Home Buying in Queens>Question Details

Mrkenny, Other/Just Looking in Queens, NY

is buying a home in the rockaways a smart investment?

Asked by Mrkenny, Queens, NY Thu Mar 29, 2012

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In point of fact the Rockaways is the largest urban renewal project in the United States. It is the last waterfront property for development in the five boroughs. The government, retailers, and large developers, utilities, and transportation authorities are pouring hundreds of millions of dollars into the area. Real estate purchases have already appreciated significantly transferring it from an area of urban blight to luxury living.That being said it still will be years before the transformation is complete.
So, if you are the kind of people who like a challange and would like to get in on the ground floor of something special in the future than the Rockaways maybe for you.
You must be aware that there are growing pains that will take time. Some streets are beautiful, some streets still have great suffering.
You are the only one who can decide if this is something you would like to take part in. It can be exciting and will require patience. But, property values will rise in the future, though no one knows exactly how long this will take especially with the current economy.
If you feel that you might like to explore the possibility further, there certain blocks and areas that have already been built up, there are other good buys in less developed areas .
There homes that you can buy and rehab yourself, both one and two family, and there are homes that have already been renovated and are still good buys.
If you are still considering the possibility of purchasing in the arera I would love to talk more about this to you because there are still a few other considerations to take into account such as tax abatements for example. You can reach me either by text or phone:(1917)443-9880 or e mail: maureenmizuno@exitrealtycentral.com. Good luck whatever you do.
0 votes Thank Flag Link Sat Mar 31, 2012
If you like the area no reason not to consider the purchase; as to a smart investment, unfortunately none of us can predict the future, nor can accurately say where the market will head tomorrow, or in the days to come....
0 votes Thank Flag Link Thu Mar 29, 2012
Hi Mr Kenny, I think your question is too broad. If you bought a $500,000 house for $100,000, it would be a good deal anywhere. Are you intending to rent it? Are you going to live in it and hope for appreciation? Which part of the Rockaways? Is it on the water? Depending on what your goals are and what the answers to a few key questions are I would say, maybe. You have to remember that no-one has a crystal ball, investments by their very nature are speculative. Are you looking for high risk - high reward scenarios, or low risk - low reward?
0 votes Thank Flag Link Thu Mar 29, 2012
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