Home Prices Continue to Slide, and NY's No Exception

2:29, the early 90’s called. they want their “returns” back.

I posted the info at 10:59, and though I think it’s a good idea for some who can only spend $800,000 to $1.2 million for a house to be looking upstate, I need to say I completely disagree with 2:07. It’s absurd. NYC real estate has never been a bad investment. The return you get varies by neighborhood and by how much time you own the property, and which time you bought and sold, but everybody on the planet thinks NYC real estate is a good investment. Which nobody thinks about upstate or NJ or LI. They could just as easily buy in those place, those foreign investors, but they aren’t, are they?

NYC schools are bad, but so are all the public schools in the U.S., even the best ones aren’t as good as private schools, anyday. Buying upstate is a good idea if you can’t afford the NYC private schools and you have more than one child. If you have only one child then you might as well pay for the NYC private schools, because you’ll pay the same amount of money upstate for property taxes. The thing 2:07 forgets, perhaps because they are a person who is not wealthy, is there is immense wealth in NYC. And it’s not all wealth that will go away if the economy takes a hit. There are lots of people in NYC with inheritances on top of their earned income. NYC contains a greater number of those people than anywhere else in the United States. As for salaries alone, not counting inherited wealth, the largest populations of those with very high earned income is in NYC and L.A., and those people are very very very keen on Brooklyn. For good reason. Despite the appeal of upstate, we personally do hear all the time that people we know who move there aren’t as happy as they were living inside the city. You definitely sacrifice certain things leaving town.

What’s going to become more and more key, is the subway line the various Brooklyn neighborhoods are on. Having an express subway in your ‘hood will be important. If people can get to Manhattan just as fast from upstate than they can from Bay Ridge or Ditmas Park or Kensington who only have local trains, they may start to choose more affordable houses upstate once more. Though the commute isn’t cheap. The Metro North pass for commuters is something like $300 per person. But there are lots of bargains outside of NYC on amazing historic houses right now. We own a Brooklyn brownstone and plan to eventually move out of the city in a few years, so I’ve started the process of getting familiar with the areas and the property taxes. Long Island property taxes are insane. People are paying Stamford level property taxes in some Long Island towns that are just these ugly little towns with 60’s ranch style houses, split-level or whatever they’re called. So forget LI, that’s crossed off our list. Though the commute on LIRR costs less than Metro North. NJ drives me crazy, its highways are chaotic, I always get lost and I could never live there. I am most interested in NY’s Putnam County now, because the schools are good and it’s still on the Metro North but doesn’t have the insane property taxes. If you go even further out, into Columbia County, the houses are gorgeous, really unique and cool, and the prices and taxes are low low. Like $600,000 to 700,000 for a big, mid-1800’s Victorian house or a 1700’s house. But the schools aren’t so great in Columbia Cty and you have to take Amtrak not Metro North. BUT, there are decent private schools that are more affordable than NYC private schools. Lots of chic restaurants and antique stores in those Hudson River towns. Anyway, that’s what I’ve found in my bit of research of the suburbs so far.

Brooklynnative, I very shocked at your comments. Did you have a Kool-Aid Detox?! LMMFAO! Yes I’m a asshat but, I know this thing is over. Wait until the new year the stories are going to blow your minds. This shit will drop faster than a bowling ball tied to a anvil.

The What

Someday this war is gonna end..

And to the assfucks that keep dissin me, find some fell good stories about real estate. You can’t there is none. Now fuck off!!!

1:11: The size of the Chinese economy was recently revised downward.

Current estimates say China will be bigger than the US by the middle of this century.