Reports of NYC’s real estate market crash have been greatly exaggerated
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I reached out to my broker in Brooklyn that sold my Bed Stuy home in 15. His words, “selling real estate has been challenging”. “I am so happy and glad that you decided to sell when you did”.
My wife and I were looking at places and decided to call it off about 3 weeks ago. Just too much uncertainty and I do believe that the panic hasn't even started yet. The brokers that we were working with follow up weekly and try to convince us that BK is doing just fine. If things were fine they wouldn't be following up with us.
I think almost everything hinges on the election and if the Dems can take the Presidency and the Senate. If they can, NY will almost certainly be bailed out and things will stabilize (this is what BDB and Cuomo are banking on). Also, I think we'll start to see a lot less media hysteria around COVID. If not, watch out. The bottom will start to fall out.
If Trump loses but the Repubs keep the Senate, I don't think a bailout is of the table but it'll drag out and will be much smaller than what's needed to plug the budget hole.
I follow a handful of nyc real estate pages on Facebook. I've noticed two trends from their own market updates. One, they only used to report on manhattan numbers whereas now they are reporting on nyc as a whole to make the numbers look better. and two, theyll give us stats of x contracts signed in the x to x range in week of x and then theyll update that story a week later saying correction! it's actually x/2 contracts in the x to x range in week of x.
The later point is the most interesting to me. What do you guys think it's the reason? I'm going with tightening of lending guidelines by banks.
Either way, our current economy is riding on jpows injection straight to the vein. Everything is fake af.
Because it's an election year, Trump can't allow a democrat created recession to take over. Fortunately the POTUS's most powerful assets are the Federal Reserve and he has the GOP senate. He could send $10k to every family if he wanted to.
So all this lockdowns created by Democrats are the cause of economic turmoil. People laugh at FL or Tx where they don't have any lockdowns. Did those cities and states have as much deaths as NYC?
How come we lockdown and still have the most deaths. Everybody that I know with COVID has lived and not need hospitalization.
This virus does affect people with prexisting conditions but so is the flu.
So if you wanna blame the market crash blame the democrats for creating the whole lockdown orders and destroying quality of life around the city.
Manhattan renters have never had this many apartments to choose from. And it’s been seven years since rents were this low.
September proved to be another winning month for bargain-hunters committed to finding a place in New York City’s costliest borough -- and another month of worry for landlords trying to fill mounting vacancies.
Apartment listings tripled from a year earlier to 15,923, the largest monthly inventory in records dating back to 2006, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The vacancy rate set a new high for the fifth straight month, rising to 5.75%.
Vacancies are soaring, especially in Manhattan, and rents are falling — both an apparent consequence of people fleeing.
But other numbers — including an uptick in Manhattan lease signings to near pre-pandemic levels even as more apartments go on the market — suggest the flight from the city could be ebbing. That jibes with what Dan Menchini, owner of U Santini Inc. movers in Brooklyn, has seen in recent weeks.
“The exodus has slowed down a lot,” he said Thursday. “We’re back to moving people within the city and when people need to relocate because they are doing construction work on their homes.”
so greedy developers gunna want a slice of that pie.
Millions can afford to pay that rent actually
Millions can't afford to pay that rent alone
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
