Share your predictions!
What will COVID-19 do to real estate markets?
|by Anonymous||reply 440||09/18/2020|
They are building several MCMANSIONS in my neighborhood. Good luck BITCHES finding a buyer for them with 20 percent unemployment on the way!
|by Anonymous||reply 1||03/25/2020|
You'll be able to buy a house in Las Vegas for $100.00 soon.
|by Anonymous||reply 2||03/25/2020|
Well, not a lot of people will want hundreds of looky-loos traipsing through open houses for quite some time.
Do people by places without walking around in them first?
|by Anonymous||reply 3||03/25/2020|
This situation is a financial catastrophe for 99% of Americans. It has destroyed the livelihood of many and endangered the livelihood of the rest. And it has not discriminated based on socioeconomic status -- wage-slaves, business owners and corporations are impacted. Those of us working from home and being paid do not know how long that will persist, or what will happen when this is over. Even the ultra-rich are suffering losses, that's why Dump wants you back at work after Easter. Everyone is imperiled and insecure.
If consumers feel financially insecure they will not want to take on more debt. High-end real estate will always move. However that middle-tier real estate will lose value and won't recover for at least a decade.
|by Anonymous||reply 4||03/25/2020|
The market is going to fucking crash. High end is not moving because banks are not giving jumbo loans now. This will make 2008 look like nothing.
|by Anonymous||reply 5||03/25/2020|
The houses types that were already struggling to find buyers are going to end up in foreclosure. I've read reports of the bigger houses in Dallas and houses on golf courses are not popular at all anymore. If you're trying to sell a 5000 sq ft house on a golf course, forget about it. So many really big houses were built that are stuck with super traditional, heavy decor. Those awful open living/dining rooms. Owners of these have been struggling for a while now. In Denver, which has a pretty good market, people will still hold out to buy a house that's new or sufficiently updated.
|by Anonymous||reply 6||03/25/2020|
I honestly am not sure how much of a hit it will be. Housing market changes tend to be slow. And the people hit hard by this are the ones who were living paycheck to paycheck generally - not the salaried savers. Yes, stock market investments lost money - so that would dampen prices. But the demand has been so high and supply so low, there is a lot of air to be let out before things fall significantly.
|by Anonymous||reply 7||03/25/2020|
The NYC rental market will go down. People won’t want to live there anymore. All the wealthy people flew out of there like bats out of hell the second things started turning south.
|by Anonymous||reply 8||03/25/2020|
Dead people don't buy real estate.
|by Anonymous||reply 9||03/25/2020|
R8 - I thought that after 9/11 and sold. Stupid. NYC became even more popular and more expensive - despite being a massive target for terrorism and even a dirty bomb.
|by Anonymous||reply 10||03/25/2020|
People who bought or rented properties in high-value areas in order to Airbnb them are thoroughly fucked.
|by Anonymous||reply 11||03/25/2020|
R3 Would you buy a house without seeing it in person first?
|by Anonymous||reply 12||03/25/2020|
[Quote] People who bought or rented properties in high-value areas in order to Airbnb them are thoroughly fucked.
Grease fire to all Airbnb owners!
|by Anonymous||reply 13||03/25/2020|
How do you find out if your neighbor's unit is Airbnb? I entered the address but didn't see the unit...
A while back, NYPD were knocking on all the doors in our building asking if we knew any unit was being used as one, they said they were detectives from the mayor's office.
|by Anonymous||reply 14||03/25/2020|
I think commercial real estate will take a hit, namely retail and office space. A lot of companies will go under. Companies that survive may realize they don’t really require office space.
|by Anonymous||reply 15||03/25/2020|
Foreclosures will go up in a big way. My place is completely paid off (I am fortunate) but most of my neighbors have mortgages and are just starting out. When they can't afford to pay and get foreclosed, it'll drastically lower the value of my place.
|by Anonymous||reply 16||03/25/2020|
R3 I was surprised that there were several open houses in my area, last weekend. Our Governor has since banned gatherings of three or more, so I don't know if they will continue.
|by Anonymous||reply 17||03/25/2020|
I'm hoping LA empties out.
|by Anonymous||reply 18||03/25/2020|
R16 I don’t know about that. Banks are starting to be flexible and willing to work with mortgage holders.
[quote]SACRAMENTO, Calif. (@AP) — California governor: 4 major banks agree to 90-day waiver on mortgage payments for those harmed by virus outbreak.
Plus the huge CV relief bill the Senate just passed has some substantial increases in unemployment benefits, both in amounts and duration.
|by Anonymous||reply 19||03/25/2020|
Prices should drop down to where they were a few years ago - or at least I hope. The price increases the past few years have been ridiculous, particularly in SoCal.
|by Anonymous||reply 20||03/25/2020|
With interest rates way down I hear refi’s are busier than ever.
|by Anonymous||reply 21||03/25/2020|
It is called a "market correction". I spent too many yrs in the RE Biz. All over the US. Brings things back to normal.
|by Anonymous||reply 22||03/25/2020|
[Quote] It is called a "market correction".
Do you think that's all it's going to be?
|by Anonymous||reply 23||03/25/2020|
I just sold a condo in SoCA and closed escrow about a week before this Coronavirus shit storm hit here. At the moment I feel like I timed that perfectly and sold at the top of the market, and had already bought my other place where I live now. Time will tell. Unfortunately I didn't follow my gut instinct to shift one of my 401K accounts from all stock to cash around that same time.
|by Anonymous||reply 24||03/25/2020|
R24 - but presumably you bought your new place at the height of the market, so no real win, right? Your new place may depreciate 10-15% in the next couple of years.
|by Anonymous||reply 25||03/25/2020|
No R25 I bought it in 2015 when the market was on the way up but nowhere near the prices in early 2020. I doubt I will ever sell this place but it may drop in value back down to about what I paid for it or maybe lower.
|by Anonymous||reply 26||03/25/2020|
R26 - so you had 2 houses and just sold one off?
|by Anonymous||reply 27||03/25/2020|
Yes, one was rented out, the other was my residence. Tenant moved out of the smaller place, I sold the larger place, and downsized into the smaller place.
|by Anonymous||reply 28||03/25/2020|
R28 - good for you!
|by Anonymous||reply 29||03/25/2020|
RE: Market correction - won't happen for 10 years from now. People losing jobs, getting back on their feet, actually dying, - could be major breadwinner, businesses closing that never open again.. Employment market adjusting. Keep in mind there will be no discernable advances until everyone is rid of the current panic. There may be some astute geniuses who invest prudently, but it will be grim.
|by Anonymous||reply 30||03/26/2020|
Supply chains are breaking, or strained to the limit.
Real estate will be hit hard until the rebound.
The uncertainty is unnerving.
|by Anonymous||reply 31||03/26/2020|
R31 - thx for data
|by Anonymous||reply 32||03/26/2020|
How will people go to or have viewings when we’re under quarantine?
|by Anonymous||reply 33||03/26/2020|
Predatory investment firms are already circling, at least in Canada. There are high hopes here that at least the virus will bring down astronomical housing costs in the big cities (the ones people want to live in, anyway). Not gonna happen. Amoral asshole speculators are going to buy it all up as people default, and then rent it back to them at top of the market rates while avoiding upkeep. Housing will dip, look like it's gonna crash, and then suddenly shoot for the moon as the real estate shark feeding frenzy begins.
|by Anonymous||reply 34||03/26/2020|
People will need homes to stay in, so, I think it will be good.
|by Anonymous||reply 35||03/26/2020|
[quote] I'm hoping LA empties out.
|by Anonymous||reply 36||03/26/2020|
It’ll push forward the initiative that has been underway for awhile. Complete corporate ownership of all land and homes. REITs (Real Estate Investment Trusts) are the biggest predators with massive tax benefits. Everyone but the extremely wealthy will become renters.
|by Anonymous||reply 37||03/26/2020|
[quote]Amoral asshole speculators are going to buy it all up as people default, and then rent it back to them at top of the market rates while avoiding upkeep
That’s exactly the situation in my little town, before this crisis even hits. Cheap little houses are renting at ridiculous rates. They’re snapped up for a song when they’re foreclosed then they turn around and rent them out for obscene amounts. And there’s still such a shortage of rental homes that they’re always snapped up within a week of being put on the rental market.
|by Anonymous||reply 38||03/26/2020|
Bill and Hillary Clinton sent more than 400 pizzas to New York hospitals fighting coronavirus
From CNN's Alicia Lee
With New York quickly becoming the epicenter of the coronavirus pandemic in the US, health care workers in the state have been working nonstop.
Knowing that these heroes wouldn't have time to stop and grab a meal, one of New York's most famous couples — Bill and Hillary Clinton — stepped in to help.
On Wednesday evening, the Clintons sent over 400 pizzas to hospitals in Westchester County "as a small token of their appreciation for everything medical professionals are doing for their communities," according to Angel Ureña, spokesperson for President Clinton.
"Thank you for protecting our communities. From Bill and Hillary Clinton," a note sent with the pizzas read.
There were 80 pizzas delivered to St. John's Riverside Hospital alone.
"Thank you to the Clintons for pizza today at DOBBS FERRY ED! Leaders like you will get us through this. So much gratitude thank you thank you thank you," Angela Cirilli, the emergency medicine ultrasound director at St. John's Riverside Hospital, said in a tweet.
|by Anonymous||reply 39||03/26/2020|
South Florida doctor who tested positive for coronavirus has died
CNN’s Rosa Flores and Sara Weisfeldt
A doctor from South Florida who tested positive for coronavirus has died.
Dr. Alex Hsu, 67, died on Tuesday, according to the Broward County Medical Examiner’s Office.
He had recently traveled to China and had complained of shortness of breath, nausea, diarrhea and a cough, according to medical examiner's office records. Hsu was transferred to the ICU where he was placed on a ventilator.
Hsu’s positive result for Covid-19 was received Wednesday, documents from the medical examiner's office show.
|by Anonymous||reply 40||03/26/2020|
R39 and R40 are morons.
|by Anonymous||reply 41||03/26/2020|
Wrong thread, R39 and R40.
|by Anonymous||reply 42||03/26/2020|
Coronavirus death toll in France climbs by more than 300 in 24 hours From CNN's Barbara Wojazer in Paris
At least 1,696 people in France have died after contracting coronavirus, France's Director-General of Health Jérôme Salomon said Thursday.
The new total, which marks an increase of 365 in just 24 hours, went "against expectations,” Salomon added.
Speaking during a news briefing in Paris, Salomon said at least 29,155 people have tested positive for the virus.
According to Salomon, 3,375 patients are currently being treated in intensive care; of these cases, 34% are under the age of 60, he added.
|by Anonymous||reply 43||03/26/2020|
[quote] Predatory investment firms are already circling, at least in Canada.
May be a good time for Americans to invest there. The Canadian dollar just hit 70 cents, so Americans get a 30% discount right off the bat.
|by Anonymous||reply 44||03/26/2020|
Hey Dora Dumbfucks at R39 R40 R43 :
WRONG FUCKING THREAD
|by Anonymous||reply 45||03/26/2020|
Anyone seeing effects in your local market yet?
I’m in Thousand Oaks, CA. Inventory is non existent.
|by Anonymous||reply 46||03/27/2020|
All listings stopped. Anything decent on market is under contract. There will be serious backlog issues - not sure if it will help buyers or sellers.
|by Anonymous||reply 47||03/27/2020|
So most companies will downsize their offices, probably by a lot? What is going to happen with all the vacant office space?
|by Anonymous||reply 48||03/27/2020|
Disney world and Disney land are closed indefinitely. WTF?
|by Anonymous||reply 49||03/27/2020|
Oh, dear. Back in the day it was called AryanNation Oaks for good reasons.
|by Anonymous||reply 50||03/27/2020|
Oh, dear, r46. Back in the day it was called AryanNation Oaks for good reasons.
|by Anonymous||reply 51||03/27/2020|
I think it all depends on the area and how long this lasts. I think its going to wipe a lot of people out and businesses out and take years to recover. In LA I would think the market will recover quickly as they get alot of foreign money and tend to pay cash.
|by Anonymous||reply 52||03/27/2020|
If I survive, maybe I can finally buy something instead of renting.
|by Anonymous||reply 53||03/27/2020|
The crappy houses in my lower income neighborhood were being bought and redone and having $200,000 tacked onto them. And Millennials were buying them! Don't see that continuing.
|by Anonymous||reply 54||03/27/2020|
NYC real estate broker losing $250,000 because of coronavirus pandemic
This was set to be a big year for real estate broker Michael Fabbri of Nest Seekers. But the 33-year-old Gramercy Park resident is instead losing out on as much as $250,000 in commissions for spring because he can’t show homes to buyers during the coronavirus shutdown.
Last year had been soft because buyers and sellers weren’t aligned. But all of a sudden, at the end of the year, we started to see a huge uptick and were getting lots of offers. Interest rates had come down and prices had reached a level at which both sides were comfortable.
I had 16 active listings, ranging from a $500,000 studio to a $12 million penthouse; by January, over half were in contract. It was so promising. I closed four by early February and the rest were slated to trade in the second quarter, but then the coronavirus happened.
On March 22, Gov. Andrew Cuomo ordered that brokers were no longer allowed to show homes. To get a deal closed, everything has to be done in-person including appraisals, inspections and walk-throughs. So everything went on hold as if time just stopped. It’s not like we could even shift prices, like we would in a downturn, to get a deal closed.
We are scrambling to figure out how to do these things virtually. We can show properties via FaceTime or virtual tours, but the likelihood of the process resulting in a deal is very slim; most people do not want to buy sight unseen.
I was supposed to close $30 million in active deals from March to May — which would have brought in almost a million dollars to my team and $250,000 to me, but we will be lucky if we see 25 percent of that. I think the silver lining is that New Yorkers are very resilient and after having been stuck in their homes for months, they might want to shelter in a new place. — As told to Beth Landman
|by Anonymous||reply 55||04/04/2020|
Airbnb host went from making $3,800 a month to $0 amid coronavirus
Lee Thomas, a 60-year-old retiree, charges $85 a night via Airbnb to rent out a one-bedroom apartment in his Ozone Park home. But now he is living solely on his pension as bookings have dried up.
Because I’m so close to the airport, people from all over the country and the world stay at my place. Last March, I made about $3,800 from guests booking stays. This March, I had $0 come in.
I am concerned about making ends meet. I’m the head of the Queens Host Club, a support organization for Airbnb hosts in the borough, and we’re all concerned because of the uncertainty. This may be going on for several months, and you don’t know how long [tourism] will take to bounce back once things are back to normal.
I don’t allow myself to get totally stressed out over this because that’s bad for my health — in 2008 I was diagnosed with 9/11-related cancer and had to retire from my job on Wall Street. I tried radiation for several years; I’m now in my third round of chemo. I have a life battle on my hands and I have to wake up every day like a good soldier and continue to fight.
Luckily there is a bit of relief. Airbnb announced that it will pay 25 percent of what I’d normally receive for cancellations between March 14 and May 31. I’m proud of them looking out for hosts, but we don’t know when the payment will be delivered. Unfortunately, your bills don’t take a hiatus.
|by Anonymous||reply 56||04/04/2020|
It’ll take a downtow, but people still need to live somewhere
My prediction: rents will go as home sales go down. Investors will scoop up properties and rent them out at a premium.
Agree with r10. Once the market bounces back, it’ll be more expensive than ever.
I have a friend that does mortgages. She said the screws are tightening on loans. Credit score needs to higher and other tighter restrictions.
|by Anonymous||reply 57||04/04/2020|
[Quote] Airbnb host went from making $3,800 a month to $0 amid coronavirus
GOOD! I hope all "hosts" become homeless and destitute. These cunts have destroyed my neighborhood. Fuck them! Grease fire to ALL OF THEM!
|by Anonymous||reply 58||04/04/2020|
R58 needs to go to the hospital and get a check up.
Is retardation fatal?
|by Anonymous||reply 59||04/04/2020|
I wish this would wipe out real estate brokers and their obscene 6% commissions. 90% of what I need, I find via online listings. I need someone to let me into the house for about 15 minutes - and I can decide. How that is worth $50,000=$100,00 is wholly illogical.
The problem now is pretty much ALL listings have stopped. People have to move. I dont understand why this can’t be done pretty much all virtually - other than brokers trying desperately to hold on to a justification for their 6%.
|by Anonymous||reply 60||04/04/2020|
Who still uses this word? You must be an old cunt.
|by Anonymous||reply 61||04/04/2020|
It is important to note stories like r56. Airbnb is generally regarded as a nuisance to neighboring homeowners -- myself included -- but here in CA it is a lifeline for retirees, many of whom only have the income derived from real property holdings to support them in retirement.
|by Anonymous||reply 62||04/04/2020|
You must be a mongoloid.
