Nov 19, 2008
They Don't Understand?
Every year the Realtors get a few phone calls from New York and New Jersey, their buyers don't understand why the investments aren't yielding the results they expected, or worse. Their frame of reference is New York, where a one bedroom apartment rents for $3200. Where they come from, it costs about 900 thousand to buy a one apartment unit. They don't understand, although it is only 90 miles and an hour and a half from Manhattan, it's a different world. The think if they give their tenants pre-addressed envelopes, the checks will come in the mail. They think if they convert a commercial building into lofts, yuppies will park their beamers outside, downtown. The Dime Bank Building, on 7th, off of Hamilton is going to be converted into upscale apartments; Expect to see Mayor Ed and his portable podium soon. The real estate market in NYC is recession proof. Here, the local builders know all about down markets. Shown in the photo, is what was to be the second phrase of the townhouses at 8th and Walnut. Despite tax free status from the Keystone Opportunity Zone, the builder has filled in the foundations and discontinued the project.