The Center for Economic Policy and Research does not build anywhere, nor does it have any interest in NYC as a whole, yet they believe that the NYC metro area will fall tremendously in the next few years.

http://www.cepr.net/documents/publications/ownrent_2008_04.pdf

Fri May 2 2008, 17:18

John from LA, interesting article. Unfortunately, it appears that you're guilty of the same omissions or oversights of the mainstream, ratings-hungry media. The article fails to talk about the WHOLE of the country. KB Homes does not build in New York State, let alone Manhattan. In fact, the northern most point on the east coast where they build is Maryland. Further, Eli Broad was speaking more of single-family detached suburban homes. Specifically, new construction.

To fully understand the market, one must start on the local level. Afterall, we've all heard this: "If this house in _______-town were in ________-town instead, it would be worth a whole lot more." This statement is usually uttered by people outside of the real estate industry; however, it shows that the layperson has a good grasp of the differing values in differing areas.

With that said, Manhattan is an island unto itself. The sales statistics as recorded by the state of NY for real estate transactions are showing property value appreciation. The next fact you can check on the official New York City site (www.nyc.gov). NYC is expected to experience population growth of 1MILLION people over the next 8 years. Talk about demand. It's here.

But, is it time for enjumhamid to buy? From the information, NO ONE can or should answer the question. There could be compelling reasons to buy or rent for enjumhamid. I would suggest a meeting with a financial advisor, a mortgage counselor, and a Realtor. Get them all together with each speaking only within his/her area of expertise. I've sat with clients with the aforementioned professionals and have come to different conclusions depending on the individual.

I know that many people don't trust real estate agents. If I could be so bold as to say, I understand. Many sales people would sell you their mother if they thought they could make a buck. However, there are a large number of Realtors who truly put the client before the check. I've walked away from clients when I believed they were buying beyond their means or making an unwise decision on a property. If you're unsure of whom to hire, I'd suggest starting with a national firm. A member of NAR (National Association of Realtors). Find an office and talk to the managing broker. Ask for his/her referral. Then, take the time to truly interview the agent. Statistics show that many people will work with the first person they encounter. Ask for referrals. Talk to friends. Find past clients. Do your homework.

Is this the right time to buy? I don't know the answer for you. But, we could figure it out. I never make blanket statements....except that one!

Fri May 2 2008, 16:54

It's a great time to buy if you like losing your money...
Check this out:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aNGtHO1t…

Tue Apr 29 2008, 09:28

Thank you Maggie,
Enjumhamid, Like Maggie says if it fits your needs look at the market data on similar condos. According to a recent market report for Manhattan Q2-07 sales. Studio apartments had an increase in average sale price of 11.4% from Q2-06.
There is demand for small sized condos in Manhattan. Many of the new developments have neglected the studio market by only building large 2 bedroom plus units. Less inventory while there is still demand makes it a good time to buy. There is a strong market for 500 s.f. condos. in Manhattan.

Sat Jul 14 2007, 11:08

It is difficult to answer your question with only the data provided. If a 500 SF condo is the size you need, then you should definitely look around and get market data on similar condos and attempt to make an informed decision. The beauty of being a buyer is that you can benefit from the experience of a real estate agent and in most cases it costs you absolutely nothing to use their services. Look up Mitchell Hall in NYC. He's a reputable professional who may be able to provide you with some guidance.

Fri Jul 13 2007, 20:45