How's the New York real estate trend in 2010-2011?

[jad2k]

Originally Posted by jeffcon0

As someone who is actually house hunting right now (albeit on the other side of the Hudson) I can tell you that I am SHOCKED at how quickly things are moving right now.

What I'm seeing is that condos that are priced fairly are off the market in literally days. We've been to open houses 3 days after a place has been listed and it's already in attorney review. BUT these are the places that are realistically priced (think pre-2005 levels). When looking at the price history on Trulia, most of the sellers are taking a loss to sell the property quickly.

Yeah, the building I bought in sold out in just over a year. People were actually getting into bidding wars (nothing crazy, just two or three people trying to get the most desirable units). I was interested in another unit (other than the one I ultimately ended up with) that fell out of contract and within three days of it falling out of contract, it already had another accepted offer and was in attorney review.

I have a friend that just bought a house in Queens and it was the same thing for him. He kept getting outbid left and right. He would see a house, and before he could take a few days to "think' about it, it was in contract!

The loan market is tight and banks are very stringent these days, BUT people who can get a loan realize it is a great time to buy because rates are so low and prices are [relatively] depressed.

Originally Posted by jeffcon0

My guess is that home prices in the desirable areas of NYC and the metro have bottomed and those with comfortable wages and stable jobs have started coming back off the sidelines. I expect prices will *gradually* start to rise again at their historic norms of a couple percent a year in this area. I don't think it will be like the heady days of 2007-2008 for a LONG time as people are now conditioned to think of their hmes as a place to live, not a place to sell.

Not just long time "desirable" areas but I think a lot of so called up and coming areas are seeing a lot of activity too. Buying should be a long term commitment so buying into an area that's "up and coming" has the potential (but not guarantee) for there to be a marked increase in value 10 years down the line.