Quote:
Originally Posted by Why_Yes_I_Do
EX: (Thimk hard!) If the seller thinks it's worth $1 milllllion, but the only buyer in the market only offers $200K.
What is the value of the property?
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Is the buyer getting a mortgage from the bank or paying all cash? If the buyer is getting a mortgage from a bank then the bank appraisal will determine the value of the property. A bank is not going to give out a mortgage for $200,000 if the bank appraiser comes back and says the property is only worth $150,000.
Regardless of free market, supply and demand dynamics. NYC has an affordability issue. That is why the democratic socialist won the election for Mayor. You could take all of Sliwa's votes and all of Adam's votes and add them to Cuomo's votes and Mumdani still would have won.
I will change my original question. If you could afford to pay $3,700 for a one bedroom apartment with 600 Sq Feet on the upper east side of New York City (Manhattan Burrow), would you submit an application? I would not. I would want more space for $3,700 per month.
Those Amazon thinking caps you mentioned you might want to consider getting a couple for yourself instead of recommending them for someone else.
