My 1000-square-foot corner 1br+den apartment in Executive House in downtown Harrisburg was $777 / mo, including reserved garage parking and all utilities -- electric, water, heat, a/c, everything. NYC has nothing on Harrisburg. Suck it, everybody.

floor9: My 1000-square-foot corner 1br+den apartment in Executive House in downtown Harrisburg was $777 / mo, including reserved garage parking and all utilities -- electric, water, heat, a/c, everything. NYC has nothing on Harrisburg. Suck it, everybody.

I'm not gonna suck anything!

Best apartment I ever had was a finished attic, 3 rooms with a giant bedroom. the place was solid gold in the best neighborhood in the city, $500/mo, included everything in Rochester, NY.

floor9: 1000-square-foot

You live 200 miles away and in a teeny place. Gloat more.

Sweet! I can afford 4 cubic inches of Manhattan real estate!

Waiting for Donald Trump to take his 1500th bankruptcy.

No worries, Russian mafia types will keep buying.

what does this mean for the rental market?

fewer sales can mean higher rent since nobody is buying, yet folks have to live somewhere.

I've lived in Boston and San Diego, and saw similar property value perceptions -- i.e., the location was the driving force behind the hypervaluation.

I personally never came to the conclusion that the locale was enough to justify the extreme property value differences.

Not a snarky question, but can anyone in NYC explain the equation there? Just what is it that makes the location that valuable?

mammal: I've lived in Boston and San Diego, and saw similar property value perceptions -- i.e., the location was the driving force behind the hypervaluation.

I personally never came to the conclusion that the locale was enough to justify the extreme property value differences.

Not a snarky question, but can anyone in NYC explain the equation there? Just what is it that makes the location that valuable?

Time.

Being right in the middle of everything lets you save it.

floor9: My 1000-square-foot corner 1br+den apartment in Executive House in downtown Harrisburg was $777 / mo, including reserved garage parking and all utilities -- electric, water, heat, a/c, everything. NYC has nothing on Harrisburg. Suck it, everybody.

I've been to Harrisburg; they have a great Hardees there.

T-Luv: I'm not gonna suck anything!

Kumar: Oh, come on, dad...
Father: Daddy is not coming on anything!

Watch..everyone will start screaming MORE BAILOUT MONEY!!! MORE MONEY!! Help us Nancy!!, you're our only hope.!

NYZooMan: mammal: I've lived in Boston and San Diego, and saw similar property value perceptions -- i.e., the location was the driving force behind the hypervaluation.

I personally never came to the conclusion that the locale was enough to justify the extreme property value differences.

Not a snarky question, but can anyone in NYC explain the equation there? Just what is it that makes the location that valuable?

Time.

Being right in the middle of everything lets you save it.

Boston and San Diego are not NYC - you have 8 million people here trying to get as good of a place to live as they can in the one of the financial \ cultural \ etc. capitals of the world. And the 8 million residents all competing in the market doesn't include people who continue to come here from other places

NYZooMan: Time.

Being right in the middle of everything lets you save it.

This. I currently rent 650 sq ft in the middle of a recently-renovated downtown area for $1423/mo. It's worth it because my office is three blocks away, Metro is across the street, and the grocery store is next door. I only get in the automobile for recreation (driving to the climbing gym or the trailhead).

mammal: I've lived in Boston and San Diego, and saw similar property value perceptions -- i.e., the location was the driving force behind the hypervaluation.

I personally never came to the conclusion that the locale was enough to justify the extreme property value differences.

Not a snarky question, but can anyone in NYC explain the equation there? Just what is it that makes the location that valuable?


Time, basically. A lot of people working in Manhattan get paid a lot of money (or used to, at least). If you can save 45 minutes each way commuting by living there, it really adds up in terms of quality of life.

Is Manhattan full of John McCains?

Telecommute for god's sake. Hell, for $1.4M you could hire your own Mexican to commute for you and carry the video screen and camera to meetings.

Funzo: Is Manhattan full of John McCains?

Telecommute for god's sake. Hell, for $1.4M you could hire your own Mexican to commute for you and carry the video screen and camera to meetings.

and screw your secretary?

So that's 26 gazillion feet-dollars per square? I don't think I could even afford 6 squares...

How many Brazillions does that convert to?

Re: C0rf

That number comes to ~$26/sq.ft rent, I wonder where the gazillion came in?

I wish the real estate market would completely bomb in the next few weeks, I'm looking for a place to rent.

NYZooMan: Being right in the middle of everything lets you save it.

If only there were a global network that provided instantaneous communication...

btch_cakes: what does this mean for the rental market?

fewer sales can mean higher rent since nobody is buying, yet folks have to live somewhere.

Actually, increased inventory leads to more desperate owners trying to unload, and more people taking losses every month. Furthermore, many of these people are investors, so this is a secondary residence. They have somewhere to live, and this property is just a money pit. At least with a renter, their losses are a little less each month. Many of them are also under the mistaken impression that this will recover in a year or two, so they figure they will rent a year or two, then sell it.

In the rest of the country, this drives rental prices way down. I'm currently renting a "1.1 Million Dollar" house for $3400/mo. During the peak, it would have sold for at least $900,000. The last place I was at had a $2200 rent and a $5200 mortgage.

So, yeah, this will drive rents down, not up.

hemi cuda "I've been to Harrisburg; they have a great Hardees there."

Zing!

