NYC Property Values Level Off
The large yearly gains in the city’s property values appear to be a thing of the past. The Finance Dept. estimates that city property values rose only 1.44 percent in 2007, a big drop after six years of double-digit increases (in 2006, for example, there was an 18 percent gain). The smaller increase in values…
The large yearly gains in the city’s property values appear to be a thing of the past. The Finance Dept. estimates that city property values rose only 1.44 percent in 2007, a big drop after six years of double-digit increases (in 2006, for example, there was an 18 percent gain). The smaller increase in values is being attributed to declining values in small homes outside of Manhattan. The growth in real estate values over the last several years has helped buoy the city’s economy and contributed to record budget surpluses. The lower assessments may force the city to make increases in the tax rate or end the $400 property tax rebate, according to David Weprin, chairman of the City Council Finance Committee. This is an indicator that we might be up for some tough fiscal times, and Wall Street isn’t helping, either, Weprin told the Times. Property values are no longer going up; they’ve stabilized, and I would expect that’s the trend we’ll see before they go down.
Gains in NYC Property Values Start to Flatten Out [NY Times]
Home Values Drop, But Taxes Go Up [NY Post]
Growth in Property Market Value Slows [NY Sun]
Photo by crown heist.
Sylvia, I served with THE WHAT: I knew THE WHAT; THE WHAT was a friend of mine. Sylvia, you’re no THE WHAT.
I miss the tWhat
Yeah, we’re not selling either. We do need a place to live the next 20 years and like our house a lot. None of this applies to us or affects us.
This news about property values is most applicable to people thinking about buying, Sylvia, not those who already own a place. So your anger towards those who already own absolutely confirms your bitterness.
sylvia–
still bitter tho
bought my house in 2003, renters pay my mortgage for me. lolololololololololol i think i’ll ride this out, thx
Since The What isn’t here to oblige, I will. Though I doubt I can match his panache.
To everyone who called me a “bitter renter” just because I wasn’t willing to put my firstborn child up as collateral on a 30-year no-interest ARM mortgage in a market that was CLEARLY overpriced: I told you so.
And this is definitely just the beginning. If any of you who bought in the last few years (and had to take out a big mortgage to do so) can sell, I would highly recommend it.
-Sylvia
(Hey, I know that block in the picture. That’s St. Francis Pl. in Crown Heights. Great block.)
What is a fucktard? Seriously.
Do asshats wear hats on their asses?
Market values will crash back down to transitional values before RE rebounds.
Actually, it’s “billable assessed value.”
Hello! The What is on vacation in Orlando with the wife and kids, with limited access to e-mail. If this request is urgent, please leave a message and The What will contact you upon his return, you fucktarded asshat. Have a great day!