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Old 08-21-2009, 12:26 PM
 
8 posts, read 13,331 times
Reputation: 25

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First off, I'd like to say hi

So me and my wife have been considering buying a home for about a couple years now (since 2007). We're both doing decent financially and it seemed to be like the right time to buy. However, the longer we've spent looking for homes, the more we've realized that prices are dropping rapidly, and it looks like if we wait a few more months, maybe a year, we'll be able to get more home for our money. Some houses we liked were kind of stretching our budget and if the prices dropped a bit it would be more in our comfortable rangeI. But we're scared if we wait too long it might be too late. When might the market make a upturn?

We've looked in all the boroughs except Staten Island, because we didn't like the feel of it, and we've found a couple places we liked but weren't all too ecstatic about. I just had a couple questions. They're very diverse

How's the commute from Riverdale to Manhattan? (Subway/Express Buses/MetroNorth) Is it safe?

What're the people like around Williamsburg[Brooklyn]? Is the area safe? We looked at a condo near Stagg St/Lorimer and the area didn't look all too great. Closer to the East River I've heard it's a better area rather than the more southern area we looked in. There's supposedly a lot more upper-end condo buildings there. Only thing is I hear the market is doing extremely badly at the moment.

Last question, what areas in Queens are safe and have an easy commute to Manhattan (by public transport)? From what I've researched Forest Hills, Kew Gardens, Jamaica Estates, Bayside, Forest Hills Gardens, and Little Neck are good?


All input will be very helpful. Thanks!
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Old 08-21-2009, 03:51 PM
 
Location: Beautiful Pelham Parkway,The Bronx
9,238 posts, read 23,966,138 times
Reputation: 7748
1)You are right to be concerned that the market could turn on you....if it hasn't already begun to. Whenever there is a big market correction( in stocks,real estate or whatever) there are always loads of people who dither and miss the bottom.Most recent reports indicate that we are past the bottom.
2) there are other more important factors in purchasing real estate than "the bottom" or even the price.The current tax credit for buyers that expires in November and the low interest rates available can make a much bigger difference to you in the long run than the price you pay. I just refinandced a coop that I purchased not too long ago because my interest rate at purchase was 6.25% and it went down to 4.5%.Getting a 4.5% rate on my loan will now save me $185.00/mo(2,200/yr) for as long as I own this apartment which I intend to be a very long time.This is on a less than $200.000.00 loan.A 400,000 loan would be double( 370.00/mo). It will do you no good if a particular apartment goes down in price some over the next year if the rates go up( they are already doing so) and your loan then costs you 200 or 300/mo or more every month forever.
3) Beware of falling into the trap of thinking that there is one single market anywhere.My apartment in The Bronx actually went up in value in the last year while the real estate market in general was crashing.You have to decide what neighborhood(s) you are interested in and then analyze and watch that neighborhood.Prices on overpriced shoebox condos in Williamsburg may continue to go down over the next year while the prices of coops or condos in Riverdale may go up.The real estate market of the UES has nothing to do with Bay Ridge or Bedford Park.You may hear that the " NY metro real estate market" is projected to decline in the next year but there will be pockets of areas that will run counter to the general trend.That's what happened where i live in The Bronx.The crash was mostly in neighborhoods where there was a ridiculous run up( bubble) over a very short period of time.But there are neighborhoods scattered throughout the city where there never was a bubble so there never was a crash. Just make sure that while you are waiting for some official gong to go off announcing a bottom that the prices in the neighborhood you are interested in haven't been going up.
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Old 09-21-2009, 07:43 PM
 
Location: Where the sun always shines
2,170 posts, read 3,288,279 times
Reputation: 4501
As I tell anyone looking to buy a home or condo in Brooklyn right now, be prepared to shell out a lot of money for a small space. This most likely will not include somewhere to park your car. Also if you have kids or plan on having any, check out the neighborhood schools because NYC's school system right now leaves a lot to be desired.
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