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My mom recently retired and will relocate to Austin Texas to join me and my family. she put her home on the market two weeks ago and while people have come through, no offers. Her home is well kept, renovated, and modern. it is located in a gated Eastern Bronx community. It's been awhile since I've dealt with the NYC real estate market. I put my condo up for sale in 2003 and had multiple offers within the first few days. It had a pretty good location going for it in the Bronx, plus it was a 2+/2 and 1100 sq ft., and across the street from a park. My mom's condo has some water view, which I think is even better. I've looked at the market in both College Point, Queens and where she lives and it seems like properties sit for months before a contract and then it's sold below asking. Is the real estate market these days tilted more towards the buyer or is it neutral? I'm not talking about the hot areas of BK or Queens...which are a different animal
it is definitely slowing down in the past couple of months. all cash buyers seem to have evaporated, and more investors are seeking to cash out on their properties. for a lot of NYC rental properties bought in the past several years landlords can hardly break even between the rent income and their expenses due to the inflated re prices. when the market slows and chance of appreciation slips, more pressure will buildup on investors to sell to stop loss. I personally believe a sizable re correction is around the corner, 20% in the next 2-3 years is not impossible.
Close to the water? Hurricane Sandy still might be affecting potential buyers.
I agree with Seventh. I think Sandy turned a lot of people off to being too close to the water.
Also,re the market in general it seems like there is a real trend towards neighborhoods with good transportation. So your mom's place might have 2 strikes against it.
I know in my neighborhood,which is your old neighborhood riaelise, stuff is selling pretty quickly.
My mom recently retired and will relocate to Austin Texas to join me and my family. she put her home on the market two weeks ago and while people have come through, no offers. Her home is well kept, renovated, and modern. it is located in a gated Eastern Bronx community. It's been awhile since I've dealt with the NYC real estate market. I put my condo up for sale in 2003 and had multiple offers within the first few days. It had a pretty good location going for it in the Bronx, plus it was a 2+/2 and 1100 sq ft., and across the street from a park. My mom's condo has some water view, which I think is even better. I've looked at the market in both College Point, Queens and where she lives and it seems like properties sit for months before a contract and then it's sold below asking. Is the real estate market these days tilted more towards the buyer or is it neutral? I'm not talking about the hot areas of BK or Queens...which are a different animal
Thanks
ETA: the house is competitively priced too.
I'm not in a "hot area" but things seem to have been selling in my area of Brooklyn all right---but I'm in a pretty stable place. If it seems like in her area is what you have described/what I have bolded, then that's probably what will happen.
transportation and location to manhattan and other hot areas, maybe effecting the sell of the condo. It seems thats the biggest factor for current buyers in NYC market. If they don't care to be far from those areas, usually because they have a family they buy a house in long island or queens.
in 2003, people wanted to live in less areas in NYC. now because of gentrification of the undesirable areas that are close to manhattan, their options of areas to choose from has increased. No one was buying brownstones in clinton hill/Bed-stuy for a million dollars or more in 2003 but now they are. With prices increasing in the inner boroughs, there may be a ripple effect of desperate buyers to move further away.
As the adage goes, location. Location, location. The better the location, the higher the demand.....sellers market. The less desirable locations , less demand.....buyers market.
How are you advertising it? With a broker? On your own? The more exposure, the better for a sale.
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