Rents are much more tightly tied to salaries than mortgages are. You can buy something well out of your price range with creative financing, but you can't rent something out of your reach. As more and more people lose their jobs and as Wall Street bonuses evaporate, there will be far fewer dollars competing for the same rental space, which puts major downward pressure on rents. People who think NY real estate is a sure thing don't remember the 80's.

floor9

NYC has nothing on Harrisburg.


That's a good one!!

*keels over laughing*

So the prices continue to rise, despite the decreasing demand. That kind of thing doesn't surprise me at all, coming from Manhattan.

NYC and rent controlled here. I know hated, just hated. I hate myself. Really. I do.

floor9: My 1000-square-foot corner 1br+den apartment in Executive House in downtown Harrisburg was $777 / mo, including reserved garage parking and all utilities -- electric, water, heat, a/c, everything. NYC has nothing on Harrisburg. Suck it, everybody.

I hate you. I pay $805/mo in a shiatty neighborhood in denver. :(

Wulfhardt: So the prices continue to rise, despite the decreasing demand. That kind of thing doesn't surprise me at all, coming from Manhattan.

Real prices don't continue to rise so much as the median price does. This happened in other locations, too.

The ultra rich don't require financing, so they can continue to buy houses. Those who make less have a harder time getting credit, driving down the number of purchases. It's not same-house appreciation so much as the bottom falling out of the market. When "cheap" houses don't sell, the median price goes up.

My old manager, Ken, moved to Manhatten to buy place worth a million or so, and manage our new Manhatten office.

He moved out about a year ago, since the new office closed down so quickly, now I think he's in the Carolinas.

I always knew those guys were living it up on borrowed time and money. The only way to really make a living? Work, not swindle your way through it.

Link (new window)

You can still get a nice 4 bedroom apartment for $80M in the upper west side.

Funzo: Is Manhattan full of John McCains?

Telecommute for god's sake. Hell, for $1.4M you could hire your own Mexican to commute for you and carry the video screen and camera to meetings.

Totally LOL'd

Meh.

/lives in the boonies
//and likes it
///despite the "Y'all Watch This" Rednecks

hemi cuda: I've been to Harrisburg; they have a great Hardees there.

hahahahhaa

Still glad I left NYC for western MA...

My brother is married and lives in manhattan. They live in a 1 bedroom apartment but have put in their own wall to partition the living room to have a second bedroom.

Split three ways, each of them pays about 50% more for rent than I do for my 2 bedroom that I live in alone here in Austin.

I don't know why anybody would want to live in New York.

New York is vibrant, exciting, lots of interesting talented people there.

blueviking: Meh.

/lives in the boonies
//and likes it
///despite the "Y'all Watch This" Rednecks

I can tolerate the rednecks...its their inbred dog farms that are annoying.

AmazingRuss: NYZooMan: Being right in the middle of everything lets you save it.

If only there were a global network that provided instantaneous communication...

I'll invent one! I'll call it instantoglobalcomtube. Reckon it will catch on?

serial_crusher: I don't know why anybody would want to live in New York.

I've kinda wondered the same thing. As NYZooMan said the reason is time, "Being right in the middle of everything lets you save it." Sounds like a good idea in itself. But if you're living in an apartment that is the same size as my living room, is it really worth it? If you like to go out partying every night I can see the benefit, but that gets expensive.

epoc_tnac: AmazingRuss: NYZooMan: Being right in the middle of everything lets you save it.

If only there were a global network that provided instantaneous communication...

I'll invent one! I'll call it instantoglobalcomtube. Reckon it will catch on?

You should call it Compuglobalhypermeganet

Crosshair: serial_crusher: I don't know why anybody would want to live in New York.

I've kinda wondered the same thing. As NYZooMan said the reason is time, "Being right in the middle of everything lets you save it." Sounds like a good idea in itself. But if you're living in an apartment that is the same size as my living room, is it really worth it? If you like to go out partying every night I can see the benefit, but that gets expensive.

Well, saving time is an argument for living in the city vs. commuting in from the suburbs. That I get. But living in the most expensive city evar? Kinda dumb.

Besides, for the amount of time we spent traveling via subway when I was there, we may as well have been taking the buses here.

AmazingRuss: If only there were a global network that provided instantaneous communication...

I'm sorry but you, sir, are no Al Gore.

serial_crusher: I don't know why anybody would want to live in New York.

Excitement, glamour, history, culture?

Incontinent_dog_and_monkey_rodeo: ...You can buy something well out of your price range with creative financing...

Which is what put us in this economic tailspin in the first place.

Funzo: Is Manhattan full of John McCains?

Telecommute for god's sake. Hell, for $1.4M you could hire your own Mexican to commute for you and carry the video screen and camera to meetings.

This.

Crosshair: serial_crusher: I don't know why anybody would want to live in New York.

I've kinda wondered the same thing. As NYZooMan said the reason is time, "Being right in the middle of everything lets you save it." Sounds like a good idea in itself. But if you're living in an apartment that is the same size as my living room, is it really worth it? If you like to go out partying every night I can see the benefit, but that gets expensive.

I know other people have mentioned it in other NYC real estate threads, but New Yorkers don't spend much time in their apartments. There is more to do here for FREE than there is to do just about anywhere else in the world (regardless of cost).

/Yes, I'm typing this from inside my NYC apartment.
//It's rainy and I'm feeling lazy.
///Excuses, I has them

The point is that you don't need to spend much time at home, you know, since there's a lot of places to go and people to see. Lots of music, museums and assortment of activities to keep one occupied. Interesting strangers to talk to, etc. Great restaurants, food carts, coffee shops.