| |
06-08-2019
| | Senior Member | | Join Date: Jul 2018
Posts: 12,090
Thanks: 1,622
Thanked 1,098 Times in 1,034 Posts
Activity: 89% Longevity: 33% | | Any New Yorker here????
This has been bugging me for months now,and I have to ask-
back in the 1980s,I lived and owned a co-op apt in Forest Hills,Queens,NYC for 4 years.
Forest Hills is a nice middle class neighborhood,my apt is close to subwy station on Queens Bld, nice building with 24/7 doorman,the super and his team keep the place spotless,you dont see any speck of dirt ,paper anywhere.
When it was first converted to co-op,few insiders want to buy as the maintenance fee is so high and they are enjoying cheap rent under rent stabilise law in NYC .
That was then,now these apts are still c-op and run for 400-500k .
Now I subscribe to Zillow and every day I get emails of these co-op apts for sale and markdown,houses too,openhouse every weekend and this morning,one house was marked down 100k.
I look at the inside of these apts,they look nice,they dont look staged,it looks like the owners have put efforts and money into the place,they are not flipping.
I know it is always hard to find good housing in NYC,hard to believe they are all selling,where do they go?
I doubt they are being transferred by their employers,I doubt they are buying houses in the suburbs?
The only reason I can think of is that high maintenance fee each month(co-op has a mortgage which each shareholder must help to pay) so if you are a shareholder,you arenot just paying your own mortgage for your unit,you are also paying part of that co-op mortgage plus true maintenace fee of the building.
This is fine when you have a job and co-op are cheaper than condo .but when you lose your job,it can be a big burden?
say a 450k apt with a mortgage of 3k plus a maintenance fee of 1250,then it comes to 4250,you need to pay for phone,electric and eat?you are looking at $5k a month,NYC is mostly finance jobs,and not easy to find job,how long can you sustain,at 5k a month,?
Manhattan is worse,maintenance fee could run you 3k a month?
What is going on?
Insight please?
|
The complete step-by-step guide to get back to selling today!
| |
06-08-2019
| | Senior Member
Threadstarter  
| | Join Date: Jul 2018
Posts: 12,090
Thanks: 1,622
Thanked 1,098 Times in 1,034 Posts
Activity: 89% Longevity: 33% | | Re: Any New Yorker here????
These are not flippers who bought to flip because AMZN is moving to Long Island,they belong to folks who live there,go to work daily and come home and rest,watch some TV etc.
|
06-09-2019
| | Executive [VIP] | | Join Date: Dec 2009
Posts: 75,855
Thanks: 5,926
Thanked 8,909 Times in 8,202 Posts
Activity: 99% Longevity: 83% | | Re: Any New Yorker here????
Need to space out that post agent - it's kind of 'busy" or overwhelming
|
06-09-2019
| | Senior Member
Threadstarter  
| | Join Date: Jul 2018
Posts: 12,090
Thanks: 1,622
Thanked 1,098 Times in 1,034 Posts
Activity: 89% Longevity: 33% | | Re: Any New Yorker here????
thanks for the advice,since you are the only one who responded,probably no NEW yORKERS here or they dont see it as a problem.
I am going to turn off Zillow email notification,too many units marked down in price?
Back in 1980s,tenants were offered insider price for a junior 4 apt ,24/7 doorman for $45k,and most said thanks but no thanks,now those units are $500k
| The Following User Says Thank You to agent006140 For This Useful Post: | |
06-09-2019
| | Executive [VIP] | | Join Date: Dec 2009
Posts: 75,855
Thanks: 5,926
Thanked 8,909 Times in 8,202 Posts
Activity: 99% Longevity: 83% | | Re: Any New Yorker here???? Quote:
Originally Posted by agent006140 thanks for the advice,since you are the only one who responded,probably no NEW yORKERS here or they dont see it as a problem.
I am going to turn off Zillow email notification,too many units marked down in price?
Back in 1980s,tenants were offered insider price for a junior 4 apt ,24/7 doorman for $45k,and most said thanks but no thanks,now those units are $500k | When Giuliani did the cleanups of the burbs in the 90s/00s, the value really skyrocketed from what I understood.
|
06-09-2019
| | Senior Member
Threadstarter  
| | Join Date: Jul 2018
Posts: 12,090
Thanks: 1,622
Thanked 1,098 Times in 1,034 Posts
Activity: 89% Longevity: 33% | | Re: Any New Yorker here????
