elaborate argument as to why I’m wrong?
***Bid half off peak comps***
BHO, if I said I paid 10 cents more for a banana at my corner grocery yesterday, you’d say NYC, Brooklyn in particular, lags, and to just be patient and soon the bananas will be free.
I don’t care whether you asked me about the GD, Ken. I used it to make a point. It’s real. It happened. People did anything for money. Few in the 1930 saw it coming. How are you lost on that?
I quoted the OP’s question @ 12:38. I know very well what he/she was asking. I’m all up in the program, baby!
No, I’m not saying the Gov will lower MW. I said that your handyman’s effective wage (Revenue minus Costs) don’t necessarily have to go down to MW because costs can drop too. But they caaaaaaaaaan drop below MW without a “floor”.
Refuting my point and elaborating on how boomtime renovation costs would escape a collapse in construction spending would be much more powerful than calling me an “educated fool”.
Sell your coop, Ken. We’re only down -20%.
“READ MY LIPS: THE RECESSION IS ALREADY OVER.”
READ MY LIPS: THE GREATER DEPRESSION HAS BEGUN.
“Belief that we are headed to another great depression is reserved for those on the lunatic fringe.”
Just like last year’s belief that we were already in a recession.
***Bid half off peak comps***
***Bid half off peak comps***
BHO,
I know I’m going to regret asking, but why is that “NYC, and Brooklyn in particular, lags”?
bho is correct.many homeowners used home equity lines or loans to pay for renovations as these loans had the included benefit of tax breaks. now with the equity gone and helocs being cut homeowners are not renovating as much.let alone the slowdown in new construction.contractors are hurting and this is a good time to get work done if you have the money.
I’m greatly depressed by this conversation.