It takes damaged DNA to be that stupid.
|by Anonymous||reply 63||04/04/2020|
r63, ok, boomer.
|by Anonymous||reply 64||04/04/2020|
Overall home prices will crash. People with part-time jobs don't get houses. People that have no jobs don't get houses. Here in California there is a rush to get houses sold, they know they waited too long, and the price drops will be epic. A client of mine was going to purchase the home next door to his in Paradise Valley. The paperwork started in February. One of the conditions was that the septic system had to be fixed. The buyer said that they would take the money to replace it off the price. Two weeks ago, he told the seller he would not be buying, and then got a phone call from the sellers agent that they would take 200 grand off the house price. My client said no, as he thinks the 1.5 million asking will be in the high 500's in about eight months. I agree.
I would hate to be someone that bought a house in the last year. The housing market as we know it is on it's last legs.
|by Anonymous||reply 65||04/04/2020|
[quote]Dead people don't buy real estate.
Sure they do.
|by Anonymous||reply 66||04/04/2020|
"I honestly am not sure how much of a hit it will be."
Thanks for contributing.
|by Anonymous||reply 67||04/04/2020|
Will everyone in the industry lose their jobs?
|by Anonymous||reply 68||04/04/2020|
[Quote] Will everyone in the industry lose their jobs?
|by Anonymous||reply 69||04/04/2020|
The renovating and overpricing was off the chain in my neighborhood for the past year. Example: across the alley from me were two rundown houses being gutted and rehabbed. They are the first two houses up from a seedy Arab Sunoco station which has the distinction of having an informal homeless encampment behind it (there have been two murders around it).
Now... who is going to want to pay $200,000 for those houses? Yes, the area will gentrify- but that will be postponed indefinitely. I watch them working diligently and shake my head in disbelief.
|by Anonymous||reply 70||04/04/2020|
Fixing up $150,000 houses with HGTV-lite interiors to be able to sell them for $450,000 is irrational and cuts out entry level homes for millennials.
|by Anonymous||reply 71||04/04/2020|
[Quote] Fixing up $150,000 houses with HGTV-lite interiors to be able to sell them for $450,000 is irrational and cuts out entry level homes for millennials.
But that's what most want. Move in ready.
|by Anonymous||reply 72||04/04/2020|
A condo I was interested in seeing last week fell through because the tenants weren't comfortable with a realtor walking clients through. Which I'm kind of relieved about. My plan had been to save another four years before seriously going on the home buying hunt, although this place was appealing enough and right on the verge of what I can finance now that I might have been willing to take a chance. I definitely don't regard borrowing against my 401k as an option with every second administration doing all it can to deep-six the economy and eyeing the Social Security trust while salivating. My assumption is "conservatives" will have gutted it to fund their rich corporate donors by the time I retire.
|by Anonymous||reply 73||04/04/2020|
Screw the real estate brokers. I've hated them ever since one sued me for a commission a few years ago. I wandered into an open house for an agent, and decided to make an offer and the sponsoring broker decided since I hadn't disclosed that I was represented, even though she never asked me and I wasn't aware that I, as a consumer, had to immediately disclose that I am represented filed sue for the other half the commission. Luckily it was dismissed but what kind of scumbag profession does that? And what kind of scumbag board allows a dual representation of both buyer and seller. If your job for the buyer is to get the lowest price and your job for the seller is to get the highest price, how the fuck does that work? Trick question, we know you just want to close the deal to get your commission. Screw everyone else.
|by Anonymous||reply 74||04/04/2020|
If inventory goes down because people don’t want strangers traipsing through their homes, prices might take a while to go down.
So, when is it ok to buy? I don’t want to catch a falling knife.
|by Anonymous||reply 75||04/04/2020|
I would think a lot of potential buyers will have to postpone after losing several weeks of pay and possibly jobs that won’t return once the country “opens back up” (I hate that phrase of Dump’s by the way) especially if banks further tighten their already tight requirements for a mortgage. First time buyers were already struggling to qualify for mortgages before all this happened, a lot of them are drowning in student loan debt. And inventory was already tight because people who might think about selling stay in their homes because they can’t afford to buy another house, which leads to fewer homes for sale which leads to higher prices.
Basically everyone’s screwed.
|by Anonymous||reply 76||04/04/2020|
Listings are being pulled daily. Sellers are dropping like flies. A full 6% of listings across the country have disappeared in the past two weeks. Real estate is cratering, just like everything else.
|by Anonymous||reply 77||04/04/2020|
What bank is going to lend in these circumstances R77? There is a home I was watching that went to pending and back on market and pulled. No one is talking about it, but I believe banks are not lending because of the uncertainty of jobs. I brought this up weeks ago.
|by Anonymous||reply 78||04/04/2020|
A very successful local builder has 22 houses under construction. He’s worth millions, but what happens when he has to cut all prices below cost in order to sell the current construction?
A conservative estimate is a 25% drop in price for every dwelling outside large urban areas, and up to 40% in areas like NY, SF, STL.
|by Anonymous||reply 79||04/04/2020|
"I'm keeping my eye on you, boomer/r79."
|by Anonymous||reply 80||04/04/2020|
Real estate agents will have to go back to their old careers.
|by Anonymous||reply 81||04/04/2020|
|by Anonymous||reply 82||04/04/2020|
SF here. Prices will cool a little -- maybe 3-5% as people probably won't be looking but supply is so low and people here have money to spend. We are in a relatively secure field and my colleague who has been outbid numerous times thinks this might be the break they were looking for.
Not to mention folks from the land that brought us COVID-19 and Recession '20 are still looking to dump their money somewhere.
We are done with the SF RE market and have our eyes set on a retirement home. Hopefully this will cool markets like PV and PS because they are definitely way too hot to handle right now. PV especially. Probably not.
|by Anonymous||reply 83||04/04/2020|
What the hell are your blabbering about R83?
|by Anonymous||reply 84||04/04/2020|
The only difference between a whore and a real estate agent is : whores don't get commission.
|by Anonymous||reply 85||04/04/2020|
Actually there is a lot more difference between the two. You were trying to be cute R85, but you really showed your ignorance.
|by Anonymous||reply 86||04/04/2020|
What the hell is “PV” and “PS,” R83?
|by Anonymous||reply 87||04/04/2020|
R86 is a Realtor. Probably presented hole during a “virtual showing” today.
Realtors are sleazy scum and anyone else in Real Estate.
|by Anonymous||reply 88||04/04/2020|
Actually I am not R88, but you are an idiot.
|by Anonymous||reply 89||04/04/2020|
R83 Puerto Vallarta and Palm Springs? Since when is PV hot?. The crime rate has gone thru the roof and Yanks are bailing out in droves. After Corona burns thru Mexico you couldn't give a PV condo away.
|by Anonymous||reply 90||04/04/2020|
I told friends from Vancouver PV could be dicey. We saw it grow in size and decline in desirability over the last 30 years or so. They knew better, though, so they bought two condos; one to live in and one to rent out, mostly to fellow Canadians who, they learned, are cheap as fuck on vacation.
Now they think they’re going to end up like Meghan’s father in Rosarita: too poor to go home.
|by Anonymous||reply 91||04/05/2020|
It’s going to depend on the local economy. Awful as this year is going to be, the economic situation will improve. Some businesses (too many small ones) will fail but others will prosper exponentially - biotech is one that I’m familiar with, but there are others that will come back to the States from offshore and still more in industries that don’t exist today.
If anything, home prices where these businesses locate or grow will increase if supply remains tight or gets tighter - think back to WW II and the housing shortages that developed around defense plants.
|by Anonymous||reply 92||04/05/2020|
[quote]A conservative estimate is a 25% drop in price for every dwelling outside large urban areas, and up to 40% in areas like NY, SF, STL.
Do you a source for those figures, r79?
|by Anonymous||reply 93||04/05/2020|
I know one thing ... this situation has given me the motivation to rethink how and where I want to spend the rest of my life. I've been retired for 10 years (I'm 67 now) and have stayed in my townhouse (paid for) in the LA burbs. I have no reason to stay here, and don't need this big a house (or stairs) anymore. I don't have any close family left, so I'm going to seriously look into downsizing and moving to a senior community. I've considered it for years, but this has really given me a kick in the pants to start realizing that I need to think seriously about the future.
|by Anonymous||reply 94||04/05/2020|
So what’s scarier? Dying from Covid or surviving Covid?
|by Anonymous||reply 95||04/05/2020|
I’ve reconsidered NYC too. Great hospitals but even at the best of times, they are way too crowded and overwhelmed. You wait forever in the ER, then get left in a hallway because they don’t have room. Impossible to get your own room if kept overnight.
Mother went to a local hospital near DC and it was like a luxury hotel in comparison - immediate attention, scans, own room while waiting for results then own room when checked into hospital overnight and attentive nursing staff all night. While I appreciate the top-notch research and professional in NYC hospitals, the ERs and facilities are a nightmare. This CV thing has made me think going down south may not be a horrible idea.
|by Anonymous||reply 96||04/05/2020|
The Well-offs will get yuge discounts on their dream home. The Poors will be homeless.
|by Anonymous||reply 97||04/05/2020|
[quote] What bank is going to lend in these circumstances [R77]? There is a home I was watching that went to pending and back on market and pulled. No one is talking about it, but I believe banks are not lending because of the uncertainty of jobs. I brought this up weeks ago.
Every bank is lending! Each loan transaction generates revenue for the bank. The federal government is the largest investor and/or insurer of mortgage loans through HUD, VA and USDA as well as government-supported Fannie Mae and Freddie Mac. If it is a conforming loan (@$725 in high-cost states) there is a market for it. Lending standards are the same and very rigid, so any sign of financial strain could tank an application but otherwise odds are good you can get a loan right now if you are employed.
|by Anonymous||reply 98||04/05/2020|
If the government makes financial contributions to building and maintenance of medical centers and hospitals a basis for naturalization, there will be a hospital on every block in NYC.
|by Anonymous||reply 99||04/05/2020|
r6 many people I know, people with what used to be upper middle class money are ready to downsize. They just dont seem to want huge homes filled with a lot of crap anymore They talk about small..I'm talking 1500 sq ft or less places closer to nature and away from other humans. More and more want to simplify their lives.
|by Anonymous||reply 100||04/05/2020|
BS R98. There is too much uncertainty.
|by Anonymous||reply 101||04/05/2020|
PV real estate has been scorching in the last 5 years. We've been going regularly and the new construction all over Zona Romantica has been high end and some more expensive than PS equivalents.
Partner is focused on PS but I don't want to be stuck in some gated community stolen from the dessert where it is 90+ months out of the year but no ocean in sight for 100+ miles. Then there is the driving everywhere.
I do think the decline in the cruise industry will impact PV to some degree, but not much. We're not terrified of crime as living in SF has desensitized us to crime. You should see how much it has skyrocketed here just this past decade alone. The Walgreens downtown across from multimillion luxury condos is locked during the day because the only people on the streets now are violent and aggressive junkies... it's only going to get worse in SF, or anywhere in coastal CA for that matter.
Still, tech and trust fund babies and Chinese pillagers will still be dumping their money to buy here. I don't expect drastic RE shifts here. The people with solid resources here are still going to be buying buying buying...
|by Anonymous||reply 102||04/05/2020|
R102 what about the real estate market in BS?
|by Anonymous||reply 103||04/05/2020|
R103 stop acting like Deplorable. Add something on point with the topic or STFU.
|by Anonymous||reply 104||04/05/2020|
sign of the times
|by Anonymous||reply 105||04/05/2020|
When companies go out of business, and workers get laid off permanently, and foreclosures start cascading like dominoes, the real estate market will tank, and only people with money or an income will be able to buy. So there will be a lot of bargains out here. But property values may take two or three years to bounce back....barring another catastrophe.
|by Anonymous||reply 106||04/05/2020|
Real estate is the long con, see Kushner and Trump for a reference, rents will NOT decrease even with foreclosures eminent. Corporations will purchase these forecloses and keep the rents as is or higher. If they do not get their asking rent , these corporations write off the loss on their taxes. Why do you think there are such a glut of retail spaces even before this crisis ? What landlord can afford to allow a proper go unrented for years at a time? One who has enough stash to accept the loss as a tax write off rather than accept one nickel less than what they deserve
|by Anonymous||reply 107||04/05/2020|
In what city does Brady Jensen sell real estate?
|by Anonymous||reply 108||04/05/2020|
Cascading cross defaults.
Anyone who believes that the economy is going to bounce back quickly are “smoking hopium”.
|by Anonymous||reply 109||04/05/2020|
The rental market is fine here
|by Anonymous||reply 110||04/05/2020|
R108 OC Costa Mesa
|by Anonymous||reply 111||04/05/2020|
|by Anonymous||reply 112||04/06/2020|
My neighbor in Boston put his place on the market literally one week too late. He dropped his price $50k over 4 weeks, and now it is off market. Who wants to see a place if you need to wear latex gloves to do so? I hope he’s moved out, because he’s probably got a lot of disinfecting to do after his previous open houses. Just bad luck.
I think this will damage the market. There will be, I understand, 3% more homes available over the year and 3% fewer buyers.
|by Anonymous||reply 113||04/06/2020|
Not only that R113, but trying to get a loan under these uncertain times. I just read a lot of banks are suspending jumbo loans because of the uncertainty. Unless you have to sell now is not a good time because we are going to see home prices drop.
|by Anonymous||reply 114||04/06/2020|
Loan origination for anyone starting to look for a house is virtually nonexistent.
If you have impeccable credit, and the appraisal works, and your “material ability to repay” hasn’t changed since you applied...congratulations.
If you’re a normal homebuyer, or first time buyer...forget it.
The disruptions are just getting worse.
Latest revision has top ten metro areas losing 39% in inflation adjusted terms by December. Personally, I believe it will be worse, especially for the middle 60%. The top end number is much lower in loss, only because “hot money” will be bidding up higher end properties.
|by Anonymous||reply 115||04/07/2020|
I just closed on a refinance on 4/1. Received $50k cash out today.
|by Anonymous||reply 116||04/07/2020|
When did you start?
Very few apps are being processed now.
If you had already locked in, and met your end of the bargain, they couldn’t deny your loan.
Right now we see an uptick in loan officers demanding material change information at closing, requiring an affidavit. Totally new.
|by Anonymous||reply 117||04/07/2020|
I posted up-thread @R77 my belief about the real estate market. Of course some idiot thought I was wrong. I anticipate even those with a pre-approval are going to have to submit more paperwork concern with job and income.
|by Anonymous||reply 118||04/07/2020|
*concerning their job
|by Anonymous||reply 119||04/07/2020|
[quote]Latest revision has top ten metro areas losing 39% in inflation adjusted terms by December.
R115, do you have a source/link for that figure?
|by Anonymous||reply 120||04/07/2020|
I'm not R115, but R120 here is a link. I've never heard of the website so don't know how accurate they are.
|by Anonymous||reply 121||04/07/2020|
R117, I started in Feb, I think. It was before most people knew what was coming. I feel lucky I got through it.
|by Anonymous||reply 122||04/07/2020|
The new affidavit attesting to “no material impact on financial ability” has only killed fewer than 3% of sales as of 2 weeks ago , but the entire team thinks this will explode when the new data for the previous week comes in tomorrow.
A 40% failure to close for first time home buyers is my estimate, based on anecdotal evidence.
|by Anonymous||reply 123||04/07/2020|
There definitely is a lag R123. Remember too a lot of banks are cutting down on their jumbo loans. We really don't know the full extent the coronavirus will have on the job market in the future. I've heard recuperating from the economic damage is going to take years.
|by Anonymous||reply 124||04/07/2020|
Oh wow that’ll suck for those first time home buyers.
Shit, people gotta live somewhere.
Rents will rise. I saw that happen South Florida in 2008. The housing market tanked, but rents rose steadily
|by Anonymous||reply 125||04/07/2020|
73% of ALL US residents reported a drop in income, across all income brackets.
If that holds over to closings, the majority will be rejected at the closing table.
If you can no longer afford your new home, the bank isn’t going to loan you money unless you put down 40% in cash.
|by Anonymous||reply 126||04/07/2020|
|by Anonymous||reply 127||04/07/2020|
Was that prior to the economic package they passed R126. From what I understand unemployment plus federal government weekly money should bring them to their current salary/pay and it will be extended if necessary.
|by Anonymous||reply 128||04/07/2020|
I’m a 30 year old teacher and have never been able to get on the property ladder. I’m paying 45% of my take home pay on rent and the only home I could get a mortgage on by myself (I’m single) with my salary was in a soulless housing estate a 70 minute commute away. And because of the high rent I couldn’t save the security deposit anyway. It was and is a horrible scary situation. I’m in Dublin Ireland which has little protection for renters and a longstanding culture of home ownership, it is almost unheard of for any retiree to be still renting. In my parents generation people were able to get government housing and buy it out so two boosts up the ladder for working class people. I’ve felt totally fucked and terrified of growing old and I’m hoping something will gone now and prices will come down and people like me will be able to get on the ladder.
