In my opinion prices will remain level. Much of the reported "prices falling" is the result of many sellers who were over priced finally seeing reality and lowering their prices to what the market will bear. This is still a buyers market and it will remain so for quite some time. The average appreciation of real estate has been about 5% per year....but in this economy it is more like 1-2%
With all the uncertainties on the economic and political horizon it is very difficult to predict what will happen. If I can be of help..call me:
Cary Zimbler
Exclusive Agents Realty
Forest Hills
917-652-5150... more
Its a tricky question. Jackson Heights is a big neighborhood, some areas are little far from subways, stores etc and some are pretty close. Some areas are noisy and some areas are pretty quiet. You need to meet a realtor who has local knowledge and guide you through the neighborhood and explain you. Personally, I like the Historic part of Jackson heights, it has its own charm. Lots of greens, bike path, farmers market just to name a few.
I would be happy to help if you need any. Otherwise, Good Luck :)... more
As Filomena indicated good tenants are hard to find, and any increases should be carefully considered. However if you have the need to increase the rent, and you wish to be fair consider the NY Rent Guidelines Board has voted, and One-year leases will jump 3.75 percent and two-year leases will increase 7.2 percent. The increases this year were slightly higher than last year's increases. Last year, one-year leases rose 2.25 percent and two-year leases 4.5 percent.... more
Hello Laura,
With a local listing agent, who might have pre-qualified buyer to make sure they can
actually close the deal and/or get the mortgage. This includes finding out a
buyers income, credit history and proof of assets. We also coordinate the
mortgage process, appraisal (including supplying the appraiser with comps
to show value) and a plethora of other tasks including orchestrating the final
walkthrough.
I really appreciate your question and thank you for it. If I can be of further
assistance please let me know. Good luck!... more
Nah, the prices were artificially inflated to a severe degree, esp. with 2 family homes, they are returning to a level of affordability that a middle class family can afford. Unfortunately the prices have to drop another 15-20% to a level which people can actually get approved for (250K-350K)... more
Hi Tony,
Coops are valued by factors and in our area dont seem to follow the same trends as real estate. If you need a market analysis holler at me and ill see what I can do for you. The time to sell is when your ready reguardless of the market condition. When you sell and then buy if its done in the same time frame your purchase should match the value of your sale. When its time to go..... get packing.... more
I thought you were a private seller, but no. You don't give any critical information here. What is the square footage? what floor is it on, is it renovated, amenities, etc. You're the property manager here my friend. Surely you have access to sales information within the building. You can also check city records or the MLS. Turn off the Black Sabbath and Ozzy, stop bangin' your head and get to work!... more
"the last poster neglects several key aspects to buying"
Nope, I covered them right before the last post in the post below that.
"the tax break"
This is not such a good deal, since this only helps OFFSET your losses in terms of interest paid. No interest, no real tax break, since the RE taxes in a small co-op probably won't be greater than the standard deduction. Please understand what you are talking about before posting.
" and that your mortgage won't go up each year"
You don't know this, you just assume it is fixed. (As did I, btw)
"although your rent likely would."
And your maintenance DEFINTELY will.
whether this is a "good deal" or not is impossible to answer with the information given. what are other apartments in the building or area going for? what was it appraised at? etc?
....How strong are the sanctions against renting? How frivolous is the board with other people's money? How much work has been deffered, and you will get stuck with it? How old are the residents, and how likely are they to take out 40 year underlying mortgages and stick you, the welcome stranger, with the 40 year bill? And the WORST, the mafia tax, the quasi-governmental capital gains ripoff: How large of a cut of YOUR profits will they demand when you SELL your co-op, in terms of a S-C-R-E-W THE SELLER, i.e. FLIP tax?
Co-ops Suck.... more
First if you are buying a condo/ coop in Rego Park that is not an investment. I think what you mean isIf you are looking to occupy the apt yourself and your concern is would they be a good resale value on your apt when you decide to move consider Real Estate commission transfer taxes and flip tax from the board. You might break even at the sale of your property or even be negative.... more
Real Estate will continue to appreciate over time. It always has and it always will. The house will fall someplace in the neighborhood value range and that will be decided upon by condition and updates.... more