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I have an apartment in the New York City that I 'd like to sell. I bought it high in 2008. Just wondering whether the real estate market will kicking up in this two years.
Its still a buyers market. You can see what other apts in your building have sold for recently and in your hood and make a estimate from that....You dont give us much info since location and ammenaties, view, size, Monthly Mant $, etc are a major factor in the sale of a apt...
It definitely depends a lot on what neighborhood it is in.Some neighborhoods have had steep declines while others not so much.
The market has definitely stabilized and according to Trulia has gone up a tiny bit in recent months but as an above poster indicated, it may take a while to get back to 2008 prices depending on the neighborhood.
Overall,the decline in NYC has not been nearly as bad as in other parts of the country and the biggest declines were in the neighborhoods that saw the sharpest increases from 2006 to 2008.
I would hold on to that apartment for a few years. Chances are you will not break even any time real soon. While there doesnt seem to be an immenent double dip in the economy, real estate is not moving upward for at least another 3 years.
Prices aren't moving up at all. You may see an increase in total population within a few years, but it won't translate into increased rents or property values.
Reason: No jobs + plenty of available building options. 'Well, homebuyers have to live somewhere.' Nuh uh, as has been shown in the past 3 years homebuyers don't have to live anywhere. They'll live on the streets, in cars, in subsidized, in four shares, in their parents' basements, behind friends' couches. Immigrant, recent grad, middle age. Or they'll move out of town when the job pickings get really slim.
This isn't going to change because the globalists who run your world, including in NYC, want to demolish the middle class--something history immemorial never had before the U.S. in the last 75 years, and doesn't need again.
They'll flatten your wages with porous borders, with overseas outsourcing, with lack of employment authorization on local jobsites. They'll flatten your wages with cyclical amnesty. They'll flatten your wages with 'health care' mandates. Internships don't pay the rent.
The Spaniards, the Italians, the Irish, the Greeks, the Portuguese, the Serbians, the British won't be buying your properties. They have their hands full.
If your friends need more housing options, builders will fill the 30 million square feet of see-throughs they just built in the area. And then they'll finish the ones they abandoned within the last five years, lying fallow, half finished. While they put more new construction into the sky in a boundless amount of land in Manhattan outside of Midtown, in Brooklyn, in Queens. And they'll do it while converting mid-century Class B office space into apartments in Midtown. There's never a shortage of land.
But the 30-year bull market is over. Spent. It cost you 13 trillion dollars, and your jobs. There's nothing you can do that the Indians or Chinese can't do better, cheaper, faster. Your wages are stagnating and declining.
So if you find a cheap house, it's too expensive to pay off--or even to consider buying in the first place. The worst of both worlds--the seller gets peanuts (after all, she's not seeing the extra money the buyer will pay, the lender is). And the penultimate lender is overseas, he's the one who financed it in devalued U.S. currency.
Prices aren't moving up at all. You may see an increase in total population within a few years, but it won't translate into increased rents or property values.
Reason: No jobs + plenty of available building options. 'Well, homebuyers have to live somewhere.' Nuh uh, as has been shown in the past 3 years homebuyers don't have to live anywhere. They'll live on the streets, in cars, in subsidized, in four shares, in their parents' basements, behind friends' couches. Immigrant, recent grad, middle age. Or they'll move out of town when the job pickings get really slim.
This isn't going to change because the globalists who run your world, including in NYC, want to demolish the middle class--something history immemorial never had before the U.S. in the last 75 years, and doesn't need again.
They'll flatten your wages with porous borders, with overseas outsourcing, with lack of employment authorization on local jobsites. They'll flatten your wages with cyclical amnesty. They'll flatten your wages with 'health care' mandates. Internships don't pay the rent.
The Spaniards, the Italians, the Irish, the Greeks, the Portuguese, the Serbians, the British won't be buying your properties. They have their hands full.
If your friends need more housing options, builders will fill the 30 million square feet of see-throughs they just built in the area. And then they'll finish the ones they abandoned within the last five years, lying fallow, half finished. While they put more new construction into the sky in a boundless amount of land in Manhattan outside of Midtown, in Brooklyn, in Queens. And they'll do it while converting mid-century Class B office space into apartments in Midtown. There's never a shortage of land.
But the 30-year bull market is over. Spent. It cost you 13 trillion dollars, and your jobs. There's nothing you can do that the Indians or Chinese can't do better, cheaper, faster. Your wages are stagnating and declining.
So if you find a cheap house, it's too expensive to pay off--or even to consider buying in the first place. The worst of both worlds--the seller gets peanuts (after all, she's not seeing the extra money the buyer will pay, the lender is). And the penultimate lender is overseas, he's the one who financed it in devalued U.S. currency.
Prices aren't moving up at all. You may see an increase in total population within a few years, but it won't translate into increased rents or property values.
Reason: No jobs + plenty of available building options. 'Well, homebuyers have to live somewhere.' Nuh uh, as has been shown in the past 3 years homebuyers don't have to live anywhere. They'll live on the streets, in cars, in subsidized, in four shares, in their parents' basements, behind friends' couches. Immigrant, recent grad, middle age. Or they'll move out of town when the job pickings get really slim.
This isn't going to change because the globalists who run your world, including in NYC, want to demolish the middle class--something history immemorial never had before the U.S. in the last 75 years, and doesn't need again.
They'll flatten your wages with porous borders, with overseas outsourcing, with lack of employment authorization on local jobsites. They'll flatten your wages with cyclical amnesty. They'll flatten your wages with 'health care' mandates. Internships don't pay the rent.
The Spaniards, the Italians, the Irish, the Greeks, the Portuguese, the Serbians, the British won't be buying your properties. They have their hands full.
If your friends need more housing options, builders will fill the 30 million square feet of see-throughs they just built in the area. And then they'll finish the ones they abandoned within the last five years, lying fallow, half finished. While they put more new construction into the sky in a boundless amount of land in Manhattan outside of Midtown, in Brooklyn, in Queens. And they'll do it while converting mid-century Class B office space into apartments in Midtown. There's never a shortage of land.
But the 30-year bull market is over. Spent. It cost you 13 trillion dollars, and your jobs. There's nothing you can do that the Indians or Chinese can't do better, cheaper, faster. Your wages are stagnating and declining.
So if you find a cheap house, it's too expensive to pay off--or even to consider buying in the first place. The worst of both worlds--the seller gets peanuts (after all, she's not seeing the extra money the buyer will pay, the lender is). And the penultimate lender is overseas, he's the one who financed it in devalued U.S. currency.
As long as the price kicking up is concerned it depends on the real estate location, property size, condition and amenities
Kelly
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