A friend of mine and his partner paid a half a million for a 700 sq ft former council house. That was with a lot of help from both sets of parents and one working for Google. That’s how crazy the market is here and it resulted in a big shock in our last election when a left wing party got a sizeable vote for the first time. So people want change desperately and maybe that will be the silver lining to all this. I hope so.
|by Anonymous||reply 129||04/07/2020|
Bless your heart.
I don’t know where to even begin.
Do you think all these jobs are coming back after Easter?
|by Anonymous||reply 130||04/07/2020|
r129 needs a sugar daddy.
|by Anonymous||reply 131||04/07/2020|
Quicken Mortgage is all over me to refi, though I'd re-mortgaged with them barely 6 months ago. It's clear they are very eager, even desperate, to sell products to those with good credit. They've waived virtually all requirements, including the appraisal. Running the numbers though, I'd be saving only ~$130/mo. so really cannot be arsed.
|by Anonymous||reply 132||04/07/2020|
Get lost R130. You are too stupid for words.
|by Anonymous||reply 133||04/07/2020|
I think this is going to be worse than 2008 era. We know most Americans don’t have savings - even “higher earning” ones.
This job loss is hitting everyone. No one is exempt. It’s not just some factories going overseas. This is physicians and nurses taking pay cuts because of decreased census and the halt of everything non-Covid. These are attorneys not getting new cases. These are auto body shops completely empty because we’re not on the road and accidents are down.
If the government keeps printing money to try to fix this, it likely won’t make up middle class/upper class income and inflation.....
This is much worse than people want to face.
|by Anonymous||reply 134||04/07/2020|
I would guess very few people are selling their homes right now. And with federal programs and bank programs nobody will be getting foreclosed on for a while. There are also still companies that will buy your house directly so you don’t have to show it to anyone. You won’t get the best price but if you need to sell it you can.
|by Anonymous||reply 135||04/07/2020|
Doubtful those companies are going to be buying anyone's home in the foreseeable future R135. They are going to want to be as liquid as possible.
The courts are going to have to get creative R134. The backlog of cases is going to be a nightmare if they do nothing. Depending on the cases, they can do a lot of cases through Skype.
|by Anonymous||reply 136||04/07/2020|
[quote]unemployment plus federal government weekly money
What “federal government weekly money”?
|by Anonymous||reply 137||04/07/2020|
I believe it was in the package. Lets say your salary was $2000/month and you get $800/unemployment. You would get $1200/month from the federal government.
|by Anonymous||reply 138||04/07/2020|
|by Anonymous||reply 139||04/07/2020|
I’m thinking of buying a house next year, so I hope that whatever happens that it will be a buyers market.
|by Anonymous||reply 140||04/07/2020|
R138 Oh yeah, they beefed up unemployment in that rescue bill. Thanks.
|by Anonymous||reply 141||04/07/2020|
You grasp the enormity of what we’re looking at.
Far too many do not, and would prefer to remain ignorant.
|by Anonymous||reply 142||04/07/2020|
If you think that money is going to be in your pocket before middle May you’re not paying attention.
|by Anonymous||reply 143||04/07/2020|
R129 The Dublin property and rentals market has gone mad these past few years. I live there roughly half the year, and it's worse every time I go home. I blame the American tech companies parking thousands of highly paid non-Irish drones in Dublin because FG/FF refuse to tax the companies at EU rates, or at all.
If you don't have a family/partner reason to stay in Dublin, mate I would probably consider Galway or Cork. Best to you.
|by Anonymous||reply 144||04/07/2020|
[quote]These are attorneys not getting new cases.
My neighbor is a divorce lawyer; she's looking forward to a huge upswing in cases after married couples get fed up with being cooped up inside together for an extended period of time.
|by Anonymous||reply 145||04/07/2020|
R144: hasn’t Dublin real estate been HOT since the early 1990s?
|by Anonymous||reply 146||04/07/2020|
I'm a real estate photographer in Texas. Since the beginning of February, I was averaging about 20-25 photo shoots per week on new listings. However, last week I only had 13, and I have 11 lined up for this week. While there has been a definite drop in photo shoots for me, it hasn't been as dramatic as I expected. I was afraid that everything would come to a complete halt, but that hasn't been the case. If anything, agents seem to be trudging ahead as close to normal as they can. And a lot of them have started looking for alternatives to in-person showings such as interactive virtual tours or video walk-throughs, which I fortunately have the ability to provide in addition to their listing photos.
|by Anonymous||reply 147||04/07/2020|
Do you realize R147 if you have a stay at home you are violating the stay at home by taking the photos of those listings? I'm looking to buy, but will not engage with realtors and their company for violating the stay at home.
|by Anonymous||reply 148||04/07/2020|
Real estate is exempted in my area. I request that no one be in the home while I'm there. I also wear gloves and a mask while on site and I sanitize my equipment regularly.
|by Anonymous||reply 149||04/07/2020|
R146 No. the average person was still able to afford a home in the 90s. Then during the Great Recession the market completely tanked (prices were rock bottom but young people were emigrating in droves and banks were very reluctant to give mortgages) but properties were sold off to vulture funds and foreign investors.
There Is also a problem with the amount and type of housing available. There are very few apartments in Dublin. The new build apartments have been expensive and built for the foreign tech workers. 92% of tenants in the fancy glass buildings on the dock lands were not born in Ireland. They keep building semi detached homes in housing estates. They build these in rural Ireland (due to lack of jobs there are many ghost estates), in Dublin, in towns. Single people do not need a house like this but there are really no alternatives. Same for retirees looking to downsize, there is nothing to downsize into.
|by Anonymous||reply 150||04/08/2020|
In most states, real estate is exempt.
|by Anonymous||reply 151||04/08/2020|
From stay at home R151? That is not the point we are discussing.
|by Anonymous||reply 152||04/08/2020|
The absence of high rises - or even apartment buildings - in Dublin is ridiculous. Not only does it make things expensive and unnecessarily sprawling and car dependent - it makes for an ugly and uninteresting city. I love Ireland - but Dublin is horrible.
|by Anonymous||reply 153||04/08/2020|
Hilarious. First time I've heard a person complain that a city was ugly because of the LACK of high rises! Usually it's the opposite.
|by Anonymous||reply 154||04/08/2020|
R147 I’d say a 50% drop is significant, considering it has only been like 3 weeks. The economic factors won’t truly shake out until May-July. Tougher times are ahead.
|by Anonymous||reply 155||04/08/2020|
Trump is a real estate guy so he may be trying to juice the market.
|by Anonymous||reply 156||04/08/2020|
R150, hey, Dublin guy. I am intrigued. I’m in Boston, so I’m Dublin adjacent.
How old are you? I am sure I saw a NY Times article in the 1990s about all the offshoring of US jobs to Ireland and related real estate price increases in Dublin. I wonder if you grew up with it and have normalized it in your experience?
Is there a standard architecture in Dublin? A lot of cities have an architecture that can identify the city, or even country. Boston has brick row houses as in Beacon Hill, or the triple decker as in Dorchester.
|by Anonymous||reply 157||04/08/2020|
This 2013 article touches on long term problems associated with offshoring, Ireland, and real estate. I couldn’t find older articles. I don’t know why I care. Maybe to validate my memory? Whatev.
|by Anonymous||reply 158||04/08/2020|
The absence of any architectural interest is another characteristic of the Dublin boom. So much money for ugly crap. Semi detached cookie cutters for miles. At least high rises would be more interesting - and practical and density creating, Dublin really failed on that front.
|by Anonymous||reply 159||04/09/2020|
This all came at the wrong time. My partner and I are calling it quits and was just about to put our house up for sale. Maybe we will have to stay together.
|by Anonymous||reply 160||04/09/2020|
R160, you might have to live together, but you don't have to stay together. Not ideal, but people do it.
|by Anonymous||reply 161||04/09/2020|
i think there will be a mass exodus of companies out of NY. SF and big cities. this was already happening. I see companies moving into a depressed suburbia, and hiring an Architect to redo the lot of them. Also, as show. These trends have occurred before.
|by Anonymous||reply 162||04/09/2020|
My husband has decided that he’s moving his office out of Manhattan. He’s done with NY. His broker for his original contract told him he’d be able to get NY commercial rent for a song, probably half price after this is ebbing. He doesn’t care. The broker basically said he knows that his entire business is about to change and that commercial real estate owners know they are fucked.
|by Anonymous||reply 163||04/10/2020|
I think so too.r163 Where is hubby heading to?
|by Anonymous||reply 164||04/10/2020|
Not sure about SF. All but tech remains in SF.
Millenials don't want to work in suburbia. If anything Tech is going to cram even more people into their open plan spaces but not expanding existing space while promoting WFH.
|by Anonymous||reply 165||04/10/2020|
R165 but we have PIZZA PARTIES!!!
|by Anonymous||reply 166||04/10/2020|
Really curious what happens to NYC. Logically it seems people would want to escape. But the same was true after 9/11 - and instead of declining, NYC real estate took off and became more expensive than ever.
Personally, I feel like this could be the thing that encourages me to leave NYC after 10 years of debating. It had already lost its appeal after 30 years - but I always feared I’d miss it once I left. This has made me question why I stay. A little hope that if the city is decimated that it will recover its creative and exciting would - but maybe too late.
|by Anonymous||reply 167||04/10/2020|
R167 I wouldn’t want to see NY like Detroit. There are too many people who fetishize the whole Sex & The City bullshit to truly kill the market completely, but 30% unemployment might be a whole other thing. The violent crime in NYC would be extreme.
|by Anonymous||reply 168||04/10/2020|
many people will leave because there won't be any jobs for them. Just look at how many restaurants and bars have closed and those businesses aren't gonna survive if closed for 3 months.
|by Anonymous||reply 169||04/10/2020|
The NY exodus will be crushing.
|by Anonymous||reply 170||04/10/2020|
NYC real estate will always be exclusive and pricey because of Wall Street. Nothing's going to change that.
|by Anonymous||reply 171||04/10/2020|
R171 Wall Street is not happening in NYC exclusively anymore. If everyone is remote now even more so.
|by Anonymous||reply 172||04/10/2020|
US real estate is fine in the long run. The >1 Billion people who live in China were just reminded how dangerous, evil & corrupt their government is. They would all run here in a heartbeat.
NYC real estate is high not because of Wall St, but because of Asian cash buyers. I took a trip to Portugal last yr; Lisbon real estate is over-priced for the same reason -- anyone who can get their $$ out of China does.
|by Anonymous||reply 173||04/10/2020|
R160 we are calling it quits as well and will put house on market , I can afford to let it sit empty for quite a while. Worth it to be apart! I may eventually buy out his share and keep it once my 98 yr old mother dies.
|by Anonymous||reply 174||04/10/2020|
Between 2000 and 2004 (Bush Jr), there were a series of economic downturns that included the real estate industry. Property was purchased for low prices by large corporations who raised their rents. Bloomberg made sure to whittle away rent control protection while in office. These corporations can afford to keep rents high and units unrented if they can not get the prices they want, this is not a market rent. It is a scam and a grift.
|by Anonymous||reply 175||04/10/2020|
R175 yeah, they just depreciate and report a tax loss with our insane tax laws that suck Real Developers cocks. We need a fucking revolution.
|by Anonymous||reply 176||04/10/2020|
The Sex and the City effect is fading. It’s been almost 20 years and it’s now a different generation. The social media generation is less concerned with NYC. Maybe some millennials/Gen Z here can give their opinion - but I really don’t see NyC being as attractive to twenty somethings as it was 20 years ago. If you exist online, why do you need to pay $3,000/month for a studio?
|by Anonymous||reply 177||04/10/2020|
young people are attracted to brooklyn and there are many high tech companies there...I think they will be fine.
|by Anonymous||reply 178||04/10/2020|
Huge difference between 9/11 and the perception of COVID island R167, which is what it will be for years. No one will want to enter tight public spaces and NYC is tight everywhere. Offices will move away or leave completely because the fact is most white collar workers can work from home.
Not clear R164, going to look upstate and NJ. Getting a small commercial space for a quarter of what he’s paying in NY and he could hire two more employees. He’ll have probably 8 people or so work from home and he and his VP will work from home when they like and go into office when they like. Office work will not be mandatory, but if employees want to to come in, space will be made for them. I can tell you that most people in our industry are doing the exact same thing.
|by Anonymous||reply 179||04/10/2020|
There’s an estimate that 80% of restaurants will cease to exist R169. That will leave hundreds of thousands unemployed and an entire generation of wannabe artists and youth will be moving back home. In a way it will be good, but to lose that youthful energy will be most likely be quite devastating in the short term.
|by Anonymous||reply 180||04/10/2020|
Walking around NYC it feels decimated - and pointless. Without bars and restaurants and gathering places, the city loses all its appeal. Knowing so many of these places just won’t reopen makes it unclear if and when the city can thrive again. I wouldn’t be surprised if 1/2 of my neighborhood places close - unless landlords offer huge concessions or at least waive rent for March-May while closed.
We have already lost about 1/3 of the old time places in the past few years - including the only Indian, Chinese and Thai restaurants as well as both diners - which made it much less attractive to live here. Losing another 1/3 - which will be mostly the affordable cheaper places -may eliminate the only thing that keeps me here.
|by Anonymous||reply 181||04/10/2020|
Our neighborhood went through a round of local restaurant losses this past year. My daughter was very sad to lose some of her favorites.
All closed because greedy landlords raised rents sky high.
Good luck finding replacement tenants NOW, fuckos!
|by Anonymous||reply 182||04/10/2020|
What you think about the home market in Las Vegas? Do you think it will tank and home prices will drop?
|by Anonymous||reply 183||04/10/2020|
If we don’t do a major overhaul to the massive tax breaks for Real Estate developers we’re all going to be homeless and by all I mean the lower 95%.
|by Anonymous||reply 184||04/10/2020|
The US government is almost as corrupt as the CCP
|by Anonymous||reply 185||04/10/2020|
The thing is, restaurants are always on the brink of going under. But more will rise to take their place as soon as people feel safe to go outside again, and all those people looking for jobs as servers, bartenders, cooks, and other staff will be able to find them. It won't be the SAME restaurants as before, but it's not as if the concept of eating out is going to vanish.
|by Anonymous||reply 186||04/10/2020|
That is true. Though I don't know how many people are going to rush out to a restaurant for a) for fear of being near other people b) paying for an overpriced $20 hamburger when they're unemployed.
|by Anonymous||reply 187||04/10/2020|
tech industry has to get out and relocate out of SF. They are destroying that city. Doctors, nurse and teachers cannot afford to live there. Iconic book stores and small businesses, such as the cafe are going out of business. They destroyed the mission district. They need to leave.
|by Anonymous||reply 188||04/10/2020|
I'm in NYC and have been since 2004. I'm in my mid 30s. I rent because you cannot really buy in my neighborhood. I've been hearing A LOT of chatter from friends who are rethinking living in NYC. Some are still employed, some are not. The prevailing thought that I hear from most of them is that they don't feel they're making enough to live in NYC the way they want to and this would be SO MUCH easier with a backyard. Having lived in NYC for 15+ years I've heard A LOT of these conversations over the years. There's always been people who I've predicted would leave and people who I predicted would die here. What has surprised me is the conversations about leaving have been from couples and people I would not have expected. I wonder if this is going to be the end to a luxury residential tower on every corner. Not that I have the money but I'd imagine at a certain point it will be a good time to buy. I'd imagine the expats will be forced to rethink their trophy apartments, but we'll see. Frankly I think it would a good thing if NYC thinned out.
|by Anonymous||reply 189||04/10/2020|
the studio, small apartment hype is OVER.
|by Anonymous||reply 190||04/11/2020|
I totally agree r189 and r190. I'm a city person but I can now see the city life is completely parasitic. I didn't even think this way after the WORST TERRORIST ATTACK ON AMERICAN SOIL, never considered moving. Everything we need has to be purchased and has to be shipped in, we are too vulnerable.
|by Anonymous||reply 191||04/11/2020|
So if inventory is non-existent, prices won’t go down immediately.
Also, good luck getting a mortgage right now.
Long term projections?
|by Anonymous||reply 192||04/11/2020|
R192 Chinese, Russians, and Arabs are going to park their assets in even cheaper America real estate far away from their grubby, corrupt governments.
I'm a liberal but I wouldn't mind restrictions on foreigners buying up property in the US. Here in the Bay Area they have been a huge reason for the unattainability of real estate for many.
