“Renting Instead Of Owning” A sign of the times?

Luke Constantino| Saturday, October 10th 2009

Samantha, a working mother with two kids who has a very prestigious job in midtown, lives in a coop near Riverside Drive in NYC calls me to ask: "Do you have any renovated second floor apartments in a good, safe neighborhood in Brooklyn for under 1,800 p/mo?" She goes on to tell me how her bills are getting higher and the kids are becoming more expensive as they get older.

She tells me her job recently went through a lot of cut backs which lowered her pay wage and she is looking towards long term: Samantha wants to rent. This is happening way too much due to our economy. A lot of people are downsizing to make ends meet and are thinking what this change might bring often.

"I want to go back to Bay Ridge where I grew up and maybe, one day, when my finances are straight and the economy gets better, move back to NYC." I'm using this story because I'm seeing this more now than ever in every facet. From House to coops/condos there is a lot of downsizing going on. I won't even get into how the banks are making it impossible from a person with good credit to buy a home.
Now, tthese are the people I help everyday.

To make a long story short, I sold Samantha's coop very quickly to a couple downsizing in Manhattan and she now lives in a very spacious apartment in the upper 90's area of Bay Ridge with her childen.

Seems like the rainbow being promised to us has a tainted, empty pot of gold at the end of it.


Luke Constantino
Commercial | Residential
RE/MAX @ THE SLOPE
Direct: (212) 300-3919 | Fax: (360) 368-0098
http://LukeConstantino.com