- Sep 4, 2014
- 21,328
- 79,666
@78
You are correct. It will insulate specified areas to an extent, but obviously there will be a burst moment at some point. Buyers, more than ever, need to be very disciplined and selective with their choices. And there are some places that I don’t think come out of this. Even before DeBlasio went full clown show with the extreme measures and promoting the riots last year, NYC was in serious trouble. Once companies were forced to have employees working remote, and employees became ok with it, the other four boroughs, along with much of east NJ became completely irrelevant. There’s simply no reason to live in an 800k garbage row home or apartment in Queens if you don’t need the proximity to Manhattan. Even if you go into the office a couple times a week, you can live an additional hour out and be in beautiful areas, a much better home and for half the cost. But as you say, most are able to flee entirely. I know someone whose son lived in an Upper West Side 800sqft apartment for 2700 a month. Two months ago he asked for it to be halved, as a starting point in negotiations. Within 5 minutes he had a new lease. Half.
As much as Florida is becoming a bubble, these people were coming here regardless. The pandemic and political nonsense just ramped it up by 10 years or so. But as you and alcoholica have said, the prices are getting to the point that even entry level homes are tough to afford. So ironically, for all the talk from politicians about creating more equality, if you don’t already own a home because you can’t afford it, between prices and the eventuality of rising rates, you may never own one in your lifetime. At least not in a desirable area. So you’re left either paying rent, or maybe owning but living in a bad area. Basically, right where we are today. Only, in the meantime, the ones who “had” still do, but with greater value than before. Once again, you can’t policy your way out of things. It has never worked.
You are correct. It will insulate specified areas to an extent, but obviously there will be a burst moment at some point. Buyers, more than ever, need to be very disciplined and selective with their choices. And there are some places that I don’t think come out of this. Even before DeBlasio went full clown show with the extreme measures and promoting the riots last year, NYC was in serious trouble. Once companies were forced to have employees working remote, and employees became ok with it, the other four boroughs, along with much of east NJ became completely irrelevant. There’s simply no reason to live in an 800k garbage row home or apartment in Queens if you don’t need the proximity to Manhattan. Even if you go into the office a couple times a week, you can live an additional hour out and be in beautiful areas, a much better home and for half the cost. But as you say, most are able to flee entirely. I know someone whose son lived in an Upper West Side 800sqft apartment for 2700 a month. Two months ago he asked for it to be halved, as a starting point in negotiations. Within 5 minutes he had a new lease. Half.
As much as Florida is becoming a bubble, these people were coming here regardless. The pandemic and political nonsense just ramped it up by 10 years or so. But as you and alcoholica have said, the prices are getting to the point that even entry level homes are tough to afford. So ironically, for all the talk from politicians about creating more equality, if you don’t already own a home because you can’t afford it, between prices and the eventuality of rising rates, you may never own one in your lifetime. At least not in a desirable area. So you’re left either paying rent, or maybe owning but living in a bad area. Basically, right where we are today. Only, in the meantime, the ones who “had” still do, but with greater value than before. Once again, you can’t policy your way out of things. It has never worked.
