Bank Predicts NYC Market to Fall Another 40 Percent
If a certain bank analyst is to be believed, New York real estate has a long way to go still before reaching bottom. A Time article earlier this week cites a Deutsche Bank report predicting that housing prices in the New York metropolitan area will fall 40 percent from their March levels. The major driver…
If a certain bank analyst is to be believed, New York real estate has a long way to go still before reaching bottom. A Time article earlier this week cites a Deutsche Bank report predicting that housing prices in the New York metropolitan area will fall 40 percent from their March levels. The major driver of the bank’s estimate is an affordability index that shows New York is still relatively a very pricey place to shack up.
New York Home Prices Forecast to Drop 40% [Time]
Photo by tomodea
I love that house Dave. I walk by it often. What a beauty it would be fixed up.
Colonel Austin…I sold a 775 sq ft Manhattan condo where I had a $2,500 mortgage and paid $5,000 in taxes and $7,200 in CCs. I now have a house that’s 2,560 sq ft and I live in 1,700 sq ft with a deck and a yard. I have an identical $2,500 mortgage, pay $2,000 in taxes, an extra $1,700 for gas and I bring in $14,400 in rent. So I go from shelling out $42,200 (mortgage, taxes & CCs) to shelling out only $19,300 for more than twice the space.
Actually 11217 & YouWillKnow….the purchase of the Bed Stuy home was a bit of speculating. I’m betting that Bed Stuy is coming off such a low base that over the next 5-10 years it will actually appreciate more than other parts of Brooklyn. That said, it serves as my primary residence during that time period.
I could have bought in other parts of brooklyn but after the runup of the Manhattan property I really didn’t want all that money tied up in a more expensive property. I knew in 2006 that my Manhattan condo had increased to a ridiculous price level.
I’m tempted by some prices in Ft. Greene now for an even nicer place. This one has such huge potential on the corner of Adelphi & Lafayette.
http://www.brownharrisstevens.com/detail.aspx?id=1016904
Easily the worst thread of the year here at Brownstoner…
“Colonel…I don’t rent any of them out (except for the garden apt. here in brooklyn) I don’t care to because they are filled with my furniture and my clothes, etc. I don’t need the money. They are not for “speculation.” I will retire among three of them at various times of the year.”
by Daveinbed
Elstupido you sound like a really smart “money manager”
Posted by: brickoven at June 18, 2009 1:50 PM
Not so stupid if I don’t have to rent them because i have more than enough money already!!!!
Good god – everyone is out in full force today
**sits back in desk chair with popcorn**
Midtown Manhattan Office Rents Near Low, CB Richard Ellis Says
June 18 (Bloomberg) — Midtown Manhattan office rents have almost reached bottom, with prices reset on almost half of the region’s available space since September, according to a report by real-estate brokerage CB Richard Ellis Group Inc.
Rents have been reset on about 16 million square feet (1.49 million square meters) out of the 34 million available, Los Angeles-based CB Richard Ellis said today in a statement. The average reduction in asking rents was 16 percent, the brokerage said. As of June 1, asking rents in the area averaged $65.13 a square foot for direct space and $56.83 for sublet space.
OK Dave lets exclude your 3 timeshares. What’s your Cash Return on Rent for your BK prop. I know money doesn’t matter an all. But market to market, what your return?
BO, you have horrible grammar, you attempt to appear knowledgeable with little to back it up, you accuse DIBS and 11217 of having liar loans when everything they present about themselves speaks to the contrary. You do realize that not everyone who owns a home purchased in the last 5 years, over leveraged themselves, or took a fraudulent or risky loan, right??