As for markets, millennials aren't tied down to cities anymore. More want to work here and there for a year, a month, a specific job, etc. They don't identify with the same streets that Carrie Bradshaw walked, they identify with where tech can enable them to function exciting lives---and thats usually somewhere 1,000 or so miles this way or that way.
You'll be seeing a rise in digital nomads. RE will remain static or drop.
|by Anonymous||reply 193||04/11/2020|
The post virus world will be a new realization of what is important. Look for the cities to depopulate to some degree. Mot people will not have jobs. Most retail will be gone. Most restaurants will be out of business. Most companies will hire people back as 1099 or part time with no benefits.
These are the people that will pay the rents of today and buy the houses of today? Hardly. The tight supply of houses will soon be gone as the sellers realized this was a epic shift, and they sat on their pile of cash house too long. They will hunker down. The others that bought at the top will most likely lose their house. Then the most will run for the exits before this fall to get any buyer before the real collapse in October 2020. It's 2008 all over, but on steroids.
The only people sitting in a better situation are people with parents with homes, as they can move in, or take care of the elderly parents and will get the house after they pass.
Evictions for non-payment of rent and mortgages will be sky rocketing from now till 2023 easy.
The smart money is that people ditch their overpriced digs they have now, or ask for a rent reduction when this gets really ugly in September, that is if you are confident of a job. Then stay put and ride it out, or get out of town, find a place with excellent internet speed and availability, get a MUCH cheaper place in the outer suburban rings of a major city. So say in New Jersey's case a 45 minute ride to the city, and then work from home. But again a huge culling of employees is goin on and will continue going on for quite a while.
People will realize that when the lock downs will be serial events until a vaccine is produced, they will see that what they thought was necessary, really is not and will opt for a simpler, less crowded, less stressful, and greener environment. Getting out of a city like New York will be a priority or a necessity as they will be thrown out.
|by Anonymous||reply 194||04/11/2020|
[quote]The only people sitting in a better situation are people with parents with homes, as they can move in, or take care of the elderly parents and will get the house after they pass.
How about old, fat sugar daddies like me?
|by Anonymous||reply 195||04/11/2020|
r194. Agree. telework will greatly advance this exodus.
|by Anonymous||reply 196||04/11/2020|
So do any of you think I'll be able to by a vacation home in Las Vegas for dirt cheap soon?
|by Anonymous||reply 197||04/11/2020|
Everyone in Vegas will have lost at least 2-3 months salary. The question is what decrease in visitors happens because visitors lost their jobs and business can’t afford conventions.
My sense is Vegas tends to have a lower income visitor base - who are disproportionately hit by this crisis. So I would guess business will be down 15%-20% or more for over a year when it does come back. Which means 20% less money to go around. Which means 20% less money to spend on rents and mortgages. I can’t imagine rents and then sales prices for real estate will not drop dramatically.
|by Anonymous||reply 198||04/11/2020|
The bottom line is that no one knows anything. Anybody that thinks they know what’s giving to happen in the next six to twelve months is full of shit. If you had a shitty, low paying job before COVID, you will probably get another shitty job after COVID. If you lived paycheck to paycheck before COVID, you will do the same afterwards. If you bought an expensive home in an expensive city and lived beyond your means, you may be forced to sell your home at a loss and someone will buy that home. Not everybody lives this way.
|by Anonymous||reply 199||04/11/2020|
R199 is a retard.
|by Anonymous||reply 200||04/11/2020|
Anyone who thinks that the real estate market, and the economy in general, in NYC will just buoyantly bounce back up in a year's time is on crack. Up to 30% of restaurants won't be re-opening. So say goodbye to many young striving artists, actors, writers, musicians and those getting their degrees. A ton of people in advertising, marketing, finance and publishing are getting laid off, too. You think they are going to stay? *Can* stay? There's also a wave of public sector layoffs coming - NPR just did a segment on it and Cuomo has already hinted at it too. Unless there is a major Federal bail out - you're looking at teachers, administrators, all types of city workers - even some cops and firemen - losing their jobs. And you think Trump is going to give NYC a bail out? He will revel in all its pain.
Aspiring white collar Gen Z and millennials were already leaving NYC - this will only increase. They'll continue going to places like Raleigh, Detroit, Lousiville, Cincinnati, Dallas, etc. Smaller cities with cool amenities that are considerably cheaper and have lucrative job markets and higher standards of living.
This all could have a massive, lasting cascade effect on the city's habitability.
I've been in NYC since I graduated from college - I'm 48. My partner and I are finally planning our departure. He is recovering from this fucking virus after almost dying and we are over it. I'm joining his family's business upstate near Hudson and he was already offered a government job in Albany before he got sick. We're going to live in Troy, Hudson or Chatham. Looking around now.
It was great while it lasted - I will admit that. But after this Biblical-level shit show, it just aint worth it.
|by Anonymous||reply 201||04/11/2020|
I'm with you, r201. I was considering all this before covid but now have no choice but to pursue this.
|by Anonymous||reply 202||04/11/2020|
What NYC isn't the end all be all for gay men????
|by Anonymous||reply 203||04/11/2020|
Good point about government jobs. A 30%+ drop in revenues for governments means lots of reductions. Plus transportation employees.
I’m unsure about bars and restaurants - I really wonder if they will come back just as strong. Yes, some places will have gone bankrupt - but the space would accommodate a new bar/restaurant IF people spend money. All so intertwined. It I do think the idea of a v shaped bounce back is unrealistic.
51 - and after 30 years, this has pushed me over the edge of considering finally leaving NYC. Being stranded here in a small space with nowhere to go; feeling like going outside is venturing into a war zone of paranoia; or being able to take the subway - not a fun way to have to exist.
|by Anonymous||reply 204||04/11/2020|
[quote]So do any of you think I'll be able to by a vacation home in Las Vegas for dirt cheap soon?
Why on earth would you want to?
|by Anonymous||reply 205||04/11/2020|
[Quote] Why on earth would you want to?
At some point it would be a retirement home. I'm 13 years before retirement but I can buy into a senior community now. Yes I know some of you gals are rolling your eyes but there are so many amenities to these communities it's ridiculous! The monthly fees are $60.00 a month and there are really nice homes. Not brand new but homes that are 20 years old or less. The state has many subsidies for home owners in NV. That's another plus. I'm an entertainment person. I love going out to shows and my husband is an activities person with golf and tennis. Don't gamble. I actually hate it. I think it's a waste but people seem to like it. We are non smokers and see smoking as dying out soon so we don't care for the short term we are there. The weather is hot but it's actually on average 5 - 7 degrees cooler than Palm Springs. We're good with that.
|by Anonymous||reply 206||04/11/2020|
All you "NYC is SO OVER!" haters whining about how cool it must have been in the trough of the 70s-80s are about to get your wish! Wait till landlords start abandoning buildings, Jewish lightning, bums, even less reliable subways, street crime and organized crime rebounding with a bang!
All you pussies whining about "needing a backyard!" a solid year after moving to NYC were leaving anyway. Bye bitches!
|by Anonymous||reply 207||04/11/2020|
R207 is GANGSTA!!!! I think that I am supposed to HATE this cunt. But I think that I love HER!
Follow R207. SHE IS NEW YAWK!!!!!!!!!!!!!!
|by Anonymous||reply 208||04/11/2020|
I feel so sorry for people who have to sell their homes right now. What a nightmare. So many people don't list their homes until they've already moved into the new one, and now they are stuck with 2 house payments for however long it takes. If they've lost their jobs, they could have 2 homes foreclosed on.
|by Anonymous||reply 209||04/11/2020|
Bloomberg made tremendous strides towards turning Manhattan into a gated community for the 0.1% (the lower-end 1%ers having had to content themselves with taking over the outer boroughs.) So to them it's more of a status symbol than ever. But it's true, it's far from the only cool city in America.
|by Anonymous||reply 210||04/11/2020|
People who are selling now are screwed. We’re talking about a severe recession or even depression. The question is, what about the bounce-back? What will the recovery be like? It’s hard to say, but you’d expect the places, cities usually, that have had a booming real estate market will have a correction. That would be, at least, NYC, Boston, San Francisco, Palm Springs, PTown... It might take 5-10 years for their prices to recover.
|by Anonymous||reply 211||04/11/2020|
R211 Most experts are talking about a ‘U shaped recovery’ or worse. No one’s expecting a ‘V shaped’ sharp bounceback anymore.
[quote]Some experts talk of a "V-shaped" recovery once quarantines are removed and spending and production resumes. This would be a quick rebound to normalcy after a sharp fall. But the last few weeks have cast doubt on this estimation, which explains the rapid selloff. If the outbreak extends into summer, that's a significant loss of demand that can't be made up later and supply chains will take longer to repair.
[quote]"Uncertainty around the impact the virus is having and will have on business and consumer spending is heightened and explains the dramatic asset volatility in recent weeks," wrote Goldman analysts about U.S. equities on Wednesday. On March 1, Claudio Borio, the Bank of International Settlements’ head of the monetary and economic department, said "no one wants to catch a falling knife" since the expectation of a rapid V-shaped recovery appears "grossly unrealistic."
[quote]"V-shape recovery theory has been significantly challenged, as investors correctly entertain the idea of a far more protracted recovery," wrote Citigroup analysts on the global economy in a note on March 5. "The feedback loop between U.S. equities, EM credit and EMFX in this environment is biased to the downside. It is absolutely clear to every single investor that the general end of 2019 EM/DM growth consensus is not going to materialize."
[quote]What other shapes are there? We have U, L, even W. Many experts are betting on "U," at this point as the long-term effects of shutdowns are expected to linger despite monetary and fiscal stimulus. "The trajectory we have penciled in is a deep ‘U shape’ where the bottom is quite low, flirting with recession levels," said Michelle Meyer, head of U.S. economics for Bank of America Securities. If the virus spreads unabated to most of the population in the U.S. and the world, as some scientists are projecting, we could see the dreaded L-shape or a persistent slowdown.
|by Anonymous||reply 212||04/11/2020|
R212 the stock market will get juiced and “recover”. The lower classes will screech by after losing their jobs & homes by taking even lower-paying jobs at shitholes like Amazon just to be able to afford a tiny place & eat while essentially becoming slaves. Lots of companies will eventually go under, but you can bet the JP Morgan Chases and Boeings of the world will still be standing, all gorged like fat pigs in slop on Republican slush fund money. This is the final division of class, the .01% VS. The 99.9% and guess who wins. If you think you were scraping by now and back then, just fucking wait. Guess what else... Trump stays in office, completely overturns the Supreme Court to conservative and bans “fags and baby killers.” It’s only downhill from here.
|by Anonymous||reply 213||04/11/2020|
[quote]the stock market will get juiced and “recover”.
As long as the Fed continues to print money and pour a TRILLION dollars a week into the market to prop it up.
|by Anonymous||reply 214||04/11/2020|
Our best friends just listed their Pasadena, CA home in the 3M+ range. It will be interesting watching this from the sidelines.
|by Anonymous||reply 215||04/11/2020|
R214 yes, the inflation could be insane. $400k houses listed for $2M.
|by Anonymous||reply 216||04/11/2020|
Cassandra predicted a U shaped recovery a few weeks ago, IIRC, you’ve reminded me, R212. This uptick in the stock market is tempting me to jump in, but I believe in the U shape recovery. It is hard to be patient.
As for my house, the thread subject, I expect the value will fall but my roots here are deep.
|by Anonymous||reply 217||04/11/2020|
Since people are being encouraged to work at home, what's the future for all those new office buildings in NYC?
|by Anonymous||reply 218||04/11/2020|
Work from home has been incredibly popular.
15-20% of current CRE leases will be broken by bankruptcy and renegotiation before the end of 1H, and a third by 2021.
Those are the conservative estimates. I suspect they underestimate both by 40-50%, based on a more granular examination of the data.
This is hitting EVERY SINGLE RETAIL MARKET SPACE simultaneously.
Monday is going to be a drudge. Spending on travel, clothing, food, lodging, entertainment, luxury goods, etc. are below anything we’ve seen in modern history. The repercussions are only going to get more extreme as monetary distortions start to influence consumer behavior.
|by Anonymous||reply 219||04/11/2020|
They need to convert all of the soon-to-be-vacant office space into residential.
|by Anonymous||reply 220||04/11/2020|
There won’t be anyone to live in it R220.
|by Anonymous||reply 221||04/11/2020|
Not the best timing for Hudson Yards.
|by Anonymous||reply 222||04/11/2020|
R221, depends on the price.
|by Anonymous||reply 223||04/11/2020|
Prices at the Billionaires’ Row building, which started construction back in 2014, range from $8.7 million for a two-bedroom to $57 million for a four-bedroom penthouse, according to StreetEasy. Curbed reported last year that its penthouse was in contract for close to the full ask.
Maloney added that the 46-unit, 1,428-foot-high tower is far from the only building waiting to reignite sales activity because of the coronavirus outbreak.
“Just about any luxury condo in New York — whether it’s complete, almost complete or partly complete — is in the same boat right now: It’s frozen,”he told the Financial Times. “There’s going to be a bunch of failed projects throughout New York.”
|by Anonymous||reply 224||04/11/2020|
Sweetie, no one is going to want to live on Covid Death Island, i.e. Manhattan, for years and years. Even the long term NY’ers (been here since 1989) are looking for the exits. NY is finally, really, dead.
|by Anonymous||reply 225||04/11/2020|
[R200] is an out of work Macy’s sales bottom.
|by Anonymous||reply 226||04/11/2020|
R222 - I would love it if Hudson Yards became the Harlem of the 21st century - bankrupt and abandoned to the poor. Let that Vessel decay and melt it down for copper. Turn the mall into a homeless shelter. Turn the fancy Commerical offices into residential studio apartments, flooding the market with product. If only.
|by Anonymous||reply 227||04/11/2020|
[r227] would be a thing of beauty.
|by Anonymous||reply 228||04/11/2020|
I just remembered the DREAM mall. Malls are failing as it is, this is a brand new development that opened during the retail apocalypse.
|by Anonymous||reply 229||04/11/2020|
Wall Street will be great! All those dudes will be making so much cash during and after this. Why? Because WE won't ask questions of WTF is really going on. Just like 2008. Many needed to be in jail for 2008 and we did nothing. All we did was bitch about words we didn't like hearing. All of us under the rich are doomed!
|by Anonymous||reply 230||04/11/2020|
R227, is that the theme song for Working Girl 2?
|by Anonymous||reply 231||04/11/2020|
Do people truly randomly disperse or will there be a clear pattern of smaller cities and towns where they flee such that those cities and towns become substantially more expensive, if not as expensive of New York?
This all sucks, but very interesting just from a cultural perspective and a broader discussion about the fate of cities. NYC obviously will still exist and be a hub for a lot of things and a population center - but how will it play out specifically. A lot of people on DL have longed for some aspects of previous eras in NYC - not as many people, more affordable housing - will that come to pass. And, what's the flipside if does - crime and municipal budget crises as there was during some of the most celebrated NYC eras.
|by Anonymous||reply 232||04/12/2020|
Real estate pricing is stickier than the stock market. It won’t just crash.
There has been a serious supply shortage in my suburban neighborhood. It’s also popular with doctors and professors - as well as millennials with kids looking to escape the city but still have easy access - so not really affected by this. The backlog will be huge. Wouldn’t be surprised if there was an uptick when the market opens again. The ENTIRE spring selling season was halted. Even if only 60% of those people are still looking for a house, the market will be tight.
Worst markets - rental’s and bubble markets like LA and Miami.
|by Anonymous||reply 233||04/12/2020|
Because this virus is going to be with us for the foreseeable future I wouldn't be surprised if it gets harder and harder to get a loan. If we have a second wave, which is predicted, we are going to have stay at home again. Jobs that were once considered secure are not now. Even if you work in the essential services with a steady paycheck there is still the fact you are more likely than not to get the virus. Banks will probably be scrambling to come up with new guidelines in lending during this pandemic. Even experts are saying now is not the time to sell. I just don't see a lot of buyers in the market right now.
|by Anonymous||reply 234||04/12/2020|
I wonder how this pandemic will change the views of YIMBYS? There is a huge push by yimbys in LA. This virus is the opposite of their views. NYC is a perfect example.
|by Anonymous||reply 235||04/12/2020|
R234, from your mouth to Chase's ears...
|by Anonymous||reply 236||04/12/2020|
What will happen to Atlanta? It was experiencing a decades long building boom and with the Beltline and other amenities, prices soared in all those trendy gentrified (or gentrifying) east side neighborhoods and Midtown.
|by Anonymous||reply 237||04/12/2020|
I posted about a week ago, which seems like eons ago R236, about jumbo loans vanishing. This next step was obvious. Twenty percent down and needing a minimum 700 credit score is going to eliminate a lot of people from home buying.
|by Anonymous||reply 238||04/12/2020|
Oops, I was R234 not R235
|by Anonymous||reply 239||04/12/2020|
Does anyone have predictions for Honolulu rentals? Husband may take a job there this summer. He still has time to reject the job offer, but has no job here in a few months.
|by Anonymous||reply 240||04/12/2020|
Real estate prices are sticky but they do drop.
