Sep

11

After a decade of breathless hype peddling real estate to space starved New Yorkers, today's NY Times notes that, y'know, you oughta be careful in picking a pad!

… problems - like impaired views, lack of light and high maintenance or common charges - retain their repellent qualities in any slow market. Other immutable lemons include properties with extraordinary flip taxes, which may limit sellers' ability to negotiate, and buildings that don't own the ground beneath them….[read more]

I recall looking at flats in several buildings with ground leases, and upon learning about them, I just walked out.

I do not recall ever seeing a Times article warning about these risks during the upslope of the housing boom. How telling it is that this is now "newsworthy" during the press campaign to embolden buyers, not sellers, to bargain hard.

To "trend followers" I suggest adding the term "trend enablers".


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