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Reasons why New York Sucks

Discussion in 'Social Life, Food & Drink, Travel' started by Manton, Aug 26, 2012.

  1. leftwing37

    leftwing37 Member

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    Ok which makes my point even more......As an investment sure, but you have to have tenants.. how many can pay 3-6k rent after taxes realistically? And to the three building thing, that was just an exaggeration, I'm just saying that the whole city is not finance, in fact I would say at least half the jobs are minimum wage.

    One other question lets say you buy this beautiful new penthouse with river/ park views commanding top dollar....then some asshole developer comes and turns your views into crap putting another bigger building in between....I'm guessing the agent tells the buyer this. Maybe not immediate lets say 15 years down the road. (I dont know how long projects of this magnitude take) Well that certainly will knock a lot off the price right? What are the risks for people like this in the city.
     
  2. poorsod

    poorsod Senior member

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    If you are interested in discussing New York real estate sustainability, prices and etc. try streeteasy.com. The forum members there have been debating these questions for years. YEARS.
     
  3. aravenel

    aravenel Senior member

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    The vacancy rate in New York is lower than 2%, which is, I believe, the lowest in the country, so clearly plenty of people can afford those rents. Granted, many New Yorkers spend a great deal more of their income on rent than I'm sure many other cities, but there is absolutely no shortage of people willing to pay it. Hell, when you rent an apartment here, you are frequently competing with people to get the apartment. You go to a viewing ready to sign the dotted line and write a check on the spot.

    As for the views, that's a risk you would have to take. Unless the developer bought up the air rights for the buildings around it, which I doubt happens, that's a distinct possibility. Not a ton of people live in super high rise buildings though, and even then, part of the appeal is having lots of buildings around you--the urban jungle and all. I doubt that would do a ton to your resale value, prime Manhattan real estate continues to climb to dizzying heights.
     
    Last edited: Jul 22, 2013
  4. Winston S.

    Winston S. Senior member

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    I was looking for an apartment last year (to rent) and there were apartments that went for less than $600K. Not sure how much the market has changed since last year, but I saw apartments from $450K to $550K in Gramercy, the Upper West Side and Upper East Side. They were all decent buildings (by my standards) too, doorman, laundry (in building), etc.
     
  5. leftwing37

    leftwing37 Member

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    Englewood NJ
    Thanks for all the responses,
    I think something quite obvious I didn't take into consideration is probably half or more of the building are non residential to begin with.
     
  6. LawrenceMD

    LawrenceMD Senior member

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    I moved out of billyburg in early July, and while loading stuff onto the moving van a lot of random people would just walk right up into the apartment and started asking me if it was for rent/sale. mind you it was a 3 bedroom walk up. the owner eventually got pissed and manned the door and would shoo interested people away - because people were starting to get bold and just open the front door and walk up the stairs then right into my place - i guess just seeing a moving van in NYC is reason enough to risk being arrested for breaking and entering to snag a apartment.
     
  7. conradwu

    conradwu Senior member Affiliate Vendor

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    Vacancy is at a record low and foreign investors are throwing their cash into real estate here... at least so I've heard.

    You can probably find something in that half a mil range but it would prob be around York Ave or lower East Harlem if you're looking towards the UES.
     
  8. Omar1223

    Omar1223 Senior member

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    +1, happened to me last week. My wife and I saw an apartment last week at 4 pm and liked it a lot. We had all our paperwork and went straight to the office to get the ball rolling on the lease before they closed at 530.

    On top of that we still almost lost the apartment to someone else who put in an application. it was madness and unlike any other apartment signing i had ever seen.
     
  9. Manton

    Manton Senior member Dubiously Honored

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    I may have more to say about this later but I-95 truly, royally sucks. And I now believe that NJ sucks far worse than NY.
     
  10. dopey

    dopey Senior member Dubiously Honored

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    The NY market is definitely tight. I happened to run into my cousin this morning. He is a RE appraiser who was on his way to a job and gave me a lift to the office.
    He reported that the NY market continues to be tight with little inventory, which is consistent with what I have been hearing from others. I am glad I just opted to renew my lease for two years - I was given the choice of a two year lease with a slight raise or one year and flat.
     
    Last edited: Jul 22, 2013
  11. aravenel

    aravenel Senior member

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    I thought we didn't talk about this in here because it was just an accepted truth.
     
  12. LawrenceMD

    LawrenceMD Senior member

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    hell NJ even lies and claims both their own NFL teams play in NYC. Its one of the bigger bait and switches in sports.
     
    Last edited: Jul 22, 2013
  13. lefty

    lefty Senior member

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    It took us close to a year to find our apt. We will never sell unless we come into some massively stupid money or it's time for the country.

    lefty
     
  14. poorsod

    poorsod Senior member

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    Which part of the city did you finally decide on?
     
  15. Mica

    Mica Member

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    NYC
    Standing in Chelsea on 14th Street and 8th Avenue on a Friday night: It appears that there are millions (seemingly) of young adults age 25-30 who disagree with you as to the appeal of NYC. I previously enjoyed my stays on the West Coast, New England, Texas, Florida and many places in-between, but couldn't wait to return to NYC.
    Perhaps a good reason for the appeal and recognition as "Capital of the World" that NYC has,,,it always was, and always will be the restaurants here.
     
  16. aravenel

    aravenel Senior member

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    Christ.

    :facepalm:
     
    Last edited: Jul 22, 2013
  17. romafan

    romafan Senior member

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    And don't forget all the cupcake stores! :slayer:
     
    3 people like this.
  18. Manton

    Manton Senior member Dubiously Honored

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    with long lines!!!
     
  19. aravenel

    aravenel Senior member

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    OMG, have you heard of this little place, I think it's called Magnolia or something. It's got just the best cupcakes--they are FAMOUS for them! Definitely worth a stop!!!!1
     
  20. poorsod

    poorsod Senior member

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