Condo Market: You Can't Handle the Truth!
“The truth is that people can’t take the truth,” Robert Levine, the president of RAL Cos., is quoted as saying in a Sun article about how the city’s condo market is (brace yourself!) not as healthy as it once was. The point of the article seems to be that though the press has instilled “fear”…
“The truth is that people can’t take the truth,” Robert Levine, the president of RAL Cos., is quoted as saying in a Sun article about how the city’s condo market is (brace yourself!) not as healthy as it once was. The point of the article seems to be that though the press has instilled “fear” in people (another Levine quote) about the value of real estate as an investment, condos are still worth buying because the city’s market will eventually rebound. Here’s the evidence the story gathers about condo sales slowing: financing is shaky (“As transaction volume dries up, and liquidity remains nonexistent, property values will fall, and banks will begin foreclosures,” say Kevin Comer, the president of Beck Street Capital. “The kid gloves will come off, and it won’t matter if you own property at Fifth Avenue and 58th Street or Williamsburg, the banks will be brutal as they all struggle to survive and avoid Bear Stearns fate. The busted condo deals will be the first to fall given their short term financing.”); a ton of prospective buyers are lowballing offering prices, says one developer, which means inventory isn’t moving unless a sponsor’s willing to make a deal; after buzz fades on a condo that’s just put up listings, sales are languishing, says Gary Malin, the president of Citi Habitats. So wait, what’s the truth that we can’t take? Oh, right—now (or very soon) may be the time to buy. “Now more than ever its location, location and location,” says Beck Street Capital’s Kevin Comer. “Long term, real estate remains a great place to invest capital, especially in New York City, and we are headed for one of the best buying opportunities of my lifetime.” Consider yourself truthified.
Believe It: Condo Sales Slow [NY Sun]
Still from youtube.
1:25#2, please re-read my post. I was saying that 1:17#1 was making a joke, not you. My response to you was:
“1:17#2, you gave a better example of why it’s sometimes smarter to rent than I did. Good luck on finding a buying a place you love.”
“but there’s no need to splash your insecurity all over those of us who decided, quite sensibly, to see where the market was headed”
Um….since I’ve owned in NYC, the market has headed up 500% or so.
How long exactly are you going to wait and see where it’s headed?
If you haven’t noticed, it’s gone no where but up in the long run.
1:25
Rents have come down since 2006 im my area. Park slope is a red hot market so i don think you can use Park slope as a baseline for all of Brooklyn. Doorman buildings in Manhattan are giving a free month now so if you think rents are going up you are smoking some Gowanus Crack
1:23 how long have you been renting here?
Biff, Hi.
This is 1:17
No joke, my rent is close to nothing. My landlord loved me when he met me and hasnt raised rent in 15 years. I live in Cobble Hill. You can run laps in my living room. My bathroom doubles as walk in closet. My dog has his own room.
For real.
“Rent’s are coming down”.
Are you in bizarro world or something? Good luck with the rent reduction.
Of course there are circumstances that exist where someone has low rent, for a large apartment, yada yada yada. And that’s great, and it probably makes a ton of sense for that person to continue renting. But aren’t we talking about the broader market here, and on the whole what is better. The fact is, rents are generally going up, and by a significant amount. There just can’t be any debate about that.
New York used to be a city of unashamed renters. And then the Midwest moved here en masse and brought their “buy buy buy!” mentality and susceptibility to advertising with them. Now we who have lived her since birth are to follow like lemmings and invest in a shoddily-constructed condo or crumbling townhouse to which we will be tied financially for 30+ years, at a time when the market is disintegrating and prices are falling.
You may have made a poor buying decision, but there’s no need to splash your insecurity all over those of us who decided, quite sensibly, to see where the market was headed before committing to a long mortgage, inflated maintenance costs, and high property taxes. Right now, renting makes stronger financial sense than buying–yes, even in New York City–for many people. The only ones who say otherwise are brokers and developers and terrified buyers eager to keep the market buoyed to unsustainable levels.
Talk about pathetic.
1:17#1, that was hilarious. The scary thing is some people are going to actually think you were serious.
1:17#2, you gave a better example of why it’s sometimes smarter to rent than I did. Good luck on finding a buying a place you love.
Biff…what’s wrong with gratuitous sexual remarks and wildly off topic posts?? No reason in the world that the topic can’t be completely covered in the first 6-10 posts anyway!!!! After that it degrades into PS vs. everywhere else or rent vs. own. Can’t put up with those discussions very long and then what’s left? No one here seems interested in sports!! occassionally some comments about drinking…after that, whats left? just sex.