Monday, September 17, 2007

On the road...

Sorry for the lack of posts - I've been on the road, mainly down in South Florida.

Surprisingly there's a bit of a hustle n' bustle down here - not in the tech sector, but rather in sectors like mortgages (well not so much here anymore), finance, insurance, etc. The standard of living is so cheap that if you make a moderate 6-figure income you can live like Puff Daddy.

There's also a booming adult entertainment sector in Miami - mainly for online-only companies, but these guys are doing big business nonetheless.

On a whim I decided to check out home prices - not that I'd ever move down here, I'm a New Yorker all the way - and I couldn't believe what I found.

I checked out a 5 bedroom, 3 bathroom, multi-floor home with a built in pool, court yard and jacuzzi with a 2 car garage...price tag?

$1.5 million!!

Do you know what $1.5 million would get you in New York? Maybe a 1 bedroom in a decent building in the West Village.

It blows my mind at how overpriced New York Real Estate is. However, the situation may be changing soon, for renters at least. Over the next 12 months there's going to be roughly 160 new buildings going up in some of the trendier (highest demand) areas of New York. In my opinion, this is likely going to cause a drop in rental prices across the board, especially in these areas (West Village, Chelsea, Midtown west).

So anybody thinking about renting, sit tight for a few more months and I think you'll be pleasantly surprised.

I don't really have enough expertise to make any calls with respect to the home buyers market in New York, but with interest rates where they are I wouldn't be so quick to take a mortgage out right now.

Hopefully the Fed will do something to fix that this week.

On another note, I'll try to post more this week. I've been busy working on the front-end for my new web project and it's been taking up a heckuva lot more time than I thought it would.

Hope you're all doing well...Wayne, over and out!

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