i think if you paid 2/3's of what the high is your all set, my expert opinion:>)
our house cost 725 + 20K work = 745, there are no 745K house same yet on the market, maybe there will be but not yet
so 2/3 would be 500K, oh well if that happens, i will be no happier or sadder, i just want to live long enough to complain about how much i lost!!
I am very fortunate to have bought my buildings at a great time. 2002 when Brooklyn's ballon was flat and airless. And built the one when materials were inexpensive. My concern is tenants moving out and having an empty apt. for too long.
Real estate runs a 10 year cycle. However the bubble probably added a good 10 yrs. on. So if one bought at the peak, they bought it at what they should have bought it 10 years from now.
i still think nyc (and immediate surroundings) has the most justification forhigh real prices. the population growth projection is high. it was under valued in 70's, 80's because of crime and urban abandonment. the housing stock was run down and roach infested. i credit Combat for making nyc palletable to all those less than urban pioneers types. there may be some adjustments for manhattan and crazy bkln markets for units that got way way run up. i just think demand will keep the market stronger than california, florida, vegas and those type of bubble mkts.
i bought at peak, oh well.....
love life (and will be here in 10 I believe),
gots me an attitude of gratitude
I think you are fine with 745. Its an entire building plus it is NYC. You have land! and there is only so much of that here. People who bought condos here at peak as an "investment" and are renting them for up to $1000 less per month than the mortgage are the ones getting hit hard. Toll Brothers Building on waterfront in williamsburg are selling last remaining condos for almost half of what they were in the beginning.
Exactly. And plus, you're an easy walk to subway. Mass transit is going to be more and more important going forward as gas powered cars become more and more undesirable (or just unaffordable.) That's a pretty good buy even if not at the best time.
and you bought prior to peak. your good.
you all are too positive:>)
did i tell you about the illeagle deck and the ferral cats so the back yard smells of old cat (not allways:>).....
no house on my side of the street has sold for more than 745 since we bought, 735, 740
Gotta second the comment about land. They ain't making any more.
i want to live on a Plan-It, like a moon, space is the place
if you had to sell right now you you wouldn't even take a lose considering all the rent saved. But you don't have to sell, right? The deck is easily resolved and I have a pit bull you can borrow for those cats.
can do deck demo.
I guess the clapping was because they were grateful the whole roof didn't come down. Now they only have a 20 foot long hole. Yay!
yah but what do I do about the door that opens to the deck and doesnt lock, when the deck is gone....
no need to sell but also its cost a lot to rent this place from the bank
1) get a lock.
2) have a landing and steps built to code.
Or use it to get rid of unwanted guests.
jim your welcome anytime:>)
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our house cost 725 + 20K work = 745, there are no 745K house same yet on the market, maybe there will be but not yet
so 2/3 would be 500K, oh well if that happens, i will be no happier or sadder, i just want to live long enough to complain about how much i lost!!
- Skinny 2-11-2009 6:35 pm
I am very fortunate to have bought my buildings at a great time. 2002 when Brooklyn's ballon was flat and airless. And built the one when materials were inexpensive. My concern is tenants moving out and having an empty apt. for too long.
Real estate runs a 10 year cycle. However the bubble probably added a good 10 yrs. on. So if one bought at the peak, they bought it at what they should have bought it 10 years from now.
- ken 2-12-2009 5:34 pm [add a comment]
i still think nyc (and immediate surroundings) has the most justification forhigh real prices. the population growth projection is high. it was under valued in 70's, 80's because of crime and urban abandonment. the housing stock was run down and roach infested. i credit Combat for making nyc palletable to all those less than urban pioneers types. there may be some adjustments for manhattan and crazy bkln markets for units that got way way run up. i just think demand will keep the market stronger than california, florida, vegas and those type of bubble mkts.
- bill 2-12-2009 10:50 pm [add a comment]
i bought at peak, oh well.....
love life (and will be here in 10 I believe),
gots me an attitude of gratitude
- Skinny 2-13-2009 3:47 am [add a comment]
I think you are fine with 745. Its an entire building plus it is NYC. You have land! and there is only so much of that here. People who bought condos here at peak as an "investment" and are renting them for up to $1000 less per month than the mortgage are the ones getting hit hard. Toll Brothers Building on waterfront in williamsburg are selling last remaining condos for almost half of what they were in the beginning.
- ken 2-13-2009 2:33 pm [add a comment]
Exactly. And plus, you're an easy walk to subway. Mass transit is going to be more and more important going forward as gas powered cars become more and more undesirable (or just unaffordable.) That's a pretty good buy even if not at the best time.
- jim 2-13-2009 3:12 pm [add a comment]
and you bought prior to peak. your good.
- bill 2-13-2009 10:48 pm [add a comment]
you all are too positive:>)
did i tell you about the illeagle deck and the ferral cats so the back yard smells of old cat (not allways:>).....
no house on my side of the street has sold for more than 745 since we bought, 735, 740
- Skinny 2-14-2009 2:44 am [add a comment]
Gotta second the comment about land. They ain't making any more.
- mark 2-14-2009 5:23 am [add a comment]
i want to live on a Plan-It, like a moon, space is the place
- Skinny 2-14-2009 3:00 pm [add a comment]
if you had to sell right now you you wouldn't even take a lose considering all the rent saved. But you don't have to sell, right? The deck is easily resolved and I have a pit bull you can borrow for those cats.
- ken 2-14-2009 4:28 pm [add a comment]
can do deck demo.
- bill 2-14-2009 4:38 pm [add a comment]
I guess the clapping was because they were grateful the whole roof didn't come down. Now they only have a 20 foot long hole. Yay!
- ken 2-14-2009 4:42 pm [add a comment]
yah but what do I do about the door that opens to the deck and doesnt lock, when the deck is gone....
no need to sell but also its cost a lot to rent this place from the bank
- Skinny 2-14-2009 7:09 pm [add a comment]
1) get a lock. 2) have a landing and steps built to code.
- bill 2-14-2009 7:48 pm [add a comment]
Or use it to get rid of unwanted guests.
- jim 2-14-2009 10:07 pm [add a comment]
jim your welcome anytime:>)
- Skinny 2-15-2009 12:27 am [add a comment]