dishonest realtors play on the naivite of the first time buyers. They focus on the total monthly outlay and fail to mention what part of that is the property tax. First time buyers are mostly emotion driven sheeple.
Only fools buying into the hype of the skyrocketing housing market
- Thread starter S2007S
- Start date
They don't list property tax, school tax, energy cost and all other costs either on an annual or monthly basis on the listings in New York? That should give enough info. to the buyers about how much they can expect to pay on a monthly basis to live in the new property vs their current rent.
Agreed, I cannot get my head around the concept of "death of manhattan", companies stating that even after COVID they will keep maybe 24-percent of commercial RE. Ditto for other major cities. How will all that empty space be utilized, as homeless shelters? I don't think so. Condo conversion? Most likely!
Those numbers are readily available but I have seen new homeowners just focus on the total monthly outlay. You'd be amazed how stupid the vast majority of people are. They might be doctors or professionals and book smart but when it comes to their personal finances they are just clueless.
It's not income distortion as much as it is wealth distortion, although wealth distortion couldn't occur without income distortion having occurred at some point (of course).
And where you see a lot of home buying is in the suburbs of Democrat cities, where Republicans are moving out of the Democrat cities in droves and droves. They are sick and tired of the Democrat policies therein.
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942 sq ft studio apt lists for $2.3 million
https://nypost.com/2020/09/10/jewelry-maker-loree-rodkin-wants-2-3m-for-manhattan-studio/
https://nypost.com/2020/09/10/jewelry-maker-loree-rodkin-wants-2-3m-for-manhattan-studio/
Now is the worst time to invest in real estate. Stocks are better.
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YOU must NOT like paying rent also/LOL
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Good thing i never lost a fortune in rent\ 'cause i never liked paying rent..................................................................................... Years ago/ accidently got in a RE bidding war+ did offer throw in some AMR frequent flier miles.The female agent got kind of excited , sorry i lost that war/but plenty of property with MLS.[My REALTOR helped me figure out the tax card which the seller used to claim acreage ,
lol was in error. Not as much RE as he + tax card claimed/LOL.] NOT much RE supply, now,near me.
Anything that's a really good investment the OP is on here saying it isn't. He hated AAPL and MSFT stock at much lower prices, and expected a crash in US indexes both in spring 2009 and winter 2016 AFTER the main crash/correction already occurred. If anything an S2007S thread like this means it's a great time to buy in more times then not.
The "fools" part has been thoroughly debunked by his definition he's a "fool". Spent years on here saying people holding US indexes long were "fools" and that's exactly what he's doing in his "retirement fund" now.
ps When we bought our place it went underwater due to the last housing correction in Toronto within a year. Longer run that drop was inconsequential but years of paying rent would have been.
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