Home Buying in Bushwick>Question Details

Bob Muehlenk…, Home Buyer in 20912

What is the projection for the market for the next 5 years for a 2 family home in 11207? What is rental occupancy rate for a 2 family home?

Asked by Bob Muehlenkamp, 20912 Wed Mar 30, 2011

Help the community by answering this question:

Answers

4
Mitchell Feldman’s answer
Dear Bob:

Unfortunately nobody has a crystal ball to determine what will happen with property values in the future. People can formulate opinions, but in the end there is no guarantee. With regards to the Bushwick area, before the market started going down there was significant refortification happening there and lots of potential for future value growth. Now prices are very low in the area which makes it very affordable for most buyers. On the negative side, there is also a high level of short sale and foreclosure activity in the area which will make it hard to determine which way property values will go over the next 3 to 5 years.

In my opinion, if you are planning to stay for more than 5 years you should be in good shape.

With regard to the occupancy rate, with two family homes in the area it is quite high, I would dare to say that 97% of the apartments in two family homes are occupied, excluding foreclosed and/or vacant properties.

If I can be of further assistance please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Thu Mar 31, 2011
The future of the market is imposable to predict. If the economy continues to improve so will the real estate market!
0 votes Thank Flag Link Thu Mar 31, 2011
The average days on the market over the past year in that zip code is 60. I found 19 current rental listings on MLSLI.com with 15 being rented over the past year. With respect to where the market is going in that particular area, although prices seem to be going down still, I have no idea when or if it will end anytime soon. If I can help you, please feel free to contact me.

Ralph Windschuh
Associate Broker
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
http://www.c21princetonproperties.com/ralphwindschuh
0 votes Thank Flag Link Thu Mar 31, 2011
Unfortunately none of us knows for sure where the market will head tomorrow or down the road, as none of us can predict the future, what we all know is today...
0 votes Thank Flag Link Wed Mar 30, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer