Hi folks. Thanks Eric for pointing out below what I said about 8 months ago. You know what? That seems to be a common theme here at www.monkeybusinessblog.com . We say stuff and then voila it happens. Well believe it or not I just found a nice new deal. No I'm not going to buy something but I am in the process at this second to moving to a new apartment in NYC. Thats right my pals at Schleppers Moving and Storage are standing right around me and moving the family's belongings in to a truck. Where are we going? Well you remember the Jefferson's from back in the 70s? Well we are "Movin on upppp. To the east side. To a deeeeeeeluxe apartment in the sky-i-iiiii."
Yes we are moving to a building with the same amenities as the one we have now. In a very nice neighborhood. But we are renting. And we are renting for 1 year. The nice people at the new building said hey we'll sign you to a 2 year lease and no change in rent. I said nahhhh I'll take my chances. I think in a year the rent will be even LOWER. So I'll take a 1 year lease thanks. Oh did I tell you what I'm paying versus my old place? 30% less. Like I said just as nice a building maybe even better. So if you are looking at real estate in NYC dont be shy to show some nice lower prices. You might be pleasantly surprised. Oh I didnt find any foreigners trying to outbid me either. I think they have their own issues. So have a good weekend and stay tuned to when I throw a big monkeybusinessblog.com party on my spacious new roofdeck when the weather gets nice. For free.
I've been looking around town as well. I've noticed that many are trying to extend the lease periods, and offering a month or two free. If that isn't a red flag that they see rent rates going lower, I don't know what is.
Posted by: brandon | February 27, 2009 at 08:24 PM
Sounds familiar! I'm moving tomorrow too. Twice the space, nicer neighborhood and working fireplace for $200 a month more than I'm currently paying. My guess is that the same place would have been 50% more last year.
Deflation has its benefits!
The amount rents have fallen is pretty staggering - umm, you think this might just affect sales prices?
Posted by: rcyran | February 27, 2009 at 04:35 PM