Only fools buying into the hype of the skyrocketing housing market

A friend is head of a mortgage broker, he said he is on target to make $650,000 by Sept 15th and can’t keep up with demand. If you loan cash at 2 percent they will buy but what about all the job losses? I don’t understand how come income is so distorted.

 

LOL!

 

That's not symptoms of skyrocketing housing market; that's the result of wrongly pricing real estate properties. A 3-bedroom house in N.J is only priced at $285K??!! In a time where everybody is starting families with children? And in a prestigious family-oriented place like Long Island, a house is only priced at $499K??!!! A THREE-acre property with a pool only listed for $985K??!! A meth house smaller than that would be listed for higher price than that!! Of course people will be stepping over each other to get their hands on these properties. What were those real estate agents thinking?? Did they decide to work pro bono or something??!! In locations like these, you can demolish the houses and sell just the land for higher prices than those.

 

NYC housing market has gotten so cheap

1 bedroom going for 999k

https://nypost.com/2020/08/26/nathan-romano-of-swimwear-brand-onia-selling-999k-manhattan-pad/

2 bedroom going for 1.5 million

https://nypost.com/2020/08/20/model-natane-boudreau-selling-glam-nyc-pad/

Brooklyn 430 sq ft studio going for only 395k and on top of that there is a small monthly maintenance fee of only $1,103

https://nypost.com/2020/08/05/danish-author-christian-moerk-lists-brooklyn-studio-for-396k/

 

Thats what I'm talking about. Time to go all in.
$918 per square foot on that Brooklyn studio screams bargain bargain bargain. And that Maintenance fee of $1100, geez thats the icing on the cake. Hopefully it can stay at $1100 for the next 2 or 3 years if not, maybe a steady 4-5% increase will have to do.

 

There's a reason homes are priced that way in this area. The property taxes are massive.

 

So why are people fighting so hard with double-digit number of offers, all-cash offers to try to get their hands on these properties? Foreign buyers?

 

Idiots from NYC are thinking its a great deal. Relatively to their rents maybe.

 

Thats what I'm thinking. Guess theh can afford to drop a million on a house when their rent was $5000 a month in the city.

 

And be stuck with massive property taxes for the rest of their ownership of the house? How is that an improvement over their massive rent? LOL