Most Post-2006 Condo Buyers Are Underwater?
In an article describing how co-ops are much better positioned for the downturn because, unlike condos, their position in foreclosure proceedings is senior to the bank, comes this doozy of a quote from the president of a property management company in Manhattan: I think it’s safe to say that the value of any apartment purchased…
In an article describing how co-ops are much better positioned for the downturn because, unlike condos, their position in foreclosure proceedings is senior to the bank, comes this doozy of a quote from the president of a property management company in Manhattan:
I think it’s safe to say that the value of any apartment purchased in the last two years is less than its purchase price. The simple calculation is that if you bought an apartment a year ago and financed 90 percent of the purchase price, as many did, and now it’s worth 20 percent less, you’re upside-down as an owner.
That’s another reason why co-ops are in better shape: Most owners had to put down a minimum of 20 percent when they bought.
The Downside for Condos in a Downturn [NY Times]
So interesting that there are so many posters today who are just now commenting for the very first time on brownstoner!
Either what I just said is true or commenters are creating multiple log-in names.
Either one is great!
How does he fit that enormous ego in that tiny apartment?
You only make me want to post more, Sam to prove what a curmudgeonly old man you are.
And to also make sure that others are able to hear viewpoints from people who think that the necessary downsizing of America means refining and improving it, not moving backwards as you have suggested many times.
It’s an outdated viewpoint and one that as of Jan. 20th, you are no longer in long step with the way the majority of this country.
I don’t need your permission to comment here. My comments (while sometimes harsh) do add to the dialogue here, in my opinion. I’ve become the instigator by default somehow. Maybe you don’t like my comments…that cool. But maybe you’ve enjoyed some of the many great comments from other people which have followed.
I think that’s a win win for all. Ignore my comments and take in some of the other great things that come from my seemingly very polarizing viewpoints. Lots of ideas. That’s what the world is about. I never claimed to be right about everything. I’m just trying to get people talking.
You beat me to it, Sam. It’s out of control.
11217, not only are you a bore, but you are really monopolizing these threads. I have news for you, you are not such a great writer and your posts are preachy and off-putting. Stop it! Go out, try to make some friends.
“We don’t need you or your music festival, but thanks anyway.”
Feel free to take it up with my client who’s asked me to run the festival. And pay quite a princely sum to do so. Two weeks per year of “work” will pay for the new 1 bedroom apartment in Palermo in 2 summers.
Luckily, I don’t take advice about real estate purchases (or much of anything for that matter) from anonymous posters on a blog.
Maplewood guy:
Change Park Slope for Grammercy or East Village then. Plenty of places in “prime Manhattan” which can be found for 800K. I was simply using a recent example.
And Sam, yes…we know you prefer Miami. Lots of people in BA LOVE Miami though!…so you should welcome the talk about it.
11217: I think you should compare apples with apples. You should compare that apt with prime Manhattan. Not overrated periphery park slope.
As a rule of thunb, when posters start writing about Buenos Aires, I sign off.
11217, please do all of us Argentines a big favor and do not buy in Buenos Aires. A quick perusal of your comments on many different threads indicates that you’re quite neurotic, obnoxious, and sometimes, just plain mean. We don’t need you or your music festival, but thanks anyway.