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.
Here is why I rent:
My rent is -ridiculously- low.
My apartment is -ridiculously- large.
I’m saving to afford a healthy down payment.
So, you see, there are no absolutes.
I’m with you 1:01, renters are TOTAL losers, I moved to Brookyln three months ago bought my first place more than tripled my money the next WEEK. Then I doubled it again!! And I’m trading up BIG time. Not to be harsh…but hell, why not be harsh!!! I’m killin’ it, I can be harsh if I want! Renters are all total LOOOSSSSERRRSSS!!! They aint got no money, they aint got no game!! They just SUCK! There’s never a good reason to rent, you always, ALWAYS make money if you buy and anyone who says any different is a LOOOSSSERRRR REENNNNNTTTTERRRRRRRR!!!
1:12, thanks for the compliment, backhanded as it is – I’ll still take it. As they say, even a broken clock is right twice a day.
The rental vacancy rate in New York City is 1%.
Amazingly, Biff actually makes an astute observation @ 12:35!
There are 10 people waiting in line to take your apartment, 1:07. You are either dellusional or live in a REALLY crappy part of town.
Here’s an example. I have a 1 bedroom that was up for rent a month ago. Park Slope…asking rent $2150. It’s small…maybe 500 sf.
Want to know how many people showed up from the Craigslist ad? I’d guess 60 or 70. Easy.
I had it rented in approximately 10 minutes.
12:43 Hell yeah im going to ask him for lower rent! He will most likely have to give to me as well. The market is softening. The market simply is not commaanding the price I pay. He knows it and he also knows he cant afford to lose the income for a month or two when he finds another tenant. within 3 blocks of my place I can find about 5 places that are 10 percent less and all new. Rents are coming down
If one adds up the cost of renting over a LIFETIME, compared with the cost of ownership (typically 30 years), even with no appreciation, the owner will pay less in the long run.
The longer you rent, the more money you are wasting.
Oh, you must be referring to Jerri Blank. Apparently Jerri became disgusted at the gratuitous sexual remarks and wildly off-topic posts and left for a cleaner, more focussed blog. But I suspect he’s secretly lurking around here, periodically posting as a guest. I saw one particularly delicious and hysterical posting from someone talking about cruising in Park Slope that had all of the elements of a Jerri post, right down to the winking emoticon 😉