Monday, June 2nd, 2014
9

How the Other Half Condos

6432835953_517ac136c0_zNo one can afford to live anywhere, at least not in New York City or San Francisco, unless, of course, you can afford to buy a whole place to live, but then you have other problems, like all of the other people who can afford to buy a place to live, because there aren't that many places to live, even if you are capable of purchasing one outright:

And just 1,163 new condos are expected this year in prime Brooklyn neighborhoods, according to Corcoran Sunshine, a new development marketing company. Fewer than 800 will come online next year. That’s nothing compared to the 10,000 new condominium units slated within the next three years in Manhattan — though that borough is also suffering a shortage…How tight is the market in Brooklyn? There are seven units in the building at 875 St. Marks Ave. in Crown Heights. At last month’s open house, about 300 people showed up.

Has a day gone by in the past year where L.A. has not sounded like a better place to exist, except for like, the days with the earthquakes?

Photo by Joseph

9 Comments / Post A Comment

ls (#9,728)

there's also apocalyptic doom on tap in LA in the form of ABSOLUTELY NO WATER and RAGING INFERNO(s) that should not be discounted … the whole place could become uninhabitable relatively soon

deepomega (#1,720)

@ls The no water will fuck the Central Valley and SF before it affects us, though. We get all our water from the Colorado River.

KarenUhOh (#19)

@deepomega Utah and Arizona are L.A,'s canary regarding the Colorado allotment, such as it exists anymore. But that's one hell of a fragile source to build a 15 million-person metro area on.

Keep your legs crossed, Columbia Basin. Every few years the Southland starts sniffing you.

ls (#9,728)

@deepomega sf water is primarily from hetch hetchy

NinetyNine (#98)

375? Wow

"The Downtown condo market is going nuts. People want to buy, the supply is limited, and absurd situations arise, like 2,800 applicants signing up for 68 units."

hershmire (#233,671)

If mid-tier cities like Philadelphia and Baltimore were smart, they'd be busting their humps to make themselves more liveable, walkable, and affordable for young people, artists, etc. They'd flock to those cities, bringing the art and culture that the rich folks in NYC so crave yet can't help eradicating with each new condo built.

Hosein Kouros-Mehr (#276,884)

This is all cyclical. In 2008-2009 there was excess inventory of condos in San Francisco and it was easy to buy a condo below ask. Because of the credit crunch of 2008-2009, there was a moratorium on new housing construction, so of course fast forward 4 years later and there is a shortage of supply. Soon we will see overconstruction and too much supply yet again, but who knows how long that will take.

Myrtle (#9,838)

@Hosein Kouros-Mehr your facts are as I know them, too, and yet I don't reach your conclusion. The Haves seem pretty happy to bully the Have-Nots. It seems more overt, since the gleeful looting and pillage of 2008.

Hosein Kouros-Mehr (#276,884)

This is all cyclical. In 2008-2009 there was excess inventory of condos in San Francisco and it was easy to buy a condo below ask. Because of the credit crunch of 2008-2009, there was a moratorium on new housing construction, so of course fast forward 4 years later and there is a shortage of supply. Soon we will see overconstruction and too much supply yet again, but who knows how long that will take.

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