New York City lost less population to other states in the 12 months ending July 1, 2008, than during any year in decades, according to census figures released Thursday. If that trend continues, the city’s population will top 8.4 million in 2010.
March 2009
New York City Residents prefer NY to Any Other: New York Times article today
March 19, 2009 by seema.aggarwal · Leave a Comment
New York City Sees Fewer Residents Leave for Other States
New NYC Trend – A Friendly Rental Market
March 10, 2009 by seema.aggarwal · Leave a Comment
It was a fairly quiet change because many renters weren’t looking for it: the NYC rental market has become increasingly tenant-friendly in the last few months. For years, renters were giving up on the hopes of a changing tide. But times have changed, and the market has turned.
Take this listing for instance:
What you may have missed this morning…
March 9, 2009 by seema.aggarwal · Leave a Comment
Warren Buffett spoke with his favorite CNBC correspondent, Becky Quick, this morning to discuss what America can’t stop thinking about: the current economic climate. See what he had to say below.
He’s a smart guy – and not terribly pessimistic. Another good reason to take a page from his book (but not without buying it first!).
What is a worse investment: stocks or real estate?
March 8, 2009 by seema.aggarwal · Leave a Comment
Most people are very concerned about where to put their money these days. Two of the most common options are real estate or stocks. This chart of the past 33 years in the stock market shows that the market is currently operating at levels from 1996.
Dow Jones Industrial Average - The Last 33 years
If you purchased GE (General Electric) or Coca-Cola stock in 1996, and did not sell it, the value of those shares would be unchanged today. Stocks that seemed like a stable investment back then werejust that – stable and flat. Reflecting on the ups and downs in the housing market, the chart below shoes current housing prices equivalent to that of 2003.
US House Prices
If you purchased a $500,000 piece of property in 2003, with 20% down and a 30 year fixed-rate mortgage at 6%, the mortgage interest tax deductibility would have saved you $60,000 in 5 years. Combine that figure with real estate tax write-offs, depreciation, and the fact that you have a place to live. Not a bad deal.
NYC will always be a good long-term investment
March 6, 2009 by seema.aggarwal · 1 Comment
Well, this title says it all. I am not saying this because I am in the business of brokering real estate sales. I am saying this because I am a real estate investor.
History: it does repeat itself. Even when it seems history absolutely will not repeat, can not repeat…it does. Every time NYC real estate (specifically, Manhattan) has gone down in value by a significant amount (10%+), people who buy have come out ahead. In fact, when NYC real estate goes up by a significant amount (200%+), people who buy have come out ahead.
Is there a trend here? Absolutely, and it is not hard to recognize.
Seema Aggarwal is everything-you've-wished-for-but-never-had in a real estate professional. She has been focused on New York City real estate exclusively for years with Corcoran, buying, selling, renting, and investing... 