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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    So I was in town today and looking up at all the big beautiful buildings and I thought to myself the beginning home price is probably around 600k in manhattan no matter where. The median upper to beginning mms. Say 20% down on 800k is 160 how do people live here? who lives here? I make decent money and think for me to live here I would have to earn at least 150k annually...Methinks. My wife says people inherit, makes sense. So whats the story with this city?
     


  2. Manton

    Manton RINO Dubiously Honored

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    finance
     


  3. leftwing37

    leftwing37 Member

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    Everyone can't be in finance....even it were true that might fill three buildings.....Because you have people like me a financial analyst getting 75-120K, associates (prob live in city), then the top earners who've been there awhile and have families living outside the city.
     


  4. poorsod

    poorsod Senior member

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    There is an incredible amount of $$$ in the city, both from those who work in NYC and those from everywhere else in the country/world who wants NYC real estate as an investment.
     


  5. aravenel

    aravenel Senior member

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    This. It's a top tier world city, it attracts money from all over the world.

    Very few people own here, though. Most rent. And $600k doesn't buy you a 400sf studio in most of Manhattan anymore. Not even prime Brooklyn.

    Also, there are a lot more people in finance than you think. Three buildings? I can count three buildings within a block of me right now that are almost completely filled with financial workers. And don't forget all the law firms and such that support finance. Additionally, you have the headquarters of a great deal of large firms here.

    Quite a lot of people also commute from Jersey, Long Island, and the northern suburbs. The population of Manhattan swells tremendously during the day, then shrinks at night.
     
    Last edited: Jul 22, 2013


  6. 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.
     


  7. 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.
     


  8. 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


  9. 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.
     


  10. leftwing37

    leftwing37 Member

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    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.
     


  11. 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.
     


  12. conradwu

    conradwu 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.
     


  13. 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.
     


  14. Manton

    Manton RINO 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.
     


  15. 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


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