Manhattan Reefs - View Single Post

saucz · 11-07-2005, 12:19 AM

Manhattan real estate is one of the most fickle beasts out there. While it is REALLY uncertain what the market might be like because ANYTHING can change the market, it is pretty safe to say that the market will steadily taper off. Selling houses BELOW market value is something that I doubt will ever happen. House prices might go down but that does not mean that it is selling below market value. A 250-300 sq ft studio selling for $400,000 thousand cannot be said to be market value. The interest rate will fluctuate in the next couple months but how big of fluctuation it will be it's hard to tell. Manhattan real estate is calming down alot and by calming down, I mean that ridiculous price raises due to bidding wars probably won't be likely. But once again, that does not mean that people will sell homes for a ridiculously low value. The days of being able to purchase a LARGE 2 bed in a hot location for $600,000 will be unlikely. When you invest in Manhattan, even IF the market does go down, the chances of it shooting past what they were last summer is high. Developers are going insane to buy and build. Many neighborhoods that were not so great to live in a couple years ago are getting cleaned up, (ie. midtown west, stuyvesant town and even some parts of harlem). If you plan on purchasing within the next 4-6 months, keep on track. Unless you see some drastic change that will hint of the market going down which is highly unlikely, you should do your research and be confident in your choice. If you don't you will always be worried about market and never make a purchase. Remember, in Manhattan real estate, there are only 2 markets. The sellers and buyers, and right now, it looks like it's going the way of the latter.

11-07-2005, 12:19 AM	#6
saucz Senior Member Join Date: Oct 2005 Location: Astoria Posts: 149 Reefer Ratings: (0) Friends: (0)	Manhattan real estate is one of the most fickle beasts out there. While it is REALLY uncertain what the market might be like because ANYTHING can change the market, it is pretty safe to say that the market will steadily taper off. Selling houses BELOW market value is something that I doubt will ever happen. House prices might go down but that does not mean that it is selling below market value. A 250-300 sq ft studio selling for $400,000 thousand cannot be said to be market value. The interest rate will fluctuate in the next couple months but how big of fluctuation it will be it's hard to tell. Manhattan real estate is calming down alot and by calming down, I mean that ridiculous price raises due to bidding wars probably won't be likely. But once again, that does not mean that people will sell homes for a ridiculously low value. The days of being able to purchase a LARGE 2 bed in a hot location for $600,000 will be unlikely. When you invest in Manhattan, even IF the market does go down, the chances of it shooting past what they were last summer is high. Developers are going insane to buy and build. Many neighborhoods that were not so great to live in a couple years ago are getting cleaned up, (ie. midtown west, stuyvesant town and even some parts of harlem). If you plan on purchasing within the next 4-6 months, keep on track. Unless you see some drastic change that will hint of the market going down which is highly unlikely, you should do your research and be confident in your choice. If you don't you will always be worried about market and never make a purchase. Remember, in Manhattan real estate, there are only 2 markets. The sellers and buyers, and right now, it looks like it's going the way of the latter.