Queens residents who bought homes during the Great Recession (fit in, for sale)

[LOVEROFNYC]

Yup! Almost want to cash in stash our money under the mattresses and wait for the next crash. The real estate market now is similar to 2004 to 2007. I feel like a repeat is on the horizon.

[loribell38]

We know tons of people that purchased homes in Flushing years ago. Pretty much all have long paid them off. They are getting slammed with Asian investors offering them quick cash closings. Many well over the current appraised value too. Many have sold out & moved. Hard to say no to all the cash. Many still remain though & have not sold out. Some are thinking. Hey we can wait a few more years. Then maybe they will offer us $2 million instead of $1.5 million they are offering now. Yep. One friends parents was offered 1.5 Million quick cash closing for a home that was appraised for under 1 Million just a few months ago. It needs lots of work too! But they probably just plan on tearing it down anyway. Like they have been doing all these years there.

Relative of mine still has his 3 family in Rego Park & figures he will sell next year. He will make a killing on his sale as well.

[NYer23]

I bought multi-family house in Astoria a few years ago, price appreciated by $350k. Quality of life has been on the decline due to overcrowding from new apartment buildings.

[ShirlMastic Beach]

My house in Ridgewood is probably up over half a million in just a few years.

[Kefir King]

You turn a profit only when you sell.

[NYer23]

Originally Posted by Kefir King

You turn a profit only when you sell.

I rent units and therefore pay taxes on profits.

[mathjak107]

Originally Posted by Kefir King

You turn a profit only when you sell.

depends if we are talking an investment property or personal residence . we pay tax on profit every year

[Aeran]

Originally Posted by Kefir King

You turn a profit only when you sell.

And even then, will find most of it eaten up by the cap gain tax.

[zhubaba]

Originally Posted by Aeran

And even then, will find most of it eaten up by the cap gain tax.

For a married couple, the first $500,000 of gains from the sale of their main home are exempt from capital gains taxes.

[Aeran]

Originally Posted by zhubaba

For a married couple, the first $500,000 of gains from the sale of their main home are exempt from capital gains taxes.

Yeah. I meant to add unless it was a primary residence non investment property. If it's investment property, man do they take out a lot.