real estate dogma

April 2010 Market Report – Sales Surge Across the Boards

Based on new development condominium sales, all sales figures have gone up across the boards (except lower inventory!). Should be noted prices have stabilized for the most part. Most telling about this report is that many of last year’s sales were holdovers from pre-construction contracts signed before the market downturn. Today’s sales reflect a shorter contract period as inventory was built and contracts signed within the last few months.

real estate dogma

2nd Quarter Corcoran Report

Q2 Corcoran Report

Interested in moving? Want to see where to get the best deals? The numbers are out, and we have them first. With a definite increase in traffic and more buyers in the market, take note of that latest statistics in your neighborhood.

real estate dogma

New NYC Trend – A Friendly Rental Market

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:

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real estate dogma

What is a worse investment: stocks or real estate?

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.

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.

 

 

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.

real estate dogma

NYC will always be a good long-term investment

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.