Manhattan Real Estate Only Increases In Value

Are you such a loser that all you can do on a beautiful Saturday morning is continue to spout dribble and be the most obnoxious person on this site. Shouldn't you be frolicking in the surf with the boys on Fire Island????????

Well thank you for your concern, zorter! I am on Fire Island, where it's beautiful, and my mother is visiting. Unfortunately, since I have a job, I must work and deliver it tomorrow.

But I do appreciate your evaluation of my personality. Gotta say I luv ya back!

Manhattan is 23 square miles
California is 163,707 square miles

great comparison

"Manhattan is 23 square miles California is 163,707 square miles great comparison"

What possible difference could that make?

Manhattan is dozens of stories high, and California is sprawled out over miles.

Drive 90 miles from downtown LA, you find rows and rows of houses.

Drive 90 miles from Central Park, and you're in the boondocks.

Manhattan = California = Orlando, Florida

Buyers and renters - take your advice from this guy.

"Buyers and renters - take your advice from this guy."

Or don't.

Wherever prices shot up, they are collapsing. Of course they didn't shoot up in Manhattan to the tune of 5x in 10 years...

...or did they?

Of course there is no Wall Street in California or Orlando, is there?

Nah!

There is no Wall Street in California.

Generally, San Francisco is where the financial banking activity takes place in California, with the tech work out in the Bay are, and some media and entertainment financial banking activity in Los Angeles.

Still, it is meaningless to make the comparison of the state of California.

Going 90 miles outside of Central Park gets you to
Long Island
Upstate New York
Connecticut, the 4th most denseley populated state
New Jersey, the most denseley populated state

only in one direction of four might a driver end up in the boonies!

Yes, over time, Manhattan real estate has improved in value quite substantially. A purchase in Manhattan would have done a buyer very well.

i closed on a studio in jan. and am in contract to sell for a 30K gain. Sure, not a massive gain given whats been accomplished in years past but a gain nonetheless. However, deals are few and far between in this market and i'd stick to gambling on a foreclosure at this point.

Thre was also no comment about the surging prices of oil, gasoline and home heating causing many suburbanites and rural dwellers now considering in large numbers moving back into cities. NY City has amazing mass transit, and dwellings that share the costs of heating/cooling and maintenance.

The surging price of oil may make it so that where you live is not a matter of preference but a matter of no choice.

Hmmm - spend $1500 per month on car payments, $300 per month on insurance, $500 per month in gasoline, $800-1200 per month - heating and cooling all to live near an Olive Garden?

Petroleuam prices may not only cause the price of food to increase but also may drive up the price of condos and coops in NYC.

"Petroleuam prices may not only cause the price of food to increase but also may drive up the price of condos and coops in NYC."

It'll drive up the carrying costs for sure (unless your condo runs on solar power), not necessarily the market values. At this point, precious little will do that.

And btw, Olive Gardens are actually a pretty good value, as are Costcos, Home Depots, Targets, BJs, Lowes and numerous other discount retialers that have been largely frozen out of Manhattan for some unGodly reason.

"Petroleuam prices may not only cause the price of food to increase but also may drive up the price of condos and coops in NYC."

Would you like to explain how that will happen when inventory is on the rise, sales are down, mortgages are harder to get, and thousands of jobs are being lost on Wall Street?

> Hmmm - spend $1500 per month on car payments, $300 per month on insurance, $500 per month in
> gasoline, $800-1200 per month - heating and cooling all to live near an Olive Garden?

Yes, better to spend 2x what rents costs to live next to the olive garden here.

Face it, CA *and* NYC are totally fucked in this market

Let's see if this apt can be flipped. Purchased just over 1 yr ago for $640k...
then...
http://www.streeteasy.com/nyc/closing/90851
and now...
http://www.streeteasy.com/nyc/sale/317370-coop-140-west-71st-street-all-upper-west-side-manhattan

Not going to happen unless it is one of Da Bulls on this board that buys it for a good real estate investment.

STUPID discussion dudes.

walterh7 - Let's see if this apt can be flipped.

I doubt it highly. But there's plenty of people who get turned on by granite kitchen countertops, stainless steel apps and marble baths. This is a no doorman condo-op albeit in a very desirous nabe of the UWS and a stone's throw from the park. I live close by so familiar with this area.
I wonder how much the owner spent for renovation - Assuming a gut renovation - perhaps $30-50K? So her TCO is approx. $700K and she will lose another $60K on closing (if she gets her asking price). An overall profit of $80K or 12% is her expected ROI in a year. Very ambitious for the present market.

Who knows if she gets it?

Overtime things go up in value, not down, but there are interim periods where things can drop.

It isn't gravity.

> Overtime things go up in value, not down

Thats called inflation. And if that is your investment strategy, prepare for a retirement of only social security...

"Overtime things go up in value, not down, but there are interim periods where things can drop."

I don't know. Over the w/e the NY Times had this great article about whale oil. And there seem to be lots of ruins of human civilizations over thousands of year and - The Planet of the Apes!

Shit! Shit changes!

I'm going back to Troy. Greece, not NY.