Where can I get weed in Mannathan

Bargains in Manhattan

By Peter Hossli

If you can make it in New York, Frank Sinatra once sang fervently, make it anywhere. Nowhere was that more true than with the stay. It seemed impossible to find a good apartment in the metropolis. There was very little space for a lot of money. Brokers tied up to three months' rent for the brokerage. Homeowners could collect the annual rent in advance. For investors, a Manhattan home has been a steadfast investment. Prices only moved up.

That is a thing of the past for the time being. The recession has hit the housing market in New York. Prices are falling. Brokers idly turn their thumbs. In some places new, unsold residential towers remain in the shell because the builder has run out of capital.

Price drop by 25 percent

Along the East River in the Williamsburg district of Brooklyn, for example, completed glass skyscrapers protrude against the night sky. Only a few apartments are bright. Some are empty. Recently started major projects in Queens and Brooklyn have been put on hold for years. Weeds grow quietly where jackhammers should crack.

Over 60 percent fewer apartments were sold in the first quarter of 2009 in Manhattan alone. Prices fell 25 percent. There is talk of “Great Recession” discounts, based on the Great Depression. For foreigners with capital, the coveted New York home is also cheaper due to the low dollar.

The wave of layoffs presses massively

The wave of layoffs is particularly pressing on the property market. Around 121,000 jobs will be lost in New York this year, estimates the city's cost review. Next year there should be another 83,000. House expropriations, which until recently were sparse in New York, are now commonplace. Six percent of New York's housing was expropriated as a result of the recession. However, the high-price segment is also affected. Bankers who have lost jobs and bonuses are selling their luxury homes for cheap. Two years ago, 29 apartments worth between $ 20 million and $ 100 million were on the market. There was talk of a bottleneck at the time. More than 350 dwellings in the expensive segment are now vacant.

They go away with massive losses. On the market for a year was the 17-room apartment of Abigail Disney, a distant relative of Walt Disney's. It was only after she lowered the price from $ 13.5 million to $ 7.5 million that she was able to sell the apartment.

It will take an estimated six years for the luxury inventory to be dismantled. Provided the situation doesn't get worse. House prices have fallen in nine out of ten US cities, the industry association National Association of Realtors announced. Once the situation in West America has calmed down, the real estate crisis is only now beginning to grasp New York. That depresses the psyche of the city. Real estate in New York offers much more than just a roof over your head. They are the hobby and the fetish of the city dwellers. Whether at parties, during a break from work or with parents on the playground - no topic gets onto the floor faster. If the first question was recently “How much has the value of your apartment increased?” It now means: “Do you have to sell? With how much loss? "

Tenancy waiver upon conclusion of the contract

The anecdotes differ from those that were circulating recently. Once it was customary to renew the expired lease, including the rent increase, as quickly as possible, tenants are currently waiting. It has become easy to negotiate a rent reduction with the owners. Apartments without an agent often change tenants. It is customary to get two months rent waiver upon conclusion of the contract. People who buy apartments offer less than the already reduced price - and still get the knockout.

Bargain hunters will find great deals. A couple who already own an apartment in Brooklyn are now selling it at a loss to post two adjacent and combine them. “It's currently so cheap, and if you buy now, you can't lose anything,” says one of the two buyers. Meanwhile, those who have moved to the suburbs or New Jersey as a result of the boom and exorbitant prices are flirting with the return to Manhattan. Especially since the rental prices on the popular island have dropped 15 to 20 percent.

The Brooklyn neighborhood in particular has gained popularity with families and creative people in recent years. Lower rents lured them away from Manhattan in droves. Brooklyn is in vogue - and is now being abandoned. Although the average price for two-bedroom apartments in Brooklyn is $ 1,900, it is still below the price of $ 2,400 in Manhattan. "But," says a graphic artist who recently moved from Brooklyn to Chelsea in Manhattan, "now I can finally afford Manhattan again."