Related Posts
37 / 13 years / 215K / PDX
How do you effectively plan for retirement?
More Posts
Additional Posts in The Worklife Bowl
Rising Star
Chief
I have a confession to make.
Conversation Starter
Do you believe in life after love? Ed does!
Conversation Starter
6, 8, or 9
Rising Star
Enthusiast
Enthusiast
Chief
Chief
Visual Storyteller
WEAR A MASK!!!!!!
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
There is significantly more relief for owners than renters right now. I think something like a year of foreclosure forbearance compared to a hold on evictions first two months. So not likely for the immediate future but maybe at the end of that year if there are balloon payments instead of just increasing the payments for the remainder of the loan. But honestly if I lost my job I would work pretty hard to sell my house before those came due if I didn’t think I could afford it.
Makes sense. I also wonder whether Manhattan will be in a downturn for much longer than other cities. May not make sense to invest anytime soon if nobody will want to come back to the city.
I don’t believe covid will cause anything like 2008. Completely different situations regarding liquidity and creditworthiness of current borrowers. Add in government involvement this time for making forbearance and stuff mandatory for lenders and I do not think foreclosures will be anything like then.
I would also stay away from Manhattan, who the heck wants to live there now? I expect to see people moving out of highly populated areas due to how they saw covid spread and the fact that companies are going to be more open to remote work going forward.
I don’t think it will be completely worthless either but I don’t think it will appreciate like it has the last few decades. Without looking at historical trends I bet the manhattan population declines/stabilizes for the first time in a while over the next couple years. So if I have the choice of where to invest I’d chose a location I thought would have appreciation more in line with historicals and more likely to have population and business growth.
I was wondering the same, but in Tampa
Rising Star
I think there will definitely be some impact to the housing markets in Manhattan and other areas that heavily rely on public transportation since a lot of employers in those areas may move to working remotely over the next 12mo or so. The restaurants and bars also won't be able to operate the same either while there's no viable treatment so there will be more people leaving Manhattan. As the forbearances end and ppl are required to make the lump sum payments, there may be foreclosures.
Rising Star
Residential, meh. It’s a short term problem in the market. The residential rental market will self resolve in 3 months, residential owner market up to a year once all the “emergency pauses” that we’re enacted expire. If anything, some people are looking for larger properties for in home offices. I think suburban house prices will hold there value more than city values.
Commercial downtown real estate is the one that will fall. Less people working in close environments will equal more real estate used per person per day but less people will come into offices so less space overall will be needed. The other hit will be restaurants. They rely on a certain amount of people in a downtown district to be viable. Those economics will change drastically and I can see tons of ground level real estate being open in downtown districts.