The Real Deal

Anonymous

1000% yes.... the prices are low and so are the rates....

Comment #1 Posted By: Anonymous 05/14/09

Anonymous

Rent...although rents have NOT decreased enough in this market. Buying now and one will be underwater in a year or less. The asking prices have been insane for a few years...we need to get back to a market that is not driven by greedy brokers and equally greedy sellers, or Manhattan will only be a bastion for the wealthy...and very poor.

Comment #2 Posted By: Anonymous 05/14/09

Anonymous

I feel like prices could still come down a bit more. I am definitely renting until the Fall. By then the sellers should be plenty desperate.

Comment #3 Posted By: Anonymous 05/14/09

Anonymous

GREAT time to buy-just bought on the East End of LI-great rates and negotiability

Comment #4 Posted By: Anonymous 05/14/09

Anonymous

#4 if you would've waited until the end of summer, you would probably start the negotiations where you ended them recently.

Comment #5 Posted By: Anonymous 05/14/09

Anonymous

#5 but you would have missed the summer and spent the difference on a rental

Comment #6 Posted By: Anonymous 05/14/09

Anonymous

Another year before the bottom is reached.

Comment #7 Posted By: Anonymous 05/14/09

Anonymous

great time to buy.. just not in good places! maybe you can buy a house in 2000 in Michigan.. but prices in cities arent really that low!!! its lower than previous years but not cheap yet!

Comment #8 Posted By: Anonymous 05/14/09

Anonymous

buy at 20 Pine! yaye!

Comment #9 Posted By: Anonymous 05/14/09

Anonymous

Don't buy yet.you will always do better when it's on the way up.

Comment #10 Posted By: Anonymous 05/14/09

Anonymous

Buy if you're smoking the green shoots. Do you people have any idea what's going to happen in the next few years?

Comment #11 Posted By: Anonymous 05/14/09

Anonymous

Sellers and those who've bought recently say "BUY" Everyone else is saying rent. The market still needs to adjust to real-world numbers and not DINK incomes looking to flip in two years. What has the market come down to? 2007 figures? A lot of the downturn has to do with the levels of double-digit greed that NYC has experienced over the last five+ years. Basic socio-economics state that you can't price out of existence one's base support structure yet that's what the market was striving for.

Comment #12 Posted By: Anonymous 05/14/09

Anonymous

If you guys think that the $1M property is going to be worth $500K, then you are going to have to really wait for an apocalypse. In Wall St. there is a saying, "Bulls get small, bears get small, but Pigs get slaughtered." Morale of the story: don't get greedy. If you see something you like and its at a price you can afford, buy it. Owning is always better than renting.

Comment #13 Posted By: Anonymous 05/14/09

Anonymous

Rent! Rent! Rent! If you buy now, it's like burning your 20% downpayment in smoke! Prices are far from having reached a plateau. Expect another 20% to 30% drop with the next 12/18month , and that's a conservative estimate.

Comment #14 Posted By: Anonymous 05/14/09

Anonymous

"Owning is always better than renting." Classic broker garbage. My friend bought a place in Brentwood CA about 14 months ago. Now he is selling for a loss. It cost him $40,000/month to live there. He could have rented a similar place for $6,000/month. Be patient. Prices are falling fast. Years of inventory out there (both listed and in the shadows). Renting for another year or two won't kill you. By being patient your dollars will be able to get you a much better place in 2 years than you could today. Patience is a virtue.

Comment #15 Posted By: Anonymous 05/14/09

Anonymous

#13 - 600,000 people are losing their jobs each month - how much more apocalyptic do things need to get before people realize prices are going to get cut in half?

Comment #16 Posted By: Anonymous 05/14/09

Anonymous

real estate in nyc is going down big time. even my cat knows this.

Comment #17 Posted By: Anonymous 05/14/09

Anonymous

brokers will say anything because they want to make money.

Comment #18 Posted By: Anonymous 05/14/09

Anonymous

yea #18 just like the stock market broker/bulls who are determined to get people to put their money into stocks in this "bear market rally" just so they can make a commission.