Now the milleniums shun suburban McMansion,prefer city life and using UBER instead of owning a car.
They dont go to the mall,they dont want to shop for grocery ,so now WMT will deliver their grocery to their house,use a key to get inside,place the items in the fridge and pick up the returns on the kitchen counter.
what next?
Eat the grocery and mop up afterwards!
|
06-09-2019
| | Executive [VIP] | | Join Date: Nov 2015
Posts: 10,832
Thanks: 2,076
Thanked 4,022 Times in 3,010 Posts
Activity: 0% Longevity: 48% | | Re: Any New Yorker here????
Don't try to stereotype me.
__________________ ____________ _______ ___ | The Following User Says Thank You to phaz0rz For This Useful Post: | |
06-09-2019
| | Executive [VIP] | | Join Date: Jul 2009
Posts: 5,864
Thanks: 511
Thanked 2,365 Times in 1,526 Posts
Activity: 29% Longevity: 85% | | Re: Any New Yorker here???? Quote:
Originally Posted by agent006140 thanks for the advice,since you are the only one who responded,probably no NEW yORKERS here or they dont see it as a problem.
I am going to turn off Zillow email notification,too many units marked down in price?
Back in 1980s,tenants were offered insider price for a junior 4 apt ,24/7 doorman for $45k,and most said thanks but no thanks,now those units are $500k |
Perhaps the New Yorkers on here have little or no interest in what you are posting. Just a thought......
__________________ UK PAYPAL & PAYONEER ACCOUNTS FOR SALE HERE
IDENTITY CONFIRMED ACCOUNTS AVAILABLE
GET FRESH RESIDENTIAL IP ADDRESSES HERE | The Following User Says Thank You to Ebayorbust For This Useful Post: | |
06-09-2019
| | Senior Member
Threadstarter  
| | Join Date: Jul 2018
Posts: 12,090
Thanks: 1,622
Thanked 1,098 Times in 1,034 Posts
Activity: 89% Longevity: 33% | | Re: Any New Yorker here????
makes sense !
or they have already cashed in and laughing all the way to the bank
|
06-09-2019
| | Senior Member
Threadstarter  
| | Join Date: Jul 2018
Posts: 12,090
Thanks: 1,622
Thanked 1,098 Times in 1,034 Posts
Activity: 89% Longevity: 33% | | Re: Any New Yorker here????
I will try to call a few of these brokers next week,brokers will always be interested
|
06-09-2019
| | Executive [VIP] | | Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,108 Times in 2,282 Posts
Activity: 0% Longevity: 60% | | Re: Any New Yorker here???? Quote:
Originally Posted by agent006140 I will try to call a few of these brokers next week,brokers will always be interested | Interested in what?
It seems you have made a statement, albeit a hard to follow one.
Where would you like someone to add? or did you want people to challenge your opinion?
|
06-09-2019
| | Senior Member
Threadstarter  
| | Join Date: Jul 2018
Posts: 12,090
Thanks: 1,622
Thanked 1,098 Times in 1,034 Posts
Activity: 89% Longevity: 33% | | Re: Any New Yorker here????
no,I want people who are familiar with NYC/FOREST HILLS real estate to tell me why there are so many apts/houses up for sale?
and many are not being sold,after mark downs?
Finding good housing is not easy in NYC,most would stay put unless they are being transferred,bought a house in suburb or move to nursing him or die,but look at the units for sale and the interior,this is not the case.
Asking the local brokers who list these units would give me a better picture.
thanks for your response
|
06-09-2019
| | Senior Member
Threadstarter  
| | Join Date: Jul 2018
Posts: 12,090
Thanks: 1,622
Thanked 1,098 Times in 1,034 Posts
Activity: 89% Longevity: 33% | | Re: Any New Yorker here???? Quote:
Originally Posted by yankee Interested in what?
It seems you have made a statement, albeit a hard to follow one.
Where would you like someone to add? or did you want people to challenge your opinion? | I will ask the real estate brokers next week.
brokers will always be interested to answer these questions-why are folks selling,why are there so many listings?
this is more of a question,not opinion.
2 years ago,someone in my family sold a duplex,it does not take long,someone offered 90% of his asking price and it is sold, now similar units sit on the market for months and not sold.
I thought if you are a New Yorker living in NYC,you may share some sight with me.
| |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts HTML code is Off | | | |