Open House Picks: Six Months Later
Comment: Meh. Open House Picks 9/11/09 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Need a Hand?
Your Next Project Starts with Brownstoner Comment: Meh. Open House Picks 9/11/09 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Need a Hand?
Your Next Project Starts with Brownstoner
the local market is up recently, btw
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nobody here is claiming the market goes straight down antidope. this is a multi-year process that we are going through in my opinion.
http://thenewmortgagecompany.files.wordpress.com/2009/08/property-history-credit-bubbles-property-values2.jpg
!!! it is thee that cuts and pastes with impunity !!!
the local market is up recently, btw. price and volume. whether u want to believe so or not is an altogether different discussion.
“I just don’t see how many people can afford a 2.5M house, even in NYC.”
They can’t. That’s why we’re consistently 1 to 2 for 4 in this thread series. The market is correcting with impunity.
***Bid half off peak comps***
“Be curious to know from the renters + landlords on the forum how current rents compare to 2003. Ballpark % increase or decrease.”
1.03 (3% allowed increase for average 1-year renewal) ^ 7 (years since 2003) = +23%.
Home prices? Try +100% or more. Incomes? Try flat (layoffs, less hours, pay cuts, etc. – Wall St bonuses have not skewed enough).
Home Price Fundamental: 10 x annual rent. Prices will collapse because of this metric. Prices will fall even further as falling rents now compound the collapse.
Then you have the other fundamental, 3 x median income (also a downward moving target).
***Bid half off peak comps***
My rent has tracked inflation for 6+ years.
I’m seeing some crazy asks on modest houses. I just don’t see how many people can afford a 2.5M house, even in NYC.
More importantly, with changes coming in tax codes and interest rates, there’s going to be less high-end money around.
Be curious to know from the renters + landlords on the forum how current rents compare to 2003. Ballpark % increase or decrease.
Naw, stocks too easily manipulated to call a specific number, wasder.
Appraisal Thread: Market demand is not just an emotional phenomenon. Most of us are not just playing with our own cash.
“Timberrrrrrrrrrrrrrr” – ha ha, m4l!
***Bid half off peak comps***
if the financing on small coops (less than 5 units bldg) remain frozen, all those pricey ones in Park Slope will be in Timberrrrrrrrrrrrrrr status. Currently, they’re still priced as if financing is available easily
No, just wrong.
There aren’t any Bulls saying prices are going to shoot up wildly. There are a few bears (ahem…that one right up there^^^^^) who believe prices are still going down 50-70%.
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You may think he’s wrong and that’s fine, of course.
In the end, I was only commenting on what I thought was a silly reference to anybody bearish on housing as ‘naysayers’. Why? Because we have different perspectives? Silly.