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.
Actually I think 2:34 had it right – and the real question is – who can get divorced in this day and age – if you are a property owner
Buying is always better than renting.
Long term.
Here you want to see an idiotic comment look at 1:45Pm – perfect example of one-dimensional thinking and someone who knows very little about finance except for a few soundbites. (like buying is always better than renting)
“Anyone who pays that much to rent something is an idiot.
Period. ”
If the value of your apartment drops 30% (when you have to sell) then renting (at almost any price) will be far far cheaper then owning.
Not just getting divorced, 2:34. Moving to a new city, taking a dream job overseas, etc. are all much easier when you’re only bound to your home for a year at a time.
As I said above, it’s a different mindset.
Who gets married in this day and age??
You people are so provincial.
Renting vs buying
One thing no one seems to mention is how much easier getting divorced is when you rent.
lol, the ROI on the 95K is ok 2:18.
2.02 – rents in NYC have not skyrocketed in 100 years, alwasy just a steady slow upward trend. No reason to expect they suddenly will now.
“I’ll just keeping saving for a bigger down payment.”
How’s the interest on that $75 coming along???