Author Topic: Current Real Estate Market  (Read 2538 times)

Offline abcdefghijk

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Re: Current Real Estate Market
« Reply #30 on: September 16, 2020, 02:53:22 PM »
Alphabet person is hilariously determined to spread gloom and doom as far as possible. Facts would include actual quick sales at high prices. An apartment in my building closed in June at the price it was listed at before the pandemic. This is not wishful thinking
--this is a fact. I have no doubt that sale prices overall will go down, but it's not as dire as you depict, not necessarily.

It's only doom and gloom for those who already own property.

For those wanting to buy into the market at a cheaper price, (first time younger buyers) it's actually great news.

Online lindsey

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Re: Current Real Estate Market
« Reply #31 on: September 16, 2020, 04:42:39 PM »
The City has some interesting reporting on this question, though looking at rents, not home sales. Basically, rents are falling in Manhattan but increasing everywhere else, including those neighborhoods hardest hit by Covid-19 (hello, Jackson Heights). The money quote:

“When you see this narrative of everybody is leaving the city, and rents are dropping … and you live in a community where people aren’t leaving, people are trying to figure out how to make things work day to day, where there’s very little affordable housing and you don’t have a whole lot of options to go anywhere else if you wanted to — it’s incredibly frustrating.”

https://www.thecity.nyc/housing/2020/9/10/21430039/what-rent-drop-listed-prices-arent-budging-where-covid-19-hit-hardest

Offline Shelby2

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Re: Current Real Estate Market
« Reply #32 on: September 16, 2020, 05:19:21 PM »
Alphabet person is hilariously determined to spread gloom and doom as far as possible. Facts would include actual quick sales at high prices. An apartment in my building closed in June at the price it was listed at before the pandemic. This is not wishful thinking
--this is a fact. I have no doubt that sale prices overall will go down, but it's not as dire as you depict, not necessarily.

Someone on the JH FB group posted that his building just had a record price for a unit. I'm not sure which building, though, or the price. But record price sounds promising :)

Offline abcdefghijk

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Re: Current Real Estate Market
« Reply #33 on: September 16, 2020, 06:32:31 PM »
Alphabet person is hilariously determined to spread gloom and doom as far as possible. Facts would include actual quick sales at high prices. An apartment in my building closed in June at the price it was listed at before the pandemic. This is not wishful thinking
--this is a fact. I have no doubt that sale prices overall will go down, but it's not as dire as you depict, not necessarily.

Someone on the JH FB group posted that his building just had a record price for a unit. I'm not sure which building, though, or the price. But record price sounds promising :)





 

Shelby, you mean this comment from Facebook?

"our building just had a record price listing for a unit"

A price listing is very different to a sale.

In the same posting there's this comment on Facebook.

" I’ve been doing real estate in the area for years and lived there for 38 years.. Rental rates are def down, so are sales."

This grasping at straws is crazy. In 3-5 years, the downturn will revert. So no need to really worry.

Like I said before, this will be great for younger folks to be able to buy something at a lower price point. Like for those who were able to afford to buy in JH after the last recession when prices plummeted.
« Last Edit: September 16, 2020, 06:39:07 PM by abcdefghijk »

Offline Shelby2

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Re: Current Real Estate Market
« Reply #34 on: September 16, 2020, 07:40:22 PM »
Alphabet person is hilariously determined to spread gloom and doom as far as possible. Facts would include actual quick sales at high prices. An apartment in my building closed in June at the price it was listed at before the pandemic. This is not wishful thinking
--this is a fact. I have no doubt that sale prices overall will go down, but it's not as dire as you depict, not necessarily.

Someone on the JH FB group posted that his building just had a record price for a unit. I'm not sure which building, though, or the price. But record price sounds promising :)





 

Shelby, you mean this comment from Facebook?

"our building just had a record price listing for a unit"


Yes, that's the one, and you're right, I thought he was referring to a closing price.

Jackson Heights Life

Re: Current Real Estate Market
« Reply #34 on: September 16, 2020, 07:40:22 PM »