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  #601  
Old Posted Jan 14, 2022, 6:25 PM
mrnyc mrnyc is offline
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Originally Posted by Crawford View Post
Agreed.

SI generally isn't my cup of tea, but it's still really affordable, some of the corridors are quite nice, almost all the neighborhoods are safe and decent, schools are above average, and now real urban amenities are arriving.

And the topography in many parts is pretty dramatic. You can get an impressive hilltop home, with amazing Manhattan and harbor views, for a not-crazy price.
well, you can also get a 3 bdrm condo by the ferry for half the price of the other boros that is built in this century -- with the aim to retire in.

now these straggler owners just need to get a move on. the final on or about date is in a few weeks, so it shouldn't be too much longer.
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  #602  
Old Posted Jan 14, 2022, 6:35 PM
lio45 lio45 is online now
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A Central Park South apartment that sold for $93 million just prior to the pandemic recently sold for $190 million. Talk about a nice return:

https://www.wsj.com/articles/new-yor...ey-11642098997

Can the "cities are dead" narrative finally be put to rest? Or do we need a thousand more articles mansplaining how Google Teams will encourage everyone to move to rural Kentucky or an island in the South Pacific?
That penthouse is pretty much a giant bitcoin functionally, it’s not relevant data to the question “are normal people fleeing NYC or not?”

Note that I’m not taking a position here (on whether or not WFH and pandemic-induced fear of crowds are new solid longer-term trends that are going to keep causing harm to dense city neighbourhoods), just pointing out your argument is not a good one.
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  #603  
Old Posted Jan 14, 2022, 6:41 PM
Crawford Crawford is online now
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True, but the Manhattan condo market has nothing to do with "normal people". And 220 CPS is occupied by NY families, not random billionaire investors. The seller is a billionaire New Yorker, in finance, with three kids.

Back in 2020-21, when people were discussing pandemic effects on NY real estate, they were usually talking about the 1% temporarily ensconced in the Hamptons or Berkshires or Palm Beach. So the kind of people who live in 220 CPS.

I don't think anyone was seriously arguing that random teachers and plumbers in Queens moved. Working and middle class neighborhoods in NYC didn't have any type of outmigration.

And, yeah, while just one sale, it illustrates the fact that 2021 was, by far, the most successful year for high end real estate in NYC history. Which makes sense, since 2020 was terrible. All the unmet demand from 2020 was packed into 2021. It's the same reason that current suburban sales volume is terrible. All the current demand was already packed into 2020.

So basically the entire pandemic-era narrative was wrong. It was just that suburban/rural areas had an unusually good 2020, because all the demand for a few years was packed into a year, and now it's the urban market's time to shine, until the markets are back to the pre-pandemic equilibrium. In the long run, it appears nothing really changed.
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  #604  
Old Posted Jan 14, 2022, 6:42 PM
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The North One The North One is offline
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Originally Posted by lio45 View Post
But if you know with absolute certainty that your RE asset(s) is worth more than your RE debt even in the worst case scenario, can't the logical part of your brain take over and allow you to sleep well?

I owe millions of dollars and see no reason whatsoever that fact would keep me up at night. It's not even on the list of my top 100 worries.

Now, if someone owed money to organized criminals AND weren't in a position to pay, sure, that's a very uncomfortable debt, and a dangerous one; that would keep anyone up at night, trying to think about solutions to the problem.

But RE debt? That's like the healthiest sort of debt there is.
The guy is completely illiterate when it comes to real estate in general so not a surprise he doesn't understand basic home ownership financials.
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  #605  
Old Posted Jan 14, 2022, 7:05 PM
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JManc JManc is online now
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Originally Posted by sopas ej View Post
From The Eastsider:

543 N Mission Drive | San Gabriel
4 Beds | 3 Baths | $1,995,000

I like it. It even comes with a wine fridge. I'd get rid of the pool, though.




We have that exact same Saltillo tile in our kitchen as well but you would think they would at least pressure the outdoor patio tiles before taking these photos. Especially for a two million dollar house.
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  #606  
Old Posted Jan 14, 2022, 7:15 PM
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sopas ej sopas ej is offline
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We have that exact same Saltillo tile in our kitchen as well but you would think they would at least pressure the outdoor patio tiles before taking these photos. Especially for a two million dollar house.
Nah, I think it'll still be snapped up. The dirty outdoor tiles give it a more rustic look anyway.


In addition to getting rid of the pool, I'd get rid of the sprayed-on stucco and have it re-stuccoed with that smooth, flat, hand-troweled look. I'd also reroof.
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  #607  
Old Posted Jan 14, 2022, 7:30 PM
Crawford Crawford is online now
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SGV is hot much of the year. I imagine buyers in the $2 million range would want a pool. Aren't pools pretty expected in higher end LA-area RE?

A really nice wine fridge is like 3k, so shouldn't make a difference one way or the other. An acceptable one can be purchased for $500.
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  #608  
Old Posted Jan 14, 2022, 7:48 PM
homebucket homebucket is online now
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I actually like the houses across the street from it more.

https://goo.gl/maps/LPtwdmXG3yH5Wnz49
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  #609  
Old Posted Jan 14, 2022, 8:30 PM
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sopas ej sopas ej is offline
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Originally Posted by Crawford View Post
SGV is hot much of the year. I imagine buyers in the $2 million range would want a pool. Aren't pools pretty expected in higher end LA-area RE?

A really nice wine fridge is like 3k, so shouldn't make a difference one way or the other. An acceptable one can be purchased for $500.
Only in the summer. Right now at 12:28pm it's 74 degrees, and we're having unseasonably warmer-than-usual temps.

It was bone chilly the morning of the Rose Parade January 1st.

I guess pools are expected, but I never liked them. I didn't grow up with one, either. My sister's husband did, so, of course when they got a house, they just HAD to have a pool. I only grew up swimming in friends' pools--the ones that had them, of course.

I don't know, even a well-designed pool, there's just something I find tacky about them. I'd rather have a really nice, rustic-looking garden.
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  #610  
Old Posted Jan 14, 2022, 8:32 PM
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I actually like the houses across the street from it more.

https://goo.gl/maps/LPtwdmXG3yH5Wnz49
Yeah those are nice.

Years ago, I briefly worked for a lawyer who lived on Country Club Drive in San Gabriel. Now those houses were huge and nice. I ran an errand with his personal assistant and we went to his house. Dayam. I won't say which house it was, but here's the street: https://www.google.com/maps/@34.1088...7i16384!8i8192
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