Single Women Propping Up the Condo Market?
For some reason, according to The Times, single women can’t get enough of the Brooklyn condo market. It’s the women’s checks, David Walentas said of the unprecedented number of ladies dropping deposits at 110 Livingston Street. It’s not like a dual account — Joe and Suzy. It’s Suzy. I’m amazed. One broker says that it’s…
For some reason, according to The Times, single women can’t get enough of the Brooklyn condo market. It’s the women’s checks, David Walentas said of the unprecedented number of ladies dropping deposits at 110 Livingston Street. It’s not like a dual account — Joe and Suzy. It’s Suzy. I’m amazed. One broker says that it’s the women’s ability to take the long-term view versus men’s competitive need to get the best price in the here and now. Other brokers say it’s the powerful word-of-mouth effect among women that’s resulting in pockets of them buying in the same new developments. One person we had dinner with on Saturday night had a less politically correct theory: That single women at the end of their child-bearing years may be coming to terms with the fact that they will only need a one or two-bedroom home for the long haul, whereas men of the same age may be holding out on the belief that they may need a larger family home at some point in the future. Another option is that there may be no trend at all, just a few anecdotal outliers. It would be interesting to hear from some brokers on this one.
Women Unafraid of Condo Commitment [NY Times]
Photo by Hiroko Masuike for The New York Times
While the reporting (and commenting) on this topic is rife with sexism and speculation on women being “emotional,” the reality is simple demographics:
-There are more single people than ever before, thanks to delayed marriage and divorce.
-The housing boom of the past several years encouraged many single people of both sexes to buy
-Changing attitudes also eliminated some (although based on this thread, not all) of the sexist attitudes that discouraged unmarried women from becoming homeowners
-As a result, more single women are buying homes, apparently to the great consternation of a certain number of Neanderthals who nonetheless have Web access.
And yes, I’m a single female homeowner who bought within the last year. Since I am currently paying $1,000 less per month than a comparable apartment in my building rents for (not including tax benefits), have a fixed mortgage and used the profit from a previous sale (which was just under the $250K tax deduction cap, which is why I sold to begin with) for the majority of my downpayment, I’m not that concerned about being underwater. When it comes to real estate, it’s not about being a man or a woman – it’s about not being an idiot.
Someone said this:
“What a RIDICULOUS statement. I am not afraid to admit that I knew several men who did better in college and professional school than I did, and many who were way more together at 25 than I was? Generalizations like the above are completely stupid, get us nowhere and set back the feminist cause.”
Uh, have you not seen the stats that have been showing up for YEARS now that women are outnumbering men in college? Of course the men who are motivated to go to college, do well there. Here’s what we know – more and more young men in this country don’t like being in school, they’re more reluctant to get married and they’re more reluctant to buy homes. What’s all the mystery? The clear answer is they’re becoming increasingly immature.
I’m single , female and I own and have owned for over 10 years. When I bought my apartment–at that time, I thought that my apartment was expensive and was worried about how I would pay bills. but i did it. I figured if i sold it for what i bought it i would still come out even. no need to explain how much more valuable it is today. Buying is like getting pregnant–there’s never really a “right” time.
Anon 4:42 is 100% on the mark. Most of my female friends figure if they get married and have children, their husband will shoulder the mortgage, so the ultimate fincial outcome of their purchase decision is not so important. And, if they don’t get married and have kids, then they will have a home and asset that they can call their own.
I have discussed this article with a number of friends – both male and female. We came to agreement as follows: while both men and women think about the future, men generally do so with the assumption that they will, at some point, have to be sole breadwinner once kids come along and thus view their financial decisions accordingly. Thus, single men are, and have been, a bit more wary of buying the past couple years because they figure that if they buy a one-bedroom and then get married and have kids within the next five years, they will at that point be forced to sell and upgrade to a two-bedroom, and if the market fails to continue to rise, they may not get a return on their investment and will not be able to afford a larger apartment. For example, an earlier poster alleges that he rents a one bedroom for under $2,000. If he buys, he will have to pay about at least $2,700-$3,000 a month in maintenance/mortgage for a similar one-bedroom. Only if the market rises, will he not lose on the deal. Women, on the other hand, figure that if they buy now, and then get married and have kids, they can sell their apartment and rely on their husband to worry financially about their larger 2-bedroom/house, and therefore the fact that they may not have made a wise financial decision when buying wont matter to them in the end.
This thread is so offensive. Why is it such a shock that women have good incomes and can afford to buy a condo? Why are people so quick to assume that these women will get screwed when they meet a man, get married and want to sell the apartment within the next five years. Not everyone is looking to make a ton of money, some people want to buy a home and live there for the foreseable future and take advantage of the tax benefits of being able to deduct mortgage interest which is a huge issue for many renters who are looking to buy. Not every woman wants a husband, a couple of kids and a house in the burbs. A 2 bed condo can be a long term home for someone no matter how their circumstances may change. And for someone to suggest that women get taken advantage of by financially irresponsible mortgage products is even more offensive. Think what you like about people buying condos right now but clearly none of these women are entering into these transactions without a good deal of thought and a realistic attitude about how much $ they stand to make by selling it down the road. Why is gender even an issue here?
I stand corrected, 9:44: some of my best friends are guys who did well in college.
“…for all of you women who believe you are financial geniuses b/c you managed to make money in, oh, I don’t know, the HOTTEST real estate market of all time, get over yourself…”
BULLSEYE. Thanks 9:44.
C’mon guys…the cat thing was hilarious!
Lighten up.