Houston ~ 1983
Boston ~ 1989
Everywhere ~ 2007
The Dakotas ~ 2018
My Little Town, CT - 1978 to present
Now? This could be even worse than 2007.
|by Anonymous||reply 241||04/12/2020|
It will take a nuclear holocaust to make NYC affordable and maybe not even that would do the trick.
|by Anonymous||reply 242||04/12/2020|
Biden ought to enact a law prohibiting foreign ownership of property above, maybe about, $1,000,000 in value. That ought to free-up some real estate, no?
|by Anonymous||reply 243||04/12/2020|
[quote] I would love it if Hudson Yards became the Harlem of the 21st century - bankrupt and abandoned to the poor. Let that Vessel decay and melt it down for copper. Turn the mall into a homeless shelter. Turn the fancy Commerical offices into residential studio apartments, flooding the market with product. If only.
By the 1970s a lot of grand apartment buildings, beautiful brownstones and hotels in NYC had become rundown flop houses.
It could happen again.
|by Anonymous||reply 244||04/12/2020|
Hey R209 and R211... contrary to what you said, I WISH I could sell my house now. In my area, a popular California coastal town, there has been a severe shortage of houses on the market for over a year and now, with Covid, it’s even worse... maybe five homes for sale in aany given price range. Yet, there are still buyers out there looking to buy. An agent friend has no less than 7 houses in escrow! I actually believe I could get OVER a high asking price right now. The problem is, I want to stay here so what would I go on to buy from the meager pickings? I don’t want to live in a rental for months or years hoping for something I like to become available.
|by Anonymous||reply 245||04/12/2020|
R245 That is exactly why the inventory of houses for sale was low long before this thing hit- people have nowhere to go after they sell (so they stay put and don’t sell.) There was nothing out there to buy even pre-pandemic.
|by Anonymous||reply 246||04/12/2020|
I don’t see current sellers slashing prices either. I think there’s still lots of buyers out there.
The only weird blip I’ve seen in the local real estate market are several ex-AirB&B homes offered at low-ish prices. I guess owners/investors want to get out fast as their incomes come to a screeching halt. One home I saw, a spectacular mid-century in Beverly Hills Post Office is/was being offered for just $1,995,000. That’s SUPER LOW for a Beverly Hills zip code. Funny enough, the sales blurb said “on the rental market this home brought in over $160,000 last year!”. Guess that’s not the case any more...
|by Anonymous||reply 247||04/12/2020|
Mortgage lending is done, for this week.
No one is getting approval.
|by Anonymous||reply 248||04/12/2020|
r237, I was astounded by Cabbagetown and Reynoldstown estate prices. Those neighborhoods gentrified instantly.
|by Anonymous||reply 249||04/12/2020|
From Tuesday, customers applying for a new mortgage will need a credit score of at least 700, and will be required to make a down payment equal to 20% of the home’s value.
The change highlights how banks are quickly shifting gears to respond to the darkening U.S. economic outlook and stress in the housing market, after measures to contain the virus put 16 million people out of work and plunged the country into recession.
“Due to the economic uncertainty, we are making temporary changes that will allow us to more closely focus on serving our existing customers,” Amy Bonitatibus, chief marketing officer for JPMorgan Chase’s home lending business, told Reuters.
The bank was the fourth largest U.S. mortgage lender in 2019, according to industry publication Inside Mortgage Finance.
The changes should help JPMorgan reduce its exposure to borrowers who unexpectedly lose their job, suffer a decline in wages, or whose homes lose value. The bank said the change will also free up staff to handle a surge in mortgage refinance requests, which are taking longer to process due to staff working from home and non-essential businesses being closed.
|by Anonymous||reply 250||04/12/2020|
Did anyone else notice a sudden increase in their credit score? I monitor mine fairly closely and just today mine jumped up 24 points! I’ve never had a jump so high and nothing has really had changed since my last report.
I just find it odd that banks are requiring higher credit scores and now mine pops up so high. Is this to encourage us to get loans?
|by Anonymous||reply 251||04/12/2020|
the rich get to have the information first and deal with this new reality. There isn't any regulation of banks or any sector. I think the new reality is having a house and a yard, with a hospital system nearby. So housing in suburbia in blue states go up. But, there cannot be construction or redos in residential areas.
|by Anonymous||reply 252||04/12/2020|
R252 Most blue states that will cost you min $500,000
|by Anonymous||reply 253||04/12/2020|
What i am saying is a company can buy into a depressed suburbia and do basic renos on those homes as they relocate out of a major city. They are blocking individual New Yorkers or San Franciscan doing it.
|by Anonymous||reply 254||04/12/2020|
I know it won't happen because most jurisdictions are in the pockets of the developers, however after this I'd love for them to ban investors from China from snapping up the cheap real estate and driving the prices back up.
|by Anonymous||reply 255||04/13/2020|
R249 There’s really a place called ‘Cabbagetown’?
|by Anonymous||reply 256||04/13/2020|
I think the nice areas of Brooklyn and Queens, as well as JC and Hoboken will benefit from this. Foreign investors will maintain their interest in Manhattan, keeping the value high while people who live in NYC will want the outdoor space available in the outer boroughs. Places like LIC, Bushwick and Greenpoint are in high demand.
|by Anonymous||reply 257||04/13/2020|
Yes r256, it's a really cute neighborhood.
|by Anonymous||reply 258||04/13/2020|
Here in my neighborhood in Queens, a small knock-down goes for a million. A shitty attached house goes for 700-800k. I've seen 1 bedroom apartments go for a half a mil. I don't see any of that continuing.
|by Anonymous||reply 259||04/13/2020|
With unemployment claims hitting nearly 17 million over the last three weeks, the number of Americans applying for the government's mortgage forbearance program under the COVID-19 relief plan spiked 73% for the week ending April 5 vs. the previous week - jumping from 2.73% to 3.74%, according to new data from the Mortgage Bankers Association.
For context, the total number of loans in forbearance was just 0.25% for the week of March 2 - an increase of 1,496% in just six weeks, with the number of borrowers in forbearance now topping 2 million according to CNBC.
Of the increase, borrowers with Ginnie Mae loans are in the worst shape - with requests jumping from 4.31% to 5.89%. Fannie Mae and Freddie Mac borrowers are doing 'less bad', with forbearance requests increasing from 1.69% to 2.44%.
|by Anonymous||reply 260||04/13/2020|
With unemployment claims hitting nearly 17 million over the last three weeks, the number of Americans applying for the government's mortgage forbearance program under the COVID-19 relief plan spiked 73% for the week ending April 5 vs. the previous week - jumping from 2.73% to 3.74%, according to new data from the Mortgage Bankers Association.
For context, the total number of loans in forbearance was just 0.25% for the week of March 2 - an increase of 1,496% in just six weeks, with the number of borrowers in forbearance now topping 2 million according to CNBC.
Of the increase, borrowers with Ginnie Mae loans are in the worst shape - with requests jumping from 4.31% to 5.89%. Fannie Mae and Freddie Mac borrowers are doing 'less bad', with forbearance requests increasing from 1.69% to 2.44%.
|by Anonymous||reply 261||04/13/2020|
I've never heard of Ginnie Mae. Obviously, it's a federally backed mortgage program.
|by Anonymous||reply 262||04/13/2020|
Government National Mortgage Association is just the smaller brother of Fannie Mae.
|by Anonymous||reply 263||04/13/2020|
Obviously, the two con-artist families in the white house, trump and kushner are not going to do anything to help renters. Slumlord is their origin story. .
|by Anonymous||reply 264||04/13/2020|
Treasury Secretary Steven Mnuchin offered reassurances Monday on the stability of the U.S. mortgage market amid the coronavirus pandemic and the squeeze it has put on mortgage servicers.
“We’re going to make sure that the market functions properly,” he told reporters at a White House briefing. He added that the Treasury Department has had discussions with the Federal Housing Finance Agency about the mortgage market.
“We have all the appropriate people on it,” he said. “We’re very aware of the issue.”
Mnuchin said a Financial Stability Oversight Council task force had specifically studied the issue of mortgage servicer liquidity.
The problems faced by mortgage servicers have been highlighted in recent weeks. As part of the $2 trillion stimulus bill that Congress passed in March, lawmakers mandated that borrowers be allowed to delay payments on government-backed mortgages for as long as a year.
But when homeowners go into forbearance, servicers must still advance payments to mortgage-bond investors. They will eventually be reimbursed by federal agencies or by Fannie Mae and Freddie Mac, but could face cash crunches while waiting. The issue could be especially acute for nonbank servicers, which don’t have deposits or other sources of liquidity that banks do.
|by Anonymous||reply 265||04/13/2020|
Sociopath Liars who have fucked the American people, should be VOTED OUT of office. The economy will not get better, unless they these crop of elected Republican politicians are out of office. Registered Republicans and people who voted for Trump over Hillary Clinton can see this very serious issue too and help us. Americans Unite!
|by Anonymous||reply 266||04/13/2020|
I know a lawyer who does mortgage-backed securities. She has been insanely busy the past few years. What do you think happens to those mortgage - backed securities when the underlying mortgages aren’t paid? Oh, I remember .....2008/9.
|by Anonymous||reply 267||04/13/2020|
R267 The Fed has been frantically buying up mortgage-backed securities to prop up the market.
|by Anonymous||reply 268||04/13/2020|
That is not sustainable R268. Lending is tightening up. Twenty percent down and a credit score of 700 and above. Housing market will tank, just a matter of how much.
|by Anonymous||reply 269||04/13/2020|
[quote]Government National Mortgage Association is just the smaller brother of Fannie Mae.
Is Ginnie transgender? What are her pronouns?
|by Anonymous||reply 270||04/13/2020|
Real estate transactions are seizing up like a motor that lost the oil filter going over a speedbump.
Anyone who seriously believes that this will rebound before the middle of 2022 hasn’t been paying attention.
|by Anonymous||reply 271||04/13/2020|
Leave Ginnie alone R270, she is just in billing.
|by Anonymous||reply 272||04/13/2020|
I'm a bit puzzled to peruse this thread as my mortgage lender, with whom I refinanced barely 6 months ago, is all over me to refi again when I would save barely $150 monthly from my payment. They will waive virtually all qualification requirements, including an appraisal. Refi makes no sense to me at the moment and I am not interested. But yet they ring me almost every day, today I received a fully filled out application form in my postbox requiring only my signature to proceed. Talk about desperate, damn.
This certainly does not fit the narrative of 'it becoming impossible to get a mortgage', etc., perhaps the banks are focusing on refinance as there is less risk exposure for them?
|by Anonymous||reply 273||04/13/2020|
How much equity are you talking about? Are they offering 100% of your current home value?
|by Anonymous||reply 274||04/13/2020|
I don’t think it’s impossible to get a mortgage or refinance right now. It might take a bit longer and will definitely require 20%+ down payments and 700+ credit scores. For residential loans, the biggest snag is getting an appraiser willing to go to a home... but even that is happening in some areas as many banks are willing to accept drive-by appraisals right now.
|by Anonymous||reply 275||04/13/2020|
R274 I have roughly 50% equity in my home, 800+ FICO. Perhaps it is simply the underwriters' feeling that with that much equity they are at minimal risk whatever comes...? Have never experienced such an aggressive lender.
|by Anonymous||reply 276||04/13/2020|
Yup R276. Sounds like you’re an excellent low risk customer!
|by Anonymous||reply 277||04/13/2020|
Unless you can use the cash, productively, then you’re being suckered.
They want you to take a loan out because you have equity. Ask if you can borrow 95%. See what they offer.
If so, take it, buy some UST, and start looking for a new home. Rent for a year.
Your home will be worth less (in real, inflation adjusted terms) a year from now.
The explosion in money supply is going to drive all assets higher, eventually, so choose your risk level.
Shit is getting real, y’all.
|by Anonymous||reply 278||04/14/2020|
The banks have said they have no problem refinancing R275. Many have said right now refinancing is their top priority. It is the new qualifications for a loan that will be a problem for many people. Most people don't have 20% to put down on a home. It has nothing to do with an appraiser being able to go to a home R276.
|by Anonymous||reply 279||04/14/2020|
R276 here -- cheers for weighing in, gents. Even in shit times it seems there are opportunities.
|by Anonymous||reply 280||04/14/2020|
I drove through another new neighborhood, and 14 houses were in some state of construction, or already on the market. $350-400K each. The 8 under roof but incomplete all had full crews.
I live in a small market, so my perspective is different when compared to some of my colleagues in Vegas or (gasp) NYC. Charlotte has cooled considerably. Atlanta suburbs are a nightmare. Texas appears immune.
Florida is looking particularly weak as a whole.
The Southeast and Midwest seem to be weakening more slowly than Northeast, especially the corridor.
|by Anonymous||reply 281||04/14/2020|
I just closed on a ReFi on 4/1/20, with $50,000 cash out and a rate of 3%. I’ll save about $2700 a year. I started the process in February, just before things got funky.
R280, Rory, I don’t know why you wouldn’t do the ReFi if the lender is going to make it easy for you. You’d save $1800 a year, for doing virtually nothing, and you’re familiar with the process from doing it 6 months ago.
|by Anonymous||reply 282||04/14/2020|
[quote] Latest revision has top ten metro areas losing 39% in inflation adjusted terms by December.
Not Manhattan or Brooklyn. Or even queens
|by Anonymous||reply 283||04/14/2020|
What do we think will happen with LA?
|by Anonymous||reply 284||04/14/2020|
I think people want out of New York. But they cannot find a buyer, a renter or have the money to rent/buy elsewhere. Since business sector is working from home, you can basically live anywhere in the US, with a good airport nearby.
|by Anonymous||reply 285||04/14/2020|
[quote] What do we think will happen with LA?
LA property values will not change. There is zero inventory here and we won't suffer any post-covid stigma. Everyone wants to live in L.A.
|by Anonymous||reply 286||04/14/2020|
property values will decrease, when people cannot afford the previous value of their homes, mortgages. If the federal government readjusts this, I think they need too, this is a decrease of housing values. And also, the end of the housing bubble, which is a big problem anyways. So lower property values, help for primary home owners (first homes), more needed to purchase a home, less home equality (for loans) and stabilizing the housing sector.
|by Anonymous||reply 287||04/14/2020|
WORD SALAD alert at R287
|by Anonymous||reply 288||04/14/2020|
If prices went down 39%, it would be a buying frenzy. Even 10% would kick start a lot of buying from pent up demand in major metros.
|by Anonymous||reply 289||04/14/2020|
But incomes are going down and taxes will go up.
|by Anonymous||reply 290||04/14/2020|
Have you not heard, qualifying for a loan just got harder? In LA just think of the average home price. Lets look at a home in the $3 million price range. They would have to put close to $600,000 as a down payment.
|by Anonymous||reply 291||04/14/2020|
Everything will have to scale downward, income, currency and assets value.
And we need to jack up the taxes on the millionaires and billionaries.
|by Anonymous||reply 292||04/14/2020|
This is easy: Chinese, Russians, Arabs will still buy in LA and NYC and SF and Miami and Honolulu.
Sorry folks, your dreams of some of the most expensive and ACCESSIBLE real estate in the US will not happen.
Flyoverstan perhaps, but above groups aren't interested in hiding their money from their governments there.
|by Anonymous||reply 293||04/15/2020|
- A record 22 million Americans have sought unemployment benefits over the past month, with millions more filing claims last week, almost wiping out all the job gains since the Great Recession and underscoring the toll on the economy from extraordinary measures to control the novel coronavirus outbreak.
The deepening economic slump was also amplified by other data on Thursday showing manufacturing activity in the mid-Atlantic region plunged to levels last seen in 1980 and homebuilding tumbling by the most in 36 years in March.
The reports followed dismal reports on Wednesday of a record drop in retail sales in March and the biggest decline in factory output since 1946. Economists are predicting the economy, which they believe is already in recession, contracted in the first quarter at its sharpest pace since World War Two.
|by Anonymous||reply 294||04/16/2020|
R294 People losing their jobs + banks requiring 20% down and credit scores 800 or higher = fewer buyers.
Sharply reduced building = reduced supply.
real estate is fucked.
|by Anonymous||reply 295||04/16/2020|
Over a month now without any new listings. Even if 20% of the population lost jobs, there is so much pent up demand from people with money and credit scores. The month when most families are looking to buy - nothing is available.
