Housing bust happening in NYC?
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
|
Half the Homes Listed Last Spring Didn't Sell: What That Means for Buyers
https://streeteasy.com/blog/the-unsold-homes-of-2018/ This is interesting and reflects some of what is happening in DC as well. Harbinger of the coming recession? |
Anonymous
| They said inventory is near historic highs in NYC. Is that happening in DC? As a five time bidding war loser, I don't think so. |
Anonymous
| Nyc is a miserable place to live. I think that’s becoming clear to everyone. |
Anonymous
NYC is a wonderful place to live for people who’d rather not drive every day, but only so many people can afford to pay more than $1 million for housing. |
Anonymous
|
Part of this is the change in the tax laws. You can only deduct a total of $10,000 in state and local taxes. My large, mid-market apartment costs more than that in real estate tax.
The mortgage deduction is also capped. Most people care what their monthy out of pocket AFTER tax is. My monthly bill has gone up a lot because less of it is tax deductive. This is also affecting how large a mortgage a bank will approve a would be buyer for. |
Anonymous
NYC and the areas around it can be wonderful places to live. But a lot of the real estate money came from people in China who were trying to diversify, or launder money. Now, the Chinese economy is growing more slowly, the Chinese government is cracking down on financial funny business, and smart Chinese people are probably finding good ways to invest money in China. The crazy Chinese investor money has stopped flowing in. Few ordinary people in the NYC area can afford more than $5,000 per month for a place to live. That means people who were counting on selling places for more than about $1.5 million are going to be sweating, and people who were counting on getting more than $2 million are going to be hurting, even if the underlying domestic conditions are pretty good. |
Anonymous
| In NYC I don’t think it’s chinese. Could be Russians too. Half my building is Russian owned |