Yes I was being sarcastic. I think it never makes sense to rent unless you cant afford to buy of course. As long as you can put down 10 or 20% and your monthly expense is going to break the bank you are better off in the long run. People always forget that owning has write off advantages that usually result in big tax refunds from the IRS. Make sure you do a 30 yr fixed interest plus priciple loan. if you can buy do it. You will thank me in 15 years or so.

I think he was being sarcastic.. as in.. Renters, don't wait to buy.
I think that NYC and the surrounding area won't suffer as much as the rest of the country because creative financing was never popular here. In most places in the NYC area, you need 20% down to purchase. So, there's equity in most homes from the get go.. vs. Florida where people would receive 110% financing with an 5 year ARM. Also, our homes have not devalued.... so, we'll see. I say, business as usual in NYC.Quote:

Quote:
Be careful who you wish for.

To all you renters now is not the time to buy, wait until the market botoms out. oh and thanks for paying down all my mortgages. that reminds me I have to raise my rents.

nyc and its surrounding area real estate prices havent dropped too much relative to other states such as ca, fl etc..

however i dont think the real implosion has started yet, the bloodline that supports the real estate market - wall street, is laying off massive amount of jobs almost monthly.

This trigger effect hasnt had time to spill over to the real estate market yet as the major layoffs only started this year. In addition, this year's bonus will be very bad unless the banks stage a dramatic turnaround the second half (unlikely as the fundamentals are still broken).

Lets see what happens to the re prices around here in 5 months. Already seen some cheap asking prices mostly from fsbo types...there was a studio with parkin in a paulus hook luxury high rise for 300k listed price, and another at james monroe etc...

Interesting piece on Ian's site.

http://www.newyorkssixth.com/

Slowdown Could Cause Future Housing Crisis

"By all accounts, the real estate boom is over. Even stalwart New York City markets can not holdout forever against the bloodletting across the country. Developers, fearing the oversupply of the late 1980's and early 1990's may have already thrown on the breaks to many new development projects."

(BUT)

"A million people are expected to move to New York City over the next decade. With rising energy prices, the exburbs are far less likely places to absorb over flowing populations, and people looking for more space or more affordable residences will certainly turn to transit accessible locations like Jersey City. The people are coming whether the building boom continues or not."