NYC Real Estate Market 'Most Challenged'
“When we look at New York City, we look at a price-income ratio that historically has been four times income, versus three times nationwide… If you want simply to get back to the median, it would be a 46% correction…If I had to pick one market in the country with the most challenge and the…
“When we look at New York City, we look at a price-income ratio that historically has been four times income, versus three times nationwide… If you want simply to get back to the median, it would be a 46% correction…If I had to pick one market in the country with the most challenge and the most substantive rate of decline [ahead], it’s New York City. It has the greatest number of job losses among the higher earners.” — Ivy Zelman, a former Credit Suisse analyst, in Barron’s via Curbed.
Maybe it’s 25′ wide then… All I know is that when I see 1000 sf places my place always feels spacious in comparison. Third due in a few weeks now, thanks.
Yes joe. No kids here…which is a really big issue. I was just looking for the architecture, the space, the yard and a neighborhood that was likely to increase in value longer term despite the gospel according to someone in a bodega!!!
“your dumbass tag line is pretty non-specific”
The highest comp you can find per property on record, aka THE PEAK, is quite finite and pretty damned specific. My tagline is only “dumbass” because it’s your worse nightmare.
“I bought at approx 20% off the ask of my house.”
Now that is a dumbass tagline. Your own team will tell you that when confronted with reduced natefind listings.
“I know damn well that you need more space”
Hi hater. Maybe we need more space by kindergarten (damn, that’s like 4 years from now!!!) or if we pop out another one. But until then, we’re fine (1.5 BR). No rush over here. No luck needed. Families of four or more do it all the time in the hood. Get to know your neighbors. I’m rental-rich. Bye hater.
***Bid half off wasder’s comp***
Lechacal–sounds like you have it pretty well worked out. Not that i am nitpicking but that would be an awfully deep building to be 20 feet wide and yielding 1100/1200 sq foot floor throughs. The older kids sharing is key so that you have that nursery waiting. When is Mrs Jackal due? Congrats to you!
I think I could deal with the one bathroom thing but it must be said that two is working well for me.
thanks lech, I’d do that trade any day.
dibs, I think we have kind of a different family sitch…
If I don’t drink the PS321 punch it’s gonna be 5K a month for school and then the whole thing is f*cked anyway. Otherwise I’d live in bed stuy any day.
I’m holding out for one of those juicy garden duplexes with a yard near the park, for, say, 800K. 500 a foot.
Wasder: I suppose it’s more like a 2 1/2 (the third bedroom works for a baby with a crib and dresser but not much more). I would guess that the place is around 1100 or 1200 sf, although I am guesstimating from work and have never measured. It’s actually quite comfortable how we have set it up. Two kids in one full bedroom, parents in another, the half bedroom waiting for the third kid, separate dining and living rooms. The only real problem from my perspective is that there is only one bath, something that will be remedied with my next move.
Joe–I mean you CAN do it (pull a BHO and live with a kid or two in 800 square feet) but do you WANT to is the question. If you can deal with your kids’ stuff taking over every square inch of space then you will be fine. I have a four floor house that I live in two floors of and its working well so far. Per square foot it only came to about 300 per.
HOBOKEN…which is why the dollar has been strong against EUR and GBP and now finally JPY
Lechacal–I have never seen a three bedroom floor through before. My 800 sq ft co-op was two bedrooms and I was going crazy before the second kid came so that is why I bought when I did.