Average Joes Giving Market a Heartbeat
Yesterday’s cover story in the NYT real estate section was downright encouraging, didn’t you think? The gist: There are a bunch of folks who have normal jobs with normal paychecks that have been patiently saving up in recent years as the real estate market zoomed beyond their reach who all of sudden are finding themselves…
Yesterday’s cover story in the NYT real estate section was downright encouraging, didn’t you think? The gist: There are a bunch of folks who have normal jobs with normal paychecks that have been patiently saving up in recent years as the real estate market zoomed beyond their reach who all of sudden are finding themselves in the position to buy sooner than they had imagined. And faced with the double-blessing of lower prices and lower interest rates, they are even able to afford bigger apartments than they thought. The meat-and-potatoes buyers are coming out right now, said Kristina Leonetti, a broker at the Corcoran Group. And you know what? They are out there actively looking (though maybe not in the Bronx). Confirming something that a senior member of a large brokerage firm told us last week, open houses have been well attended since the start of the new year. Any readers who fit this profile care to chime in?
For the Brave, the Moment Is Now [NY Times]
Photo by Amber Rhea on Flickr
There will always be incidences of civil disobedience, denton, and usually for good reason. It’s when the Asshats turn violent that is the problem.
“Should I buck the trend and list it?”
List it, kas. Get out now or accept less in a year.
***Bid half off peak comps***
“Obama will be the 44th POTUS. If something happens to him, how long do you think “race relations” will last?? Maybe an hour or two? You see retards you are living in interesting times and are so delusional that when that time happens, you will not know what to do.”
What, I find myself inclined to agree with you. Sh*t can get ugly real fast. I don’t think a whole nabe will go down like it did back then, but people are fooling themselves if they think there will never be another instance of civil disobedience. Or interesting times if a Katrina comes thru.
She bought in that building on Grove street too, the one that was amazingly mockable during its construction. Hell, I’m not even sure that’s Bushwick… it’s close to ENY.
Anyways, prices will adjust a great deal more, especially in the non-chip areas. I think.
Miss Muffett advising sellers on when to sell. Now that’s scary!!!!!
BHO you completely missed the point of the historic returns. Has nothing to do with one lagging the other. Shows how stupid you really are.
“When volume stops being the story, price will start.”
QOTMFD!
“The woman in Bushwick doesn’t seem to have gotten any special bargain.”
Because she didn’t. Bushwick? Are you kidding me? And her parents thought NORTH WILLIAMSBURG was dangerous. She got took.
They should remix this article into a video and televise it late night, say 2AM.
***Bid half off peak comps***
Mopar;
Point taken. Let me try to clarify my points (if possible!). The decline of the city’s manufacturing sector was a long-term, irreversible macroeconomic trend. In the 60’s and the 70’s, it was not at all clear that the huge losses in this sector would be made up by gains in other growth sectors. It just appeared to all that the city was finished as a viable entity. At the same time that this was happening, the City Fathers chose to put their heads in the sand and pretend that things were just fine, and that the city could afford to go on a lavish spending spree for worker benefits and social services. In fact, the money was not there, so infrastructure spending was cut. All of these developments had a terrible impact on the psychology of the city.
So, to be specific, here are the big economic differences between then and now (with respect to crime):
-back then, the city was in the midst of a long secular decline, rather than the bottom part of the normal business cycle. Moreover, those affected by the loss of manufacturing were those at the bottom, who would be the group most likely to be involved with crime. There were no bright prospects for them. By contrast,the folks most hard hit by this cyclical downturn do have options. I don’t see former investment bankers engaging in mugging out of some type of despair (at least, not physical muggings!).
-Although we’ve been given a heavy hit, I still don’t see any evidence of the same defeatist attitude towards NYC that was so common 30 years ago. There is a much larger owner class in NYC today, and those with an investment here have an interest in making sure that things don’t spiral out of control.
SquareDrive: thanks!
I also think you’re better off selling now – prices, while starting to drop, are still pretty high, and inventory low. Those who think this is only going to last a year are being very optimistic. The last real estate correction in this city took many years to play out and for prices to rise again. I would not be surprised if it took 5 years min this time around given how deep a hole we’ve dug for ourselves, and how severe a hangover this will require.