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| Re: Hunters Point vs LIRR Round 1 (788695) | |||
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Re: Hunters Point vs LIRR Round 1 |
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Posted by trainsarefun on Sat May 23 22:52:18 2009, in response to Re: Hunters Point vs LIRR Round 1, posted by GP38/R42 Chris on Fri May 22 21:58:44 2009. I am sure they did, but so did everyone else if they bought at the height of the market.Prices there actually don't seem to have decreased all that much. 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. It seems to hinge on what's better - if on the 'mainland', in a desirable area, e.g., UES, that's certainly right. But in a lot of the frontier areas, pricing per square foot was roughly constant, in spite of an area's desirability - or lack thereof, e.g., across the street from a NYCHA project, next to a rail yard, have to go quite a while to find the nearest supermarket, etc. 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. That is true but depending on how long some of the residents have been residing there, I wouldn't put it past them not to sue the seller and its agents to undo the transaction in light of that fact. Trust me, one sees this effect a lot in down markets, buyer's remorse lawsuits. Frequently it's in the securities markets, but it can also happen in the real property market as well. 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. Believe me, there is a fudge factor. I don't know what the NJ law is, but even here, it is not airtight. To be sure, it's not a sure thing, there or here. But that's exactly why there is posturing in setting for a suit. My comments were directed at the fact that this behavior, depending on how long these residents have been at the complex, directed at complaining to LIRR may be part and parcel of a litigation strategy designed to make lemonade from lemons, so to speak. I saw this firsthand when the 'tech bubble' burst, and I have been hearing things right now from colleagues that it's not just securities in which that happens. |
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