Which type of property (or which characteristics / location) has the best chance at selling during a recession?

[mathjak107]

We sold 2 co-ops in 2009 that over look Central Park for only 10% less then the peak

[BoBromhal]

Originally Posted by ddm2k

Title says it all. In ...any type of recession, which types of properties or homes DON'T sit on the market for years without closing a sale?

recessions are a natural part of the economic cycle. it just means the economy contracts (growth below 0) , for a period of time. So...

1. Areas with a diverse economy, and government spending
2. Areas with desirable "structural" factors - commute time to the major employment areas, desirable schools, affordable homes (compared generally to the US, but more specifically to the area's median income).

Then it's about the house/neighborhood:

Location - see 2 above
Lot - a good lot, not the ones "desperate" buyers are happy to snap up today so they can get in ANY house.
Price - again, the lower the price, the less affected by a recession, typically

My area of NC certainly took an overall hit - prices and # of homes sold - from Sept 2008 through 2011. But I could show you areas that rebounded by March 2008 - and they met all of the above factors.

[Hemlock140]

In our area the recession resulted in a lot of money being made by contractors, Home Depot and Lowe's. People knew that there were no loans available so they did home improvements so that the house would be in better shape to sell when things got better. Our small city (60,000) had 13 layoffs, not due to budget issues, they had plenty of money. It was because the new construction stopped, and they had all those building inspectors with nothing to do. Lately, more and more homes here are sold for cash, to immigrants. Being near the employment centers like Amazon, Microsoft, Costco and Boeing helps make it more desirable, but then in a recession those companies are a lot less likely to be hiring.

[LifeIsGood01]

Originally Posted by ddm2k

Title says it all. In a repeat of 2009, or any type of recession, which types of properties or homes DON'T sit on the market for years without closing a sale?

Starter homes below the average price for the town or city you are in would be the most recession proof.

A housing crash is not a recession. All bets are off if there is another housing crash caused by the banks and wall street greed, if they stop lending money you can't sell. Plus you will be able to sell but prices will be low everywhere if it happens again.

Properties closer to cities and any jobs will be better if the economy tanks.