When things reopen, there will be bidding wars. No one wants to sell - because of uncertainty. But a ton of people need to move. Rental properties will take a hit. But suburban houses in good school districts will be hot. Millennials with kids will be dying to get out of the city now.
|by Anonymous||reply 296||04/16/2020|
The market overall is going down - but that's overall. Depending on the metro and demand, there will be bright spots.
|by Anonymous||reply 297||04/16/2020|
I talked with a NYC friend yesterday. Because of COVID she wants out of the city ASAP and has already contacted a real estate agent to sell her apartment of many years. This whole isolation thing has been too much for her.
She’s looking to move up to the Hudson Valley, where she can always hop on a train back to Manhattan if necessary.
|by Anonymous||reply 298||04/16/2020|
I just read that some South American billionaire bought SEVEN New York City apartments, all in the same prime building. He paid something like $27 million, all cash, for the bunch so I guess he got a real bargain.
But here’s the amazing part... IT WAS A 24 HOUR CLOSING! How is that possible even in normal times, let alone during a pandemic when NYC is virtually closed?
|by Anonymous||reply 299||04/16/2020|
Do you have a link R299?
|by Anonymous||reply 300||04/16/2020|
Found the article. They had visited the sales office in November. I imagine this is something that had been in the works for some time. Probably everything was in place, even price and that is how they closed so fast.
|by Anonymous||reply 301||04/16/2020|
Hi R300. It’s not the story I read that mentioned a fast close, but here’s a link to the Post’s reporting on it.
|by Anonymous||reply 302||04/16/2020|
Says pretty much what I read in the article I found R302
|by Anonymous||reply 303||04/16/2020|
Even if the Peruvians had been considering this since November, it’s still interesting that they bought during Corona. I’m guessing they got even more for their money by purchasing now.
Just goes to show, that as much as Americans complain about real estate prices, foreigners still think it’s a safe bet.
|by Anonymous||reply 304||04/16/2020|
They only got a 7% discount R304. I don't know what Peruvians laws are, but in the United States you can up to $50 million in bank accounts and be covered by FDIC. You go to a CDARS and they set up all the accounts to other banks so you have only one statement. You have $250,000 in each account. The Peruvian was worried about his money and I would suspect he is in it for the long haul.
|by Anonymous||reply 305||04/16/2020|
I'm thinking of moving into a Continuing Care Community. Any of my fellow eldergays have any experience with them?
|by Anonymous||reply 306||04/16/2020|
My neighbor dropped his price 4% in a few weeks. He's got an offer now, it seems. But who would want to tour a home for sale at this time? What with the seller getting his germs everywhere.
There is a great financial opportunity right now, if you have recovered from the virus. You could tour all the open houses you like without fear of germs. And snatch-up one or two at a discount.
|by Anonymous||reply 307||04/16/2020|
First you would have to qualify R307. Not very many people have a 20% down payment or the credit rating to qualify.
|by Anonymous||reply 308||04/16/2020|
r11 i hadn't thought of that!!! Although the real problem with airBNB is that landlords use them instead of renting to actual tenants
|by Anonymous||reply 309||04/16/2020|
You don’t change the sheets for tenants, or clean their condo, or pay for electricity/internet/water/etc.
Did AIRBNB for a year, and net profit was almost exactly what I would’ve had in a year long rental.
|by Anonymous||reply 310||04/16/2020|
I hope to be in a buying position in 24 months, I hope as a first-time buyer, I can get something nice that I can afford. I'm gainfully employed in the healthcare industry, so job security is very precious for me.
|by Anonymous||reply 311||04/16/2020|
I live near Los Angeles. The other day I called my real estate agent and asked to tour a home I saw for sale. The answer was ‘no problem’ but that I would have to sign a hold harmless form, ie. that if I caught COVID from the tour I couldn’t sue the owner.
I was fine with signing the form... but before I could get things faxed, the house sold! THATS how fast things are selling here right now.
|by Anonymous||reply 312||04/16/2020|
R147 here (the real estate photographer in Texas). Just wanted to report that this week, I've booked 23 photo shoots. That's up from 14 last week and 13 the week before. It feels like sellers and agents have decided that after slowing things down for a couple of weeks, they're ready to start moving again. I already have 11 shoots booked for next week. I expect next week's schedule to fill up over the next few days to be comparable to this week.
|by Anonymous||reply 313||04/16/2020|
It doesn't matter how many homes are for sale R313 if you don't have buyers that can qualify. Average home price in Texas is around $177,000. If they are still going with the 20% down that means a buyer would have to come up with $35,400. Someone looking in that price range probably doesn't have that amount of money for a down payment. And lets not forget now they are looking more closely at your credit rating and how secure your job is. If you temporarily lost your job because if this first wave of the coronavirus you will probably lose it in the second wave and the experts have said there is a second, third, fourth...until we have a vaccine. Lets wait to see what the purchasing numbers are and the ratio of list price to sell price, days on market, etc.
|by Anonymous||reply 314||04/17/2020|
There are programs that can help first-time buyers with the down payment, but you'll still need a good credit rating to get the loan. And they're mainly for single family housing, not condos or apartments.
|by Anonymous||reply 315||04/17/2020|
The lending has just gotten tighter R315. Those programs are not going to help someone buy a home in today's environment.
|by Anonymous||reply 316||04/17/2020|
Looks like there's going to be a huge crash in Canadian real estate
|by Anonymous||reply 317||04/17/2020|
Wonderful! I've always wanted a vacation condo in Vancouver.
|by Anonymous||reply 318||04/17/2020|
Nah, all this talk about real estate crashes gets people’s up that they can snag a bargain. That’s unlikely. I don’t expect house prices to fall much below 10%, if even that much.
This recession was not triggered by bad mortgages, like he last one when there were tons of foreclosures. We might see some people lose their houses but, with some exceptions, banks have been far more careful with their loans than years ago.
|by Anonymous||reply 319||04/17/2020|
Meant... people’s hopes up.
|by Anonymous||reply 320||04/17/2020|
You are missed the point R319. Lenders are tightening their loan requirement. You have to have over 700 credit score, higher down payment and not only job verification, but that it won't be affected by the coronavirus.
|by Anonymous||reply 321||04/17/2020|
I get that, R321, but banks make virtually all their money from loans. They need to make loans. They might have tight lending requirements at the moment but they won’t do anything stupid to eliminate their core business.
Each lender makes their own rules too and, over time, the rules will bend to keep them competitive.
|by Anonymous||reply 322||04/17/2020|
I was trying to figure out why my net worth on Mint was going up when my 401(k) and other investments were tanking ... and then I realized that it was the housing values (from Zillow) for my personal residence and my rental property. Both had MAJOR jumps in the past couple of weeks. I have no idea why.
|by Anonymous||reply 323||04/17/2020|
No R322. Most lenders don't even keep the loans. They bundle and sell them, but there are guidelines they have to follow.
|by Anonymous||reply 324||04/17/2020|
I agree with r319. The last mortgage crisis was many years in the making, and this economic crisis in not steeped in real estate. IMO we are going to recover from this in a shorter time than the mortgage crisis, which was extremely complex and very slow moving.
And some of you must not have purchased a home in a while. 700 plus credit has been the standard lending guideline for the last 10 years, that is nothing new. PMI is also required if you put less than 20% down. Condos took a huge hit after the 2008 recession and most lenders require 20% down for condos since that time. Im sure if Biden is elected he will bring back the HARP program which helped millions with their mortgages.
|by Anonymous||reply 325||04/17/2020|
R323, your Zestimate may have jumped because, in some parts of the U.S., homes are selling like hot cakes. There is a severe shortage of listings, so the homes still being offered are going for premium money.
|by Anonymous||reply 326||04/17/2020|
People could get a mortgage with a credit score in the 600's R325. We understand PMI. You don't understand what lenders are saying.
R323 No one in the industry uses Zillow's zestimates.
|by Anonymous||reply 327||04/17/2020|
R327: In recent years, anyone with less than a 700 credit rating is a big risk. Plain and simple. I wouldn’t want to lend to them and I’m not a bank.
And, you missed R322’s point. He’s not applying for a mortgage. He’s trying to get an idea of his net worth using an app. Zestimates are often way off, but at least it’s a rough guideline when figuring what your home might be worth for personal reasons.
|by Anonymous||reply 328||04/17/2020|
No it is not R328. It would be like getting a rough estimate to your net worth. Are you worth a million dollars or are you worth only half a million dollars. Like I said no on in the industry uses Zillow. They are using an algorithm that doesn't take into account many factors that make a home worth x amount of money.
|by Anonymous||reply 329||04/17/2020|
R329, please go back and read R322’s post. Yes, no lender uses Zestimates... we know that. But R322 was trying to estimate his personal net worth and you have to start somewhere. HES NOT USING IT TO APPLY FOR A MORTGAGE.
|by Anonymous||reply 330||04/17/2020|
It is R323 you should be referenceing R330, not R322. So you need to reread their comment.
|by Anonymous||reply 331||04/17/2020|
|by Anonymous||reply 332||04/17/2020|
I’ll try to explain it to you once more. The only true way to get an idea of the value of a home is to have a professional appraisal. That runs around $800 in my area. For someone roughly calculating their net worth, no one would spend that kind of money, which is why the fellow is relying on a Zestimate. And yes, they are unreliable indicators.
|by Anonymous||reply 333||04/17/2020|
I was not trying to calculate my net worth. Mint just does it automatically. I don't care what my net worth is because I'm not trying to sell anything. I just noticed that it had gone up despite the fact that my non-real estate investments had gone down. I understand how real estate is priced. But as was pointed out the fact that they had gone up at least indicates that the market is up in those two areas. I'm sure the numbers are not even close to the value of the houses (probably overstated), but with my personal residence at least, since I live in a complex with many identical units, if they're using comps from my immediate area, it's probably close. The rental property is quite different since it's a unique single-family home in a non-tract area.
|by Anonymous||reply 334||04/17/2020|
[quote] Lenders are tightening their loan requirement. You have to have over 700 credit score, higher down payment and not only job verification, but that it won't be affected by the coronavirus.
This is just not true. At all. There are all types of loans still out there. Buyers can easily get loans with a rating of 640 and 2-3% down with an FHA loan, and yes, they’re still being written. Chase and B of A maybe not, but there are thousands of smaller banks and mortgage companies that are still writing these types of loans every day.
|by Anonymous||reply 335||04/17/2020|
This “must be over 700 credit rating or they’re a risk!!!!!!” hysterical poster doesn’t have a single fucking clue what they’re talking about. Block and ignore this troll. Exhausting.
|by Anonymous||reply 336||04/17/2020|
BS R335. Name one bank or credit union that is loaning to people with less than 20% down, job verification that is not affected by the coronavirus and a credit score less than 700. These banks don't hold onto the mortgages they have given to people and must meet a criteria in order to sell to investors and be backed by Fannie Mae and Ginnie Mae.
|by Anonymous||reply 337||04/17/2020|
Wow, R336, Sensitive much? Do you block and call everyone that doesn’t agree with you a troll?
Of course, there are lenders who will loan to those with less than a 700 credit score... but the lender’s risk of loss is higher and the loans more difficult to get. See the chart in the link I’ve attached.
|by Anonymous||reply 338||04/17/2020|
New York’s ex-first girlfriend Sandra Lee tells us she is sheltering from coronavirus in Los Angeles, where she is still rooting for her “guy,” Gov. Andrew Cuomo.
The ex-Food Network star, famed for her semi-homemade food concepts and as part of her recently reported home-selling spree, has sold her three-bedroom townhouse in Saint Marys, Georgia, for around $300,000.
It was last asking $315,000 and, yes, the sale was sped up due to COVID-19.
The house, known as Blue Bayou, traded hands via a virtual closing on March 26.
“The buyers moved in that week,” says Lee, who declined to comment further on the deal.
According to a source familiar with the deal, the trade was done within 30 days and the buyers paid all cash.
“They wanted to get into it before they were hit with COVID-19,” the source adds. “It was a rush close for sure.”
|by Anonymous||reply 339||04/18/2020|
Why did she have a house in Georgia? Did she ever live there?
|by Anonymous||reply 340||04/18/2020|
Lol @Ginnie Mae
|by Anonymous||reply 341||04/21/2020|
Any updates from your areas?
Here in the Ventura suburbs of LA, we haven’t seen any major changes in prices. Very little inventory.
|by Anonymous||reply 342||04/21/2020|
Man jailed for spitting at police while claiming he had coronavirus
From CNN's Samantha Beech
A 21-year-old man was sentenced to six months in prison for domestic assault and spitting at police while claiming he had coronavirus, London's Metropolitan Police said in a statement Wednesday.
The man was arrested on suspicion of domestic assault on a woman and criminal damage to her property on Monday. Met Police said the man told authorities he had Covid-19 and while being put into a police van, he spat at two officers. He was later charged for assault on emergency workers in addition to assaulting the woman.
While in custody, police said the suspect told them he did not have coronavirus or any symptoms. He appeared in custody at Barkingside Magistrates' Court on Tuesday, where he pleaded guilty and was sentenced.
"I hope he spends his period in prison to reflect on his behavior, and that his prison sentence sends a message to others who are willing to commit domestic offenses and to target police officers whose job it is to protect Londoners," police inspector Alexis Manley said in a statement.
|by Anonymous||reply 343||04/22/2020|
I think people are pull their listing off, and renting.
|by Anonymous||reply 344||04/22/2020|
I don't think the rental market is going to be any better R344.
|by Anonymous||reply 345||04/22/2020|
Try je rental market could get tighter if people start losing their homes (thus becoming renters.)
|by Anonymous||reply 346||04/22/2020|
Homeowners can request forbearance for up to a year R346 so they will be OK.
|by Anonymous||reply 347||04/22/2020|
'Droves' of people are fleeing New York City permanently to live in the suburbs or smaller cities - sparking questions of how the city will bounce back once coronavirus lockdown is lifted
Waves of people are trying to leave New York for the suburbs and smaller cities amid growing fears that the city may never return to its former glory or that it will take years to get there.
Among those fleeing are parents with young children who had already been eyeing moves to suburbs and were give a push when the pandemic hit, and frustrated singletons who no longer see the point in paying exorbitant rent prices for small apartments when there is no city beyond their homes for them to enjoy.
It has sparked questions of whether New York will bounce back - like it did in the 1920s after the Spanish Flu, when there was a spike in creativity and population growth - but also fears that the Big Apple, beloved for its chaotic density and busyness, may never be the same again.
As of Wednesday morning, there were more than 134,000 cases of COVID-19 in New York City and more than 9.400 deaths.
Among them are Stan and Julia Usherenko who paid $25,000 over the asking price for their new home in Midland Park, New Jersey, after viewing it just once last month on the final weekend that open houses were allowed.
The couple had been living in Sheepshead Bay, Brookyln, with their two young children.
Heidi Matisoff and her husband have also bought a home in suburban New Jersey for them and their two young children.
'The lure of leaving the city has increased,' Heidi told The Wall Street Journal.
Alison Bernstein, who runs a service called Suburban Jungle which matches city clients with suburban homes, told DailyMail.com she has seen a surge in interest in suburban properties and properties in other cities.
'Our business has always been based on lifestyle. We have people who start the process, they say "let me see how it goes, I'm not quite sure", they are weighing their options of staying in the city or moving, maybe they're not quite ready though because they want to see what happens with preschool or if they have another baby.
'What we've seen is, aside from new clients who need to get out for space for example if they have kids and two people working from home, the city's not meant for that, they are saying "we have to get out now."
'The existing clients who were on the fence before are also all coming back in their droves.
'They're saying "now is the time,"' she said.
|by Anonymous||reply 348||04/22/2020|
R348 good, get all the wannabe Carrie Bradshaws out.
|by Anonymous||reply 349||04/22/2020|
Rental property is going to get interesting if some politicians get their way. There's a bill being introduced in California to cut rents statewide by 25%. If something like that goes through, a lot of people will just pull their units off the market. (Not apartments so much as single family homes.) Thus creating a housing shortage.
|by Anonymous||reply 350||04/22/2020|
That Daily Fail article is classic. Absolutely no statistics to support it. A totally made up story. Could have been written by a DLer. Curious to see if what they say “is” happening does happen - when the actual real estate market reopens. Now it’s all theories - until people can actual buy and sell houses again, it’s speculation.
|by Anonymous||reply 351||04/22/2020|
This is a good idea: force a reduction of rent value, stop eviction/foreclosure, rent control, freeze mortgage payments.
|by Anonymous||reply 352||04/22/2020|
Airbnb & VRBO owners (and their property managers) are living in a fantasy land. Many areas that would otherwise be crawling with tourists in the summer have seen mass cancellations and drastically decreased tourist traffic. Even so, many owners aren't adjusting pricing or polices accordingly.
|by Anonymous||reply 353||04/22/2020|
Real estate prices won’t crash stupendously. The just won’t give mortgages. Before, it was hard to buy because of affordability based on your current salary, but an infusion of inheritance/parental gifting coukd get you there.
