Market Conditions in 10014>Question Details

Barney, Home Buyer in New York

Hi, is this a good time to buy a Studio in West Village with all the debt crisis?

Asked by Barney, New York Thu Jul 21, 2011

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The Village is one of the rare spots in NYC that will appreciate. From beatnecks to poets to musicians to traders, everyoe wants to live in the Village. To answer your question, no. Best of luck with your purchae.

Please Contact:Tony Lara
Licensed Real Estate Salesperson
Charles Rutenberg Realty
127 East 56th Street, 4th Floor
New York, NY 10022
(212) 688-1000 x 435
0 votes Thank Flag Link Tue Aug 2, 2011
Hi Barney. Yes, it's a great time to buy. When there's blood on the streets, buy real estate! Seriously, the West Village is highly sought after. Since there are so few properties available there at any time the concept of supply and demand come strongly into play. Buy the apartment. You won't be sorry. Good luck.
0 votes Thank Flag Link Tue Jul 26, 2011
Barney,

West Village is one of New Yorks most desirable neighborhoods and in the past few years there has been very strong demand in that area.
To answer your other question, I think it’s always a good time to buy if the reasons are right. Like Krobinson said, if you have been waiting for the market to bottom out, well you already missed that boat and it’s time to act.

Now, if the apartment is priced right, you have the money, building is financially stable, carrying costs aren’t too high and apartment is close to transportation. It's a great time to buy. You can always rent it (check building sublet policies) there will always be NYU students willing to drop big money.
0 votes Thank Flag Link Mon Jul 25, 2011
Hi Barney,

It really depends on your reason for purchasing.

If you plan to finance, have great credit & you're financially comfortable, take advantage of the low interest rates.

If you've been sitting waiting for market to hit rock bottom, I'd say it's a good time. Inventory of quality properties has gone down a bit & there is more demand. So, we all know what happens when there's more demand than supply. I'd say now's a good time to get in the game.

If you are an investor looking to purchase & rent out the apartment, rents are up & I think it's a great time to invest... try for a 1 bed if you can swing it.

If this is a purchase for yourself to live in for a few years & it's what will make you happy, put your money into your happiness & something tangible; property.

If you are looking to buy & flip, I don't recommend it.
0 votes Thank Flag Link Thu Jul 21, 2011
I have heard it said by some very intelligent and wealthy people,
That there is more money made in a BEAR MARKET, than a BULL.

You need to do what you feel confortable with,

not what some one else says,
including Me.

Good luck and May God bless
0 votes Thank Flag Link Thu Jul 21, 2011
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