NYC Apartment Buy vs. Rent Discussion (fka Yo, Ohai!)

[Turd_Fergeson]

@Marathon\_runner

@Turd_Fergeson

I cut bait and ate the $250k

Never happened.

ok chief. i don’t know if you heard who i am, but i’m a pretty big deal. wasn’t my money, muh.

[Isaiah_53_5]

@ohai

6% agent tax is standard. There is a 1% “mansion tax” for units > $1 million. NYC has a 1.5% ish transfer tax. You must pay staging costs and might have to vacate the apartment of tenants for showing, losing rent. You might have to hire a lawyer and appraiser. Other unexpected costs will also arise. When I first talked to an agent about costs and I saw all this, I literally projectile vomited on his face. Ok not really, but I felt like it.

lol @ “1.1mm”… NYC … wait for it … ‘mannnnsion’ lololol

[king_kong]

bump

[Isaiah_53_5]

https://www.forbes.com/sites/samanthasharf/2017/07/19/new-york-is-one-of-the-most-undervalued-housing-markets-of-2017-yes-really/#24e65ee21137

New York Is One Of The Most Undervalued Housing Markets Of 2017

[krnyc2008]

A bubble in the making?

https://www.bloomberg.com/news/articles/2018-06-27/nyc-condos-become-rentals-at-a-record-rate-as-investors-pile-in

[GorillaNerd]

current gross yields at 3.5%. price appreciation from last year 7%. IMO ish bad, should market tanks ur sitting at cash flow negative property.

[ohai]

I doubt 7% is real for comparable units, but rents are going down. I doubt there will be a market crash, but there will probably be a real estate version of a bear market, which is stagnant or slow growth for some years. This is already happening for high end units.

[infinitybenzo]

@ohai

This is already happening for high end units.

Yup for those units above $7M in NYC, the price has been stagnant if not even little lower.

Sold my UWS condo last year and I think it was a great time to sell - bought it a few years after the 2007-2008 recession…Now I have a house and i’m never going back to apartments…ever.

[krnyc2008]

@infinitybenzo

@ohai

This is already happening for high end units.

Yup for those units above $7M in NYC, the price has been stagnant if not even little lower.

Sold my UWS condo last year and I think it was a great time to sell - bought it a few years after the 2007-2008 recession…Now I have a house and i’m never going back to apartments…ever.

Loud neighbors?