Comment #19 Posted By: Anonymous 05/14/09

Anonymous

My cat said the same thing; keep renting; don't buy anything until you see prices flatten out. Many more sub-prime mortgages originated in late 06 and 07 will be going belly up soon. Prices still have a ways to go. (And that million dollar apt will be lucky to get 500k in two years)

Comment #20 Posted By: Anonymous 05/14/09

Anonymous

Now is the time to Rent. I can rent a beautiful apt for $5K per month. If I owned, that would only suffice for a 1 bedroom in a so-so building.

Comment #21 Posted By: Anonymous 05/14/09

Anonymous

no one is buying right now.

Comment #22 Posted By: Anonymous 05/14/09

Anonymous

we will be in a year in new york where florida, arizona, navada and california are right now.

Comment #23 Posted By: Anonymous 05/14/09

Anonymous

My husband is a broker and he says people are only looking.

Comment #24 Posted By: Anonymous 05/14/09

Anonymous

Street easy is showing a 11,000 inventory so when the inventory is about 8,000 that can be a good indication as to start to really make offers. But you should not wasdte your time or any brokers time kicking tires. Summer time people are looking to leave the city and go to the hamptons. So sales are going to pick up in the Hampton somewhat. The prices are not going up in the Hampton because people like the gotties are going into foreclosure. So many other owners are going into foreclosure as well. See in NY you have 18 months to get your situation fixed from a foreclosure so people can wait in nyc.

Comment #25 Posted By: Anonymous 05/14/09

Anonymous

RENT!!!

Comment #26 Posted By: Anonymous 05/14/09

Anonymous

you can only get what the market will bear, and most buyers are not willing to overpay anymore. so the market will have to adjust to the buyer. can't wait to buy a 2 bedroom tribeca apartment for $500,000.

Comment #27 Posted By: Anonymous 05/14/09

Anonymous

my friend spent 9.5 on a building last spring and now it's worth about 8. they are beside themselves with worry. not to mention more debt than they should have taken on.

Comment #28 Posted By: Anonymous 05/14/09

Anonymous

I'd be worried too if I was 1.5 in the hole.

Comment #29 Posted By: Anonymous 05/14/09

Anonymous

If you're not buying a foreclosure, you're not buying "right." There will be plenty to choose from, and the banks want them gone FAST, so the prices are tumbling. Rent until more bank owned hit the market- they're coming.

Comment #30 Posted By: Anonymous 05/14/09

Anonymous

buy now or 6 months time, just depends what deal you think is right..we arent going to be bouncing back to prices from 2 years ago anytime soon..i think find the best new condo's in the area you want, make sure there is 40% unsold and bid..key is under $850 psf for sub prime areas of manhattan..if you can pay the mortgage, gaygersint!

Comment #31 Posted By: Anonymous 05/14/09

Anonymous

Perfect time to buy- in MIAMI!!!!!!!!

Comment #32 Posted By: Anonymous 05/14/09

Anonymous

obama has not even started capping wall street pay but that is, CLEARLY, right around the corner. NYC has no hope of recovering for a long long time.

Comment #33 Posted By: Anonymous 05/14/09

Anonymous

#33, you have no idea what you are talking about. Stop spewing nonsense and go read a newspaper.

Comment #34 Posted By: Anonymous 05/14/09

Anonymous

It is a situational market. Every seller is in a different situation financially. Find the right situation and it is a great time to buy!

Comment #35 Posted By: Anonymous 05/15/09

Anonymous

You can all try to guess the bottom, realistically once you've declared it, it's over. You just won't know. NYC is never over, it may have peaked but it will peak again. I would buy like a banshee before inflation takes over and it becomes very difficult to buy even if prices are low. You're going to end up paying the piper no matter what. Do what you can afford. But I definitely am looking to buy.

Comment #36 Posted By: Anonymous 05/15/09

Anonymous

#36: Keep on looking. Btw - your argumentation doesn't make any sense at all. How can low prices be expensive in an inflationary environment?!? Go back to your library of choice and RENT economics 101 for dummies. Which somebody probably should have told you before you bought back in '07.

Comment #37 Posted By: Anonymous 05/15/09

Anonymous

In florida now, tampa, two years ago 2 b;rooms condo sold for 189, purchased same by friend last week, foreclosure 52...nice.

Comment #38 Posted By: Anonymous 05/15/09