Now it’s because you don’t qualify for a mortgage based on 37 bullet points & 29 math equations the banks/mortgage companies demand
Housing will never be as affordable as it was in post war America & the further we get from postwar America, the higher the prices will go. It was a fluke. We were not successfully attacked on the mainland in WW2 while everyone else got blown to smithereens. We became the manufacturers & premier weapons producers for the planet. We had no competition. Lots of jobs.
No more jobs.
|by Anonymous||reply 354||04/22/2020|
Yeah, they said droves of NYers were leaving the city after 9/11. What happened? Prices went sky high, a frenzy of building luxury condos ensued for 15 years.
Out here in the Hamptons, I was told by NYT that terrified parents fled to their summer homes for good. I sent my kid to day camp & school here. I met a lot of parents. Hundreds. I cane across exactly two terrified women who came out here with their kids after 9/11. One got her kid into an exclusive day school. She decided she didn’t like it here, divorced her husband & took the kid back to NYC.
The other fled to her1400 sq ft summer house. She now had 3 kids & found the house was far too small for 5 people to live in during winter, so she rented a huge house, demolished her little summer escape house & built her (now worth) $4.5M home. She put her kids in public school - a cost saving measure, as she & the hub kept their Battery Park City condo that was directly across the street from WTC and watched the housing market to see what would happen. Well, a building frenzy went on in NYC, as I said, and their condo doubled in value. Now their condo is worth 10x what they paid for it. They rent it out by the month through some corporate housing company, but during August they go back to the condo for a month & rent their house out for $65k. For the month.
Her kids are 10x smarter than the local kids, since she & her husband are educated as opposed to local kids whose families clean cesspools for rich people for a living. They won scholarships to the best colleges in the country because they had no competition from the dumbass local potato heads & the illegal non-English-speaking immigrants.
And those are your “terrified NYC residents” from 9/11. When the 3rd kid finishes high school this year, they’re going back to the condo full time. They paid it off by renting their summer house every August. Their kids will either be away at college, or have a job & live in Brooklyn. They & the kids will use the summer house from Memorial Day to July 31, and continue renting it every August.
Lol. Those “terrified Manhattanites” will soon be bored after they rent a house upstate for 6 months. Or spend a winter in the Hamptons. They’ll be back. They were smart enough to make enough money to rent or buy a place; they’re smart enough to discover they need to go back.
|by Anonymous||reply 355||04/22/2020|
You can't compare a pandemic to a terrorist attack R355. Look up the reasons why people are saying they are leaving now.
|by Anonymous||reply 356||04/22/2020|
Whether you’re a tenant, a single-family homeowner, a landlord with multiple units or a mid-size apartment owner. We will be here, waiting... to help.
Hahahahahaha Hahahahahaha Hahahahahaha
|by Anonymous||reply 357||04/22/2020|
Those who want to live in nyc will not be spooked by a pandemic. Maybe some people who were on the fence will leave, but most New Yorkers would rather die than live anywhere else.
|by Anonymous||reply 358||04/22/2020|
I made a totally wrong call after 9/11. Fearing mass exodus and collapsing prices, sold apartment in Brooklyn that has tripled in value since. So I won’t make predictions.
The hard reality of being trapped in a small space and the elimination of everything that made NYC worthwhile - bars, restaurants, cultural and social events - makes this feel very different. I honestly am really curious what happens. I know it’s pushed me to more seriously consider leaving - after a few years of seeing all my favorite places close and many of my long time NY friends leave. But I’m also in my 50s so it may be age related - don’t get as much out of bars and hip restaurants as I did at 35.
|by Anonymous||reply 359||04/22/2020|
Do you look 35?
|by Anonymous||reply 360||04/22/2020|
No I look 60 - which is 4 years older than I am. Pale white skin - and realistic.
|by Anonymous||reply 361||04/22/2020|
I live in the center of Boston (if it had a center). I am curious about this as well, since I just assume I’ll catch this bug, as I live so closely to all my neighbors. Other than my neighbors, I’ve been isolating pretty successfully. We live on top of each other, basically, (and “no” to the “pics please” troll, lol). I share two walls with neighbors, and I’m sure the air circulates around, by my two downstairs neighbors.
One downstairs neighbor In my building teaches yoga, so I just assume he’s caught it. The other neighbor already has wasting from something I assume is HIV or maybe Hep B. I am afraid he won’t do well if infected. I really like them both and hope nothing happens to them, but this disease is so contagious! I’m as concerned about them than I am about me, actually. I think I’ve already caught it and almost recovered.
|by Anonymous||reply 362||04/22/2020|
Someone please Lysol R362
|by Anonymous||reply 363||04/22/2020|
R355 is trying so hard to hold on. There is a shift happening unlike anything we have ever seen. Nothing will be the same ever again. Real Estate, stores, schools, universities, healthcare, working in an office, social gatherings.
It is sad that people can't see that this will change the entire world. Oh, and that vaccine thing, yes that is coming, but not for a LONG time. We as humans may have to take a pill every month or every week to keep this and the new discovery of multiple variants of this virus just to stay alive and have a society that maybe tries to be like the one in the past.
|by Anonymous||reply 364||04/23/2020|
Coronavirus pandemic hasn’t derailed leasing in NYC
There’s life behind the lockdown. The commercial heartbeat pulses quietly behind the grim tableau of COVID-19 uncertainty and frozen construction.
The dramatic deal by Facebook — run by Chief Executive Mark Zuckerberg — to be the anchor office tenant at Vornado’s Farley Post Office project across Eighth Avenue from Madison Square Garden — a whopping 740,000 square feet — hasn’t been fazed by the crisis and is “moving toward closure,” a well-placed source said. Those involved didn’t get back to us.
Meanwhile, AIG — which sold 175 Water St. and faces a lease expiration at 80 Pine St. — is forging ahead to lease more than 200,000 square feet at 28 Liberty St. and the same amount of space at 30 Hudson St., the Goldman Sachs-owned tower, in Jersey City. Both deals are well on track to be completed, sources said.
A few blocks away, the SEC, which is moving from Brookfield Place, has a done deal for 241,000 square feet at 100 Pearl St., which is in the midst of a $430 capital improvements upgrade, a source said. JLL repped the SEC and Newmark repped the owners.
On the Midtown front, BNP Paribas is negotiating a 300,000-square-foot renewal at 787 Seventh Ave., which is owned by CalPERs’ management arm, CommonWealth Partners.
JLL’s Peter Riguardi, who’s said to represent AIG and BNP, didn’t return calls.
Development plans too, although moving more slowly, continue to percolate as lenders, lawyers and architects trade strategies via Zoom and other virtual-meeting sites.
Klovern AB of Sweden and GDS Development Management are working on scenarios for 417 Park Ave., the 29-unit co-op apartment building they bought for $184 million in 2019. That’s the building which Kushner Cos. also took a run at last year, as we reported at the time.
Klovern AB and GDS have an office project in mind, thanks to 2017 rezoning that would allow a 220,000-square-foot office building as-of-right — but could be considerably larger by using air-rights transfers.
|by Anonymous||reply 365||04/23/2020|
[quote] Homeowners can request forbearance for up to a year [R346] so they will be OK.I
What then? After a year of suspended payments if you and/or partner are still unemployed or have a lesser income you will lose your home.
|by Anonymous||reply 366||04/23/2020|
Banks are more risk-averse post 2008 (from WSJ):
[quote]Today, banks aren't the cause of crisis but nor are they the solution. Changes to the U.S. financial system, put in place after the 2008 crash to prevent a repeat, have sapped tolerance for the kinds of risks that are necessary to bring about a recovery
|by Anonymous||reply 367||04/24/2020|
R365 is one of those people that thinks simply and in old way. You know, the kind that wonders why the pandemic is taking so long.
My clients are very wealthy, five houses wealthy. They have have everything on hold or have cancelled.
|by Anonymous||reply 368||04/25/2020|
R368, are you a real estate agent?
|by Anonymous||reply 369||04/25/2020|
These New Yorkers fleeing coronavirus vow they’ll never return
Wendy Silverstein never thought she’d leave New York City for good. The 58-year-old design publicist has called her beloved East Village apartment home for 30 years.
But then COVID-19 threatened her husband, John Crellin, a 71-year-old retired architect with a chronic health condition. So on March 18, as the specter of the coronavirus loomed, she scoured their East Fourth Street apartment for enough clothes and supplies to last roughly a year. A few days later, they drove 2½ hours north to Canaan, NY, a tiny town in Columbia County where her stepdaughter works as a veterinarian.
For now, Silverstein and Crellin have been able to stay rent-free in a red-sided house owned by a friend’s friend. But they plan to stay longer — because one thing that’s become clear as they settle into life outside the city is that they’re probably not coming back. Even if it’s deemed safe to return, they’ve become disillusioned.
“I don’t love New York now more than ever. That’s the first time I ever felt that way,” Silverstein says. “Do I in the future rent out my apartment in the city? A lot of work I could do remotely. Where do I want to live?”
Many Gothamites have fled the five boroughs for safer havens — from vacation homes in the Hamptons to parents’ basements in the Midwest — until the coronavirus risks pass. But now diehard New Yorkers, some of whom had never even considered leaving the city before, are thinking about staying away for the long haul.
Take stay-at-home-mom Stephanie Ellis, who left her Greenwich Village apartment with her husband Paul, a 36-year-old ad sales exec, and their 16-month-old son Nolan, on March 12, with just one day’s notice. The couple had received an initial offer for their Manhattan pad just days prior, but didn’t have a set idea as to what came after. They were going to rent a larger apartment in the city for a year or two before deciding where to move, but the threat of COVID-19 convinced them to beat a hasty retreat.
The Ellises took up temporary residence in Stephanie’s mother’s house in Marlboro, NJ. “Now we have no idea if or when we’ll go back to the city,” says Stephanie, a 33-year-old former teacher. “If we decide not to go back to the city, we also have no idea where we would go.” They are working with an advisor to figure out their next stop; top choices include staying nearby in Jersey or possibly decamping to the West Coast.
New York City’s largest moving company, Dumbo Moving + Storage, reported that moves were up 11 percent this March compared with last, “which is unusual because people don’t typically move this time of year,” says CEO and founder Lior Rachmany. “The peak moving season begins in May, which is why this increase in moves is strictly due to COVID-19,” adds Rachmany, who is seeing many folks leaving the Upper West Side and West Harlem for less dense outposts both near (Staten Island, Long Island, New Jersey and Connecticut) and far (Massachusetts, and Washington DC).
Real estate investor Ed Teig, 40, didn’t hesitate to leave his Midtown East apartment on April 1 to rent a house in Larchmont, NY, on five days’ notice. “It was nearly impossible to avoid contact with people [in the city] during the pandemic,” says Teig. “We have two young kids, and we found it very difficult to take them outside and not be near other families.” They’re paying $8,000 a month in Westchester, which Teig estimates is about 25 percent more than usual rates.
Like Silverstein and Crellin, and the Ellises, the Teigs don’t intend to return to the city. They bought a plot of land in nearby Rye Brook, NY, and are currently building a house; it could be ready as soon as this summer.
Other worried urbanites are attempting to secure rentals north, west and east of the city, but inventory is proving insufficient to meet pandemic-fueled demand.
|by Anonymous||reply 370||04/30/2020|
People are dying to rent something, trying to convince sellers to rent short-term, but they don’t want to infect their houses,” says Stan Kay, an agent with Keller Williams in Short Hills, NJ. Rentals usually make up about 5 to 10 percent of his business, he adds, but lately, roughly 40 percent of inbound inquiries are for rentals.
Concerned about the coronavirus’ rapid spread in a dense metropolis, Nick Farina, a 32-year-old quantum computing CEO, took action. He, his wife Hannah Parnes, 31, their Havanese pup Rocco, and their friend with preexisting conditions, Dave Ferguson, 58, left Crown Heights on March 13 for a rental house in Litchfield County, Conn. They were able to secure a large home for close to the same monthly rate they were paying for their 700-square-foot apartment and signed a 45-day lease in less than one day. (They’ve since signed on for six additional months.)
The crew takes walks in a nearby forest preserve, while Rocco loves basking in the warmth of the fireplace. Farina, who compares the space they have in Connecticut to “Versailles,” even built a squash court in the basement. He adds, “We like it so much out here that we are planning to rent a house in this area full-time now, regardless of when New York City calms down.” (They would rent out their Brooklyn apartment.)
Real estate brokers — and in some cases even local officials — are urging homeowners to accommodate the surge in interest.
Lack of supply is why coronavirus escapees are willing to look beyond the standard commuter distance for longer-term rentals, particularly as remote work is likely to be the norm for the foreseeable future. The Catskills town of Woodstock, NY, for example, has 400 short-term rentals. Town supervisor Bill McKenna is encouraging residents to offer months-long opportunities to accommodate desperate city folks. Agents around the region are also converting vacant homes listed for sale into rentals.
Those who can’t rent, though, buy: Some ex-New Yorkers have taken the plunge and bought properties in tristate-area suburbs — including Greenwich, Conn. — when rentals weren’t available. (Low interest rates, around 3½ percent, help.)
“This is usually the time of year that people get moving on their [suburban] town search,” says Alison Bernstein, founder of Suburban Jungle, a real estate advisory and tech platform that helps families transition out of urban hubs. “But in the last month, we have seen an unprecedented surge. We are close to a 40 percent increase from last year. People are very nervous. They feel stuck.”
On March 13, Katherine King bid farewell to her tight-knit community on the Upper East Side to relocate with her husband and their three sons to a long-term rental house on the north shore of Long Island. They were able to secure a perch in Lloyd Harbor, where she grew up, because they started looking a few days ahead of the bigger exodus at the end of the March and into April. While King misses the city, she’s also contemplating what life out East could look like more permanently.
“I don’t know that I’ll return full-time to the city again,” says King, 49, a cultural coach. “I want to stay in the moment and take everything step by step.”
|by Anonymous||reply 371||04/30/2020|
R74 wasn't thinking about his own broker and his time and efforts when he strolled into another agent's open house. Doesn't take a rocket scientist to let the agent know you already have a broker. It takes someone shady who thinks it is in his own interests to say nothing.
|by Anonymous||reply 372||04/30/2020|
“I don’t know that I’ll return full-time to the city again,” says King, 49, a cultural coach."
Priceless. A "Cultural Coach".
Real estate is not the only thing that will go the way of the Dodo. How many millions unemployed this morning?
|by Anonymous||reply 373||04/30/2020|
[quote]People are dying to rent something
Poor choice of words much?
|by Anonymous||reply 374||04/30/2020|
This article was written for DL. All conjecture - after 6 months, people will forget and want to be back in NYC.
|by Anonymous||reply 375||04/30/2020|
No, R375. Go away, Trumpkin.
|by Anonymous||reply 376||04/30/2020|
You don't get NYC out of your system. Just like 9/11 they will come back, or be replaced.
|by Anonymous||reply 377||04/30/2020|
The stock market is pretty good indicator. It's doing pretty good. This is not the dirty thirties. It's a voluntary closure of economy and we have the economic knowledge to ensure we recover fast. Covid is not as bad as we thought. People still need a place to live close to their work. Cottages might be hit pretty hard.
|by Anonymous||reply 378||04/30/2020|
There is something tricky going on... this fucker should at least be making a decline. I guess we’ll have to wait for the foreclosures to kick in late summer.
|by Anonymous||reply 379||04/30/2020|
[quote] You can't compare a pandemic to a terrorist attack [R355].
Please. They thought AIDS was the end of the world in the 1980s & that NY was being punished by god with a plague that would empty out the city. Did prices go down? Nope. I know because I lived there. Prices didn’t even go down in the village, which was the epicenter. People will keep their places in the city, rent outside the city for a few months, then go back. Landlords won’t hurt if people leave for a few months. Empty apartments are not a problem. They get warehoused & landlords get a tax break.
|by Anonymous||reply 380||04/30/2020|
R369 I’m not r368 but I am a real estate agent. I think housing values will drop, especially in more densely populated areas like NYC.
We were planning to list my dads house this month (he dies last year) and put that on hold. However I worry that prices will drop the longer we put it on hold..
