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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?

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.

Re: Any New Yorker here????
 

Need to space out that post agent - it's kind of 'busy" or overwhelming

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

Re: Any New Yorker here????
 

When Giuliani did the cleanups of the burbs in the 90s/00s, the value really skyrocketed from what I understood.

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!

Re: Any New Yorker here????
 

Don't try to stereotype me.

Re: Any New Yorker here????
 

Perhaps the New Yorkers on here have little or no interest in what you are posting. Just a thought......

Re: Any New Yorker here????
 

makes sense !
or they have already cashed in and laughing all the way to the bank

Re: Any New Yorker here????
 

I will try to call a few of these brokers next week,brokers will always be interested

Re: Any New Yorker here????
 

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?

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

Re: Any New Yorker here????
 

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.