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06.04.08, 08:32 AM General Topics
31 replies
do you think this a good time to buy in NYC or should we wait a little bit more [ Reply | Watch | Flag ]
General Topics 06.04.08, 08:32 AM Flag
 

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tough to say, if the year ends up and wall street has decent bonuses you would have missed an opportunity, if it ends down and bonuses suck you would have bought too high. The dollar is showing signs of life which means that the apartments are a little less attractive to european buyers, which may help to keep the prices a little lower as well. [ Reply | More
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General Topics 06.04.08, 08:35 AM Flag
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true, but you can get a good price, which might change soon [ Reply | More
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General Topics 06.04.08, 08:37 AM Flag
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something really unusual would have to happen for banking sector to pay big bonuses this year. [ Reply | More
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General Topics 06.04.08, 08:38 AM Flag
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very true [ Reply | More
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General Topics 06.04.08, 08:39 AM Flag
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the hedge fund I work for will most likely be paying out bonuses. Forex as well, but probably not enough people to really push prices higher. Too isolated. [ Reply | More
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General Topics 06.04.08, 08:42 AM Flag
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bonuses will be paid just not astronomically huge bonuses. [ Reply | More
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General Topics 06.04.08, 08:43 AM Flag
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np, Bonuses aren't going to be as bad as everyone thinks they will be. I know many people from Bear who will be getting paid as much or the same as last year at JPM. Hedge fund bonuses won't be down for a lot of people, either. [ Reply | More
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General Topics 06.04.08, 10:13 AM Flag
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how can you know this in June? [ Reply | More
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General Topics 06.04.08, 10:14 AM Flag
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prices have not begun to move much in Manhattan. Wait it out. Some opportunities in Queens. [ Reply | More
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General Topics 06.04.08, 08:36 AM Flag
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there are opportunities everywhere, but Manhattan. We want Manhattan though [ Reply | More
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General Topics 06.04.08, 08:38 AM Flag
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no way. Manhattan is a "Super City" impervious to other traditional real estate trends and morays [ Reply | More
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General Topics 06.04.08, 08:39 AM Flag
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historically, that is not true. Manhattan slumped badly in the mid-90's after Wall Street-fueled price surge in late '80's. [ Reply | More
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General Topics 06.04.08, 08:41 AM Flag
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I would not call that period a bad slump by any means [ Reply | More
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General Topics 06.04.08, 08:42 AM Flag
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apt price went down 30%, thats a slump [ Reply | More
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General Topics 06.04.08, 08:48 AM Flag
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They did not!! [ Reply | More
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General Topics 06.04.08, 08:52 AM Flag
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45%? [ Reply | More
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General Topics 06.04.08, 08:53 AM Flag
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np who are you? you are so wrong [ Reply | More
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General Topics 06.04.08, 08:55 AM Flag
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really? Nice 1BRs in apt were $150K in prime neighborhoods. I don't think you know what you're talking about. Or you're a realtor. [ Reply | More
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General Topics 06.04.08, 08:48 AM Flag
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ita, that was a slump [ Reply | More
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General Topics 06.04.08, 08:51 AM Flag
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np what are you trying to say? [ Reply | More
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General Topics 06.04.08, 08:41 AM Flag
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buy now if you find something you like. ny holds up a bit better than most areas since a lot of foreigners buy here. If you like new developments, however, i would wait a bit more..they are floundering but still not ready to sell at losses. By new developments, i mean those new highrises with units still under renovation. [ Reply | More
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General Topics 06.04.08, 08:49 AM Flag
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We are taking the plunge and found that the mortgage rate is rising for coops! Almost 8% on a jumbo loan (fixed, 30 year) and decided that if we waited much longer we would be price out of the mortgage market. Prices seem to have leveled, but there are more factors than just the price! [ Reply | More
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General Topics 06.04.08, 08:50 AM Flag
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good to know. this is nuts. how can the fed rate be at all time low and jumbo mortgage is 8%???? Did anyone explain this to you? [ Reply | More
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General Topics 06.04.08, 08:54 AM Flag
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Yes, the new ceiling for jumbo mortgages was moved to 730,000 but only for condos and individual homes. For Coops it stayed at 417000 (which was the previous level). They claim coops are higher "risk" (yeah, you got me...not the coop board we interviewed with!!!). Therefore, everyone penny over 417,000 is a jumbo mortgage (and thus only qualifying for 7.65% or higher). This still requires a minimum of 20% down (25% is better) plus 2 years liquid assets after closing. With all this you are looking at over 5500 a month with mortgage and monthly fees/taxes for a small 2 bedroom in Manhattan--Of course, you will have to have over 300,000 cash (not 410K or stocks) on the barrel BEFORE you close (25% down plus 25% liquid). Good luck! [ Reply | More
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General Topics 06.04.08, 09:57 AM Flag
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that really gives the condo sellers a huge advantage in this market. [ Reply | More
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General Topics 06.04.08, 10:05 AM Flag
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Yeap. That is why they cost more for the same price. [ Reply | More
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General Topics 06.04.08, 10:12 AM Flag
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Sorry, I mean cost more for the same space. [ Reply | More
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General Topics 06.04.08, 10:13 AM Flag
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Buy in my buiding. www.sharesofny.com West 95th Street. A 2 bedroom just sold (unrenovated) for $850K. [ Reply | More
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General Topics 06.04.08, 08:51 AM Flag
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on their site the prices are much higher but they are desperate.. as are all of hte other real estate developers out there. [ Reply | More
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General Topics 06.04.08, 08:51 AM Flag
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NYC is a lot of different markets. [ Reply | More
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General Topics 06.04.08, 08:54 AM Flag
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personally, i think we have room to dip. but good rule of thumb is that if you love the place and will stay for five years buy. [ Reply | More
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General Topics 06.04.08, 08:55 AM Flag
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