I use to live on the UWS, I’m actually looking forward to possible rent decreases throughout nyc so I can move back. I do think rents and demand will drop in New York over the next 12 months, and I also think real estate prices will drop quite a bit.
|by Anonymous||reply 381||04/30/2020|
I just had a gruesome thought . I wonder,once everything settles down , if they are going to find 100s ,if not 1000s o of New Yorkers dead in their apartments ? All over the country , come to think of it .
|by Anonymous||reply 382||04/30/2020|
R382 I’ve been thinking that too. COVID dead, ODs, accidents and suicides.
|by Anonymous||reply 383||04/30/2020|
HIV transmission is avoidable by simply avoiding sex. It’s a little hard to avoid breathing. You are seriously dense.
|by Anonymous||reply 384||04/30/2020|
R384 - but at the time when aids first came out they didn’t know how it was avoidable
|by Anonymous||reply 385||05/01/2020|
[quote]I just had a gruesome thought . I wonder,once everything settles down , if they are going to find 100s ,if not 1000s o of New Yorkers dead in their apartments ? All over the country , come to think of it .
They won't find much of them.
|by Anonymous||reply 386||05/01/2020|
26% of Los Angeles workers are paid under the table. It will have an impact on the economy regardless of what job numbers look like.
I think in markets like LA and NYC, the rents will go down. There will still be near total occupancy. You'll find those who are still employed will move from shared 2/3 bedroom situations into their own 1 bedrooms and studios. Maybe employed families will now be able to afford 2-3 bedrooms.
|by Anonymous||reply 387||05/03/2020|
I follow the rental market in Palm Springs pretty closely. There are easily quadruple the amount of properties for rent and there is a downward trend in rents for what is being offered.
|by Anonymous||reply 388||05/03/2020|
The housing market is still so tight in the Denver metro area. Still low inventory and lots of properties “pending”
|by Anonymous||reply 389||05/03/2020|
I think the rental market is where the big effect will be. The sales market is generally wealthier and salaried WFH people. Almost bought a rental unit before this happened - very grateful I didn’t.
|by Anonymous||reply 390||05/03/2020|
[quote]HIV transmission is avoidable by simply avoiding sex
Actually not totally true. You can get it through blood. So for example tweeters sharing needles, or if you work in a hospital, its very common to accidentally get stuck by a needle since you are around them all day. Or a bloody fight when both parties show cuts and blood comes in contact with the other persons open wound.
|by Anonymous||reply 391||05/03/2020|
[quote]I am a real estate agent. I think housing values will drop, especially in more densely populated areas like NYC.
That's wishful thinking. NYC has a death count of around 10,000 people. Sounds like a lot until you compare it to the population of over 8.3 million. It's less than 0.2%. That's not going to make a dent much less lower prices. Most of the deaths in NY are in the outer burros.
|by Anonymous||reply 392||05/03/2020|
[quote] Most of the deaths in NY are in the outer burros.
¿Los burros se mueren?
|by Anonymous||reply 393||05/03/2020|
R392 was once told he had an IQ OF a burro.
|by Anonymous||reply 394||05/03/2020|
I really hope prices drop.
|by Anonymous||reply 395||05/03/2020|
I really hope prices drop.
|by Anonymous||reply 396||05/03/2020|
How can they not? Prices were absurd before people starting getting laid off left and right? People are going to be moving back in with their parents, entire families too, just like in 2009.
|by Anonymous||reply 397||05/04/2020|
It will be curious to see how this all shakes out. Inventory was pretty low for the whole country. So it could not change much at all.
It will take a LOT of empty units for the greedy hedge funds that own millions of rental units to budge.
They don’t need the money right away. They are swimming in it.
And even then, those assets were bought for a song and have probably already made the purchase price back on many of them.
|by Anonymous||reply 398||05/04/2020|
It's not just about the deaths R392, it's about people not having jobs and the economy eventually going into free-fall.
|by Anonymous||reply 399||05/04/2020|
I agree with you R399. Don't know why R392 was trying to tie the prices into deaths.
|by Anonymous||reply 400||05/05/2020|
Airbnb reportedly laying off 25 percent of its workforce
Airbnb is reportedly laying off nearly 2,000 employees due to the coronavirus pandemic — effectively slashing its headcount by 25 percent.
The 1,900 workers axed by the home-sharing startup will receive a four-month pay package, as well as accelerated equity vesting and health insurance for a year, sources familiar with the matter told Reuters.
CEO Brian Chesky informed staff of the layoffs in a Tuesday afternoon all-hands call, according to The Information, which first reported the news.
In a memo to employees obtained by TechCrunch, Chesky said that the layoffs will impact internal product groups including Transportation and Airbnb Studios. He described the staff cuts as “mapped to a more focused business.”
Airbnb in late March suspended all its marketing activities to save $800 million in 2020, and informed workers that its founders will take no salary for the next six months while top executives will take a 50 percent pay cut.
|by Anonymous||reply 401||05/05/2020|
[quote]informed workers that its founders will take no salary for the next six months while top executives will take a 50 percent pay cut.
Gee thanks Mr. CEO how ever will you survive on 250 million instead of 500?
|by Anonymous||reply 402||05/06/2020|
‘Middle-class rich people’ fleeing coronavirus dismayed over pricey summer rentals
They’re going rental!
From the East End to the West Coast, one-percenters are scrambling to secure summer rentals amidst an unprecedented surge in property prices for the nation’s wealthiest ZIP codes.
“All the good stuff is rented,” says Compass broker Philip Scheinfeld, who is sheltering in Amagansett. “And the rentals that are on the market are raising their prices because they think there is pent-up demand, and that people who would go to St. Tropez and Ibiza will want to stay in the Hamptons and not travel outside the US.”
Just look to Sandcastle, one of the Hamptons’ buzziest properties, known for hosting vacationing celebs like Jay-Z and Beyoncé. In 2019, the 31,000-square-foot mansion was asking $1 million for the season. This year, thanks to the coronavirus, it rented overnight for $2 million — making it the most expensive East End rental ever.
“Brokers are doubling prices,” says Betsy Cox of Blackbook Concierge, who has been rushing to lock down hideaways for her well-heeled clients. Cox recently looked at homes in the Hamptons, Palm Beach and Malibu for various families.
“Everyone was price-gouging or they were looking for summer prices now,” she says. “Middle-class rich people are getting bid out.”
In one case, she reached out regarding a 9,100-square-foot, seven-bedroom rental at 3180 Washington Road in West Palm Beach. Her client was prepared to pay the $75,000-a-month ask even though the house was “across the bridge,” i.e., west of the Intracoastal and not on Palm Beach island itself. The broker came back saying that the owners now wanted $100,000 a month.
“It was worse in Malibu,” adds Cox. “Brokers were doing seven leases a day. I would say, ‘I want that house,’ and they would say, ‘Nope, someone just signed a lease,’ or ‘Nope, someone just bought it.’ It was crazy.”
According to the real estate listing service Out East, the median price for a Hamptons rental in March was $30,000, growing to upwards of $150,000 for a Memorial Day to Labor Day rental. But brokers say that many owners are asking for those peak summertime prices right now.
“For the most part, this is a secondary or tertiary or 25th home for folks,” says Cody Vichinsky, an owner of Bespoke Real Estate. “But this pandemic for New Yorkers has merged necessity and desire. Now it’s important to have another place to go. We haven’t seen that type of thinking since 9/11.”
|by Anonymous||reply 403||05/07/2020|
Just goes to show R403 money doesn't buy brains.
|by Anonymous||reply 404||05/07/2020|
What’s going on in your area?
Here, limited inventory seems to be keeping prices fairly stable . I’m in LA burbs.
|by Anonymous||reply 405||06/19/2020|
[quote]HIV transmission is avoidable by simply avoiding sex
And that's the part that makes it such good fun for cunts to thumb their superior noses.
|by Anonymous||reply 406||06/19/2020|
The flight to the suburbs is real and growing, as coronavirus changes the way people live
|by Anonymous||reply 407||06/19/2020|
One-third of Americans missed their July housing payments due to Covid-19, survey says
From CNN's Alison Kosik
Thirty-two percent of Americans did not make a full, on-time housing payment in July due to the continued economic fallout of the coronavirus, according to online rental platform Apartment List. This is the fourth straight month of a "historically high" number of Americans unable to pay their full hosing bill, the survey released on Wednesday found, and up slightly from 30% in June. Missed payments continue to hit renters, young and low-income households, and residents of dense urban areas the hardest.
And as eviction moratoriums and unemployment benefits expire across the country, Apartment List says that Americans worry missed payments could lead to them losing their homes.
"As overdue bills pile up, there is growing concern that a wave of evictions and foreclosures will hit the housing market,” the survey showed. "While eviction protections today vary dramatically from place to place, our survey shows widespread and growing concern about housing insecurity."
|by Anonymous||reply 408||07/08/2020|
But Covid is over! Nothing to see here! The economy is totally fine!
|by Anonymous||reply 409||07/08/2020|
I wouldn’t leave nyc because of covid. I may because of BLM/Defund the police. If we don’t get a sensible mayor after DeBlasio, we are in deep shit.
|by Anonymous||reply 410||07/09/2020|
Any updates from your respective areas?
Here in Thousand Oaks CA, we’re seeing almost nonexistent inventory. I wonder when that will change.
It has to change, right?
When will we see suburbanites putting their 900k, 1700 sq ft houses on the market to try to harvest equity/ avoid foreclosure? These aren’t wealthy people. A lot of them have blue collar jobs that can’t be done remotely.
|by Anonymous||reply 411||09/16/2020|
There will be an exodus from the high cost cities to the suburban areas around them. It will accelerate and cause more issues within the cities themselves for tax bases, hospitals and transit. These will collapse further, causing a self feeding cycle.
|by Anonymous||reply 412||09/16/2020|
I live in a NYC suburb in an area with two-acre minimum zoning and excellent public schools but very high taxes. In July and August, I received multiple mailings from different real estate agents saying they have cash buyers who wanted to be in my neighborhood by the time school started.
I was at the supermarket a couple of weeks ago and the lady in front of me was buying 50 gift cards. She was part of the town welcome committee, putting together gift bags for all the new homeowners. She said she has never seen anything like it, people have been listing their own homes FSBO on Zillow and selling in a day.
The taxes may be an issue with me staying here in retirement unless someone can get Trump’s property tax cap repealed, so I thought about taking the money and running, but I don’t know where I’d go. I am very happy here except for the taxes.
|by Anonymous||reply 413||09/16/2020|
"Any updates from your respective areas?"
St. Louis. Circa 1960 7 room, 3 bedroom 2 bath rancher, needs updated baths, ratty old 60's style finished walkout basement with fireplace. Went on the market Friday, 9/11, went under contract yesterday 9/15 for full asking price.
|by Anonymous||reply 414||09/16/2020|
I just got a postcard today from a real estate agent featuring 4 houses under contract that went for above asking price. Maybe I should sell.
|by Anonymous||reply 415||09/16/2020|
New York City home sales drop 43% an all time low, according to REBNY. Nothing is selling and people can’t get out. The NYC real estate apocalypse has arrived.
|by Anonymous||reply 416||09/17/2020|
Interesting to look back and see how clueless we were when it started in March. The flight to suburbs should have been predictable I guess - but the scale really surprised me. The combo of no inventory and huge demand has made the best suburban sellers market in my memory. Cash out now. When this passes in a year, the rush will come to a dead stop. This is a market panic - great for sellers, bad for buyers.
|by Anonymous||reply 417||09/17/2020|
This thread is really interesting. What confuses me is the flight from the city in terms of the viability of working from home once the vaccine arrives. I work in NYC but like many have been working from home since March. I’d love to move somewhere more remote (I had this longing before the virus hit) but I can’t because come Jan (or maybe Spring) 2021 I’ll be expected back in the office like the rest of of my colleagues. It just seems strange to sell your house for what seems to be a temporary situation. If I’m wrong about that, I’d be thrilled! Does anyone have any insight as to the future of remote work?
|by Anonymous||reply 418||09/17/2020|
I think NYC real estate bounces back next year when the hysteria ends.
|by Anonymous||reply 419||09/17/2020|
Where I live in the northeast the rich keep getting richer and homes are selling like hotcakes.
Oceanside town and I am pretty much one of 20 renters. Average home in my town is 800K. I live in an apartment in a surfer/retirment related building. I am surrounded by 22 year olds and elderly!
I decided this week that if at the age of 43 I cannot afford to buy a home where I am living, that I no longer belong there.
I am embarrassed at this point yet always impressed by the vast wealth that surrounds me.
Definitely out of here come spring. I feel like a fucking LOSER and I am going to head to Maine. WAY UP.
|by Anonymous||reply 420||09/17/2020|
It’s not going to pass in a year R417.
|by Anonymous||reply 421||09/17/2020|
The “it’ll pass in a year” and “hysteria” are Trumpkin trolls. Ignore.
|by Anonymous||reply 422||09/17/2020|
I do think NYC real estate will bounce back eventually. But likely not until 2022 or 2023.
I’m seeing rents go down but not that drastically. A Tribeca studio is still somewhere around 3000.
|by Anonymous||reply 423||09/17/2020|
[qure] r3: Well, not a lot of people will want hundreds of looky-loos traipsing through open houses for quite some time.
In my neighborhood, people stage their homes for sale. Sometimes that means that they move out, and the furnishings and wall-hangings that you see are not actually what the person lived with. My neighbor just spent $11,000 to stage his house for sale. Maybe that includes repainting the place, new appliances, and construction upgrades, I don’t know what they actually did. .
|by Anonymous||reply 424||09/17/2020|
NYC real estate will be fine. The rest of the country might be in trouble.... big trouble.
|by Anonymous||reply 425||09/17/2020|
A friend of mine, who has been laid off from the airline industry, was tasked with selling the home she grew up in. Dad died several years ago, Mom is now in an expensive nursing facility.
She and her sisters sold or gave away the contents of the house a couple of weeks ago. Other than refinishing the hardwood floors and interior painting, nothing more was done in preparation for sale. No staging, no new appliances, no remodels, no exterior work. I saw the listing, and it looked very tired, and that's being polite.
The house sold within 48 hours of being listed.
|by Anonymous||reply 426||09/17/2020|
R426 pointless without location
|by Anonymous||reply 427||09/17/2020|
|by Anonymous||reply 428||09/17/2020|
I don’t see how we won’t have an economic collapse with so many unemployed. It was 16% at its worst, then fell to 8%. But I predict, after the election, the Republicans will stop the extra unemployment insurance subsidies, and the block on evictions, if that hasn’t been unblocked already. Then, we’ll see widespread economic problems. People who rent out apartments that they own have to pay their bills, too. I’m sure whatever organizations they have, are howling at the Government to allow them to evict tenants that haven’t paid their rent.
|by Anonymous||reply 429||09/17/2020|
The suburbs are the big winners. You have space and a backyard but if necessary. you can head into the city. I don’t see this changing for years. Families will all be in the burbs but creative types and younger folk will return to the city as burbs are just too boring for them.
|by Anonymous||reply 430||09/17/2020|
Suburban Northeast markets are on fire. Can’t last - but it’s fascinating to watch. God knows where this is all headed. We are living on borrowed TRILLIONS. Trump will do what he has always done - pillage the Treasury and leave the country bankrupt. And put the blame on the people who have to fix his mess.
|by Anonymous||reply 431||09/17/2020|
Still, R426, that may just mean the house was underpriced. If it was subject to a buying-war, I’d have more confidence that it sold at a good price.
In the South End of Boston, formerly the Gayborhood, now gentrified, I read that the number of sales are down, but prices are up 9% from last year, for the places that did sell. It didn’t distinguish between one and two bedroom homes, which sell at different rates, so it’s hard to make sense if the report.
|by Anonymous||reply 432||09/17/2020|
What might save NYC is so many people own their apartments. They have to pay taxes whether they live in them or not. And selling in a down market isn’t a great idea. I’m in better shape now as a renter. That is very new for NYC.
|by Anonymous||reply 433||09/17/2020|
30% own in NYC. 40 something percent are on government assistant. Do the math. Comrad Deblasio will have to beg for money just to keep the social programs going. Nothing more. The City will continue to deteriorate next couple of years.
|by Anonymous||reply 434||09/17/2020|
30% own in NYC. 40 something percent are on government assistant. Do the math. Comrad Deblasio will have to beg for money just to keep the social programs going. Nothing more. The City will continue to deteriorate next couple of years.
|by Anonymous||reply 435||09/17/2020|
I was told there would be no math, r435.
|by Anonymous||reply 436||09/18/2020|
Low revenue and high spending. Equals deficit. And the city government cannot print money. So suck it NYC.
|by Anonymous||reply 437||09/18/2020|
|by Anonymous||reply 438||09/18/2020|
Deblasio, go paint another mural on Fifth Avenue and then beg Trump for money.
|by Anonymous||reply 439||09/18/2020|
Anyone wanna take a guess at what's gonna happen in the Pacific N.W. and parts of CA real estate - wise after all of the crazy wild-fires? I have a good friend whose made a killing as a realtor the past few years in Oregon, but with the fires and crazy demonstrating I wonder how all that's gonna affect the market.
|by Anonymous||reply 440||09/18/2020|