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| Re: Hunters Point vs LIRR Round 1 (788143) | |||
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Re: Hunters Point vs LIRR Round 1 |
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Posted by GP38/R42 Chris on Fri May 22 21:58:44 2009, in response to Re: Hunters Point vs LIRR Round 1, posted by trainsarefun on Fri May 22 11:19:40 2009. Surprisingly, many of those people really did pay a fairly high dollar to square foot ratio.I am sure they did, but so did everyone else if they bought at the height of the market. I'm actually not sure whether ratios would have been higher in other relatively comparable 'frontier' neighborhoods, e.g., Central Harlem, Downtown Brooklyn, Astoria, Williamsburg, etc. I am sure that as much as these may have been, they would probably have been even more for a smiliar unit in a "better" location. With the price decrease in the 'terra firma' market, especially on Manhattan Island, a lot of these LIC buyers look to have made a blunder, so I think that's also a part of it That's irrelevant. The market went down just about everywhere. Just because NOW they perhaps could buy a place in "Manhattan" or some other "better" location for the same price they may have paid for these units, that was NOT the case when they bought the units. The downturn hit most markets. That's why I noted in Pavonia-Newport case, the purchaser was suing for a refund with interest, and I wondered whether some of these LIC purchasers were not setting up to do the same. Again, the Pavonia-Newport case is irrelevant, as NY State is a "buyer beware" state. I don't believe that is the case in New Jersey. |
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