Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: John Chen who wrote (1276)	12/31/2001 3:23:51 PM
From: SouthFloridaGuy	Read Replies (1) \| Respond to of 306849

Anecdotal New York City rent evidence: Just scouring through the Village Voice classifieds I have noticed some pretty interesting rent drops. When I moved into Manhattan in 1999, the minimum price of a studio in a doorman building was $1,450. In 2000, $1450 was the price in just a simple walk-up and that same doorman building studio was going for $1600. 1 Bedrooms on West 96th St were going for about $1,800-2,000 MINIMUM. You can add $100 for every 10 blocks south of 96th St, and above 47th St. Therefore the minimum price of a 1 bedroom in midtown was about $2,400. My former roomate who moved out in 7/00, and an investment banker, lived in a 2 bedroom elevator building "steal" near Lincoln Center and was paying $2,800. I am going to put peak rental prices in parantheses. Today, on Dec 31, 2001 here are some sample listings from the same areas: 59th St W Vic Columbia Circle LUXURIOUS DRMN 1BR $1949 ((($2700 peak price))) Sauna,Pool,Gym,Views!! BROKER 847-8426 ---------------------------------------- 79TH ST/WEA ELEV STU $950 ((($1500 peak price))) Prewar Rent Stab. Wood Floors High Ceil Roomy Bthrm Jan 1 Occ ----------------------------------------- 102 ST W (B'way & Amsterdam) Columbia U area. Students OK. Good size 1BR, elev bldg, large kitch, A/C'd $1400. ($1800+ peak price) ---------------------------------------- 60's W Save On Rent..Go To Paris! DAZZLING ELEV 1BR $1495 ((($2000+ peak price))) ---------------------------------------- 60's/70's W Steps to Park ELEV 2BR W/GYM $1895 ((($2,800+ peak price))) 24Hr Security,Has It All!! Let me just say that this is a very noticeable drop. It was impossible to get a piece of sh!t 1 bedroom in a good part of Manhattan for under $2k back in 1999/2000. Now, some of these same apartments are going for under $1500. Apartments that were 3k are now 2k. One can get a studio for under 1k - and on West End Avenue for that matter. That was hard to do in 1997! Oddly, it doesn't seem to have affected property prices that much...yet. I am seeing more and more deals and I think 2002 is the year of competitive price drops in New York City due to the discrepancy with rents.