Previously,
I’ve written about a man
who works in our office who lived in New York City back in the late ‘80s and
early ‘90s –
let me assure you that while that does seem like a very long time ago, it’s not
nearly as far back as
when the wheel was invented and humankind learned to harness the power of fire.
If you’ve been to New York City recently and blissfully walked around Harlem to
get chicken and waffles at Sylvia’s on Malcolm X Boulevard between 126th
and 127th
Streets or stopped in at Keybar
on 13th
Street between First Avenue and Avenue A to wedge yourself into a cozy corner
next to their notable fireplace,
you
wouldn’t get a sense that these areas were once . . . not as welcoming and
glitzy as you now see them. Our office mate has told
some fairly interesting stories of living in those
and other areas of New York City that give a much different sense.
In
the late ‘80s/early ‘90s, no matter how many great things you heard about
Sylvia’s food, 127th
Street and Malcolm X Boulevard (back then, it was Lenox Avenue) wasn’t a place
you popped up to for Sunday brunch –
it was an area you didn’t visit unless you had . . . official
business. At that same time, between 14th
Street to the north and Houston (pronounced
HOW-STUN) to
the south and east of First Avenue –
known as Alphabet City (still is) –
that was an area full of very hard-living folks who would sell
their right arm (or yours, it didn’t matter to them) to get their next fix, and
I’m not talking about an appliance repair.
The Lower East Side (of which Alphabet City is a part) was full of
tenements and government projects that tucked itself into the shadows of the
bright and shiny skyscrapers that surrounded it –
A LOT of bad stuff happened in the darkness of those shadows.
Anytime
he tells one of his New York stories, they all seem to end with him saying,
“Back when I lived there, I NEVER would have thought many of those areas would
be safe to go back to and show my family.”
And whenever he says that, he gets a bit of a far-off gaze fixed on his
face: one that could mean he’s momentarily transported himself back to an
earlier time (or he needs to get back on his medications).
Between
the late ‘80s and today, New York City has continued to grow, population
wise. Sure, the city has improved and
become safer, but there were many years before those improvements and that
safety came about, and the city’s population STILL grew. There was something that kept them there and
attracted more people.
Recently,
I read an article that said an end to the housing shortage is in sight. Granted, the article went on to say that it’s
still probably about eighteen months out, but it does cite a number of reasons
for being optimistic. There are many of
you who have been saddened or depressed because you feel you’ve been priced out
of the market as a result of this housing shortage. Well, now is not the time to give up. In fact, NOW is the time to formulate,
implement, and execute a plan that will enable you to seize the moment when the
right house at the right price becomes available. There are many things that you’ll want to
look at like your current spending habits versus your current saving habits (or
lack thereof) and how much debt you currently hold (credit card balances, car
payments, student loans, etc.), just to name two. If you wait until the housing shortage abates
before you work on a game plan, you’ll be even further behind the eight
ball.
If
you’re a real estate agent, may I suggest seeking out and marketing to folks
who need to do a little work in anticipation of the housing shortage letting
up? You’ll fill a great pipeline that
will be a constant source of leads as conditions continue to improve inventory
availability. If you’re someone who
feels like you’ve been forced on the sidelines, get with a lender TODAY and
have them help you formulate that plan because when you’ve found the right
house at the right price, you’re going to want to have enough for a down
payment –
relying on the option of selling your right arm isn’t wise.
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