we have 3 houses just on my street,2 for lease and one for sale,usually house is for lease when they cant sell it,expect foreclosure soon.
banks are expecting foreclosures very soon !
what looks interesting is NYC real estate,skip the co-op and take a look at duplex,townhouse ,condo,houses.
I think people will move back into the city,Wall Street firms dont want traders to trade from homes ,investment bankers should come to the office and meet with clients,many NEW Yorkers are lifelong city folks,immigrants coming into this country would need a place to live.
back then people buy co-op despite the high monthly maintenance fee because thats all they can afford,with a good paying job,they can afford to pay that ridiculous maintenance fee of $1-3K,now they dont have the job,how can they keep up with mortgage and maintenance fee?
Condos have low maintenance fee but high purchase price,now the prices have come down.so are the houses in the city
Quote:
Originally Posted by yankee  I believe NYC re crash was worse than 2008.
A lot of other cities are similar.
What I am mostly interested in is outer suburbs. Areas where blue collar workers jobs are starting to get wipped out and relief cant last forever. |
if so,you dont want to sit on empty rentals and keep paying mortgage and property tax.
It happens to someone in my family,he did well with a duplex in Queens,renting to diplomat,so he went to Eastchester and bought a duplex(one upstair and one downstair),he lived downstair and for years,he cant rent the upstair one,worse,it then need repair.)
Those who can afford the upstair unit in the suburb,would prefer to buy a house,he ended up renting rooms in his downstair unit so he can keep making payments for both units.
thats was 2008,people dont have job,all they can afford is a room with kitchen privilege.
See,what works in city does not always work in suburb,diplomats live in city,they entertain from home,they keep the house nicely decorated and their rent is always on time .
When Wall street firms did well,workers who live in suburb often work very late hours and cant find a hotel room to sleep,they will buy a small apt in Manhattan instead,their year end bonus is good enough to pay for that unit.
Recent hired College grad also need a place to live,preferably in Manhattan,for singles there is much more Manhattan has to offer,unless you believe this COV19 trend of working from home will stay,the city is still a good place to invest
Anyone planning to make $$ in the inevitable housing crash? 
