Michaela Hug…, Home Buyer in Omaha, NE

We are moving from Omaha Ne to New York next summer.

Asked by Michaela Hug-Nelsen, Omaha, NE Sun Jul 6, 2008

We are looking at Park Slope as an area we are really interested in. We own a home now, and are not sure if we should be looking to buy or rent when we move. The real estate market here has definitely weakened, and our concern is that the NY market will become less stable and we will end up losing money when we sell (if we buy in Park Slope). Any advice on how to research this?

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Jenet Levy’s answer
Hi. I've been in the Slope since 1981. It was "edgy" when I moved here, but the neighborhood is now extremely stable, extremely pricey and one of the best investments in Brooklyn. My house, which I purchased 13 years ago is worth 5 times what I paid. The NYC market, including Brooklyn and the Slope has seen a leveling off, but not a drop. Prices have stopped escalating as intensely as they were and are now level and it is a great time to get in before they take off again. I sell in the Slope and all the surrounding Brooklyn brownstone neighborhoods.
0 votes Thank Flag Link Tue Aug 5, 2008
Hi, Cornhusker! My first suggestion is to determine why the local market in NYC hasn't weakened as much as the rest of the country. Our community has a lot of benefits for the residents that many U.S. cities can not provide: extensive public transportation system, capital of the U.S. financial industry, international community, the U.N., cultural and fine art activities and venues; not to mention the fact that (in my humble opinion) cooperative buildings and their restrictive and stringent financial requirements have lessened the effects of real estate speculation.

You should think about how long you expect to live in the City and if your initial investment can be recouped. You also need to work with a Realtor who keeps up with the market trends. Keep in mind that no one can predict the future, but you can get help in determining if you're over-paying, based on the market when you purchase. If you're not acquainted with Manhattan and Brooklyn neighborhoods, I suggest visiting and perhaps renting for the 1st year, waiting to purchase until you feel more knowledgeable about the local market and the neighborhoods.

I'll be in Lincoln, NE the last week in July. I would be happy to meet you and provide you a Manhattan Buyer's Guide or market statistics OR I can email both to you. Good luck.
1 vote Thank Flag Link Sun Jul 6, 2008
Good luck with your move. I deal with Westchester and prices are not as high and it is just as close, if not closer to New York City. Visit my web site, PaulMVPteam.com where you can review properties and price. Again, Good Luck.
0 votes Thank Flag Link Sun Jul 6, 2008
Your concerns are very very valid great you are taking all issues in account, perhaps try to sale your home, then get a short term lease in NY prior to your move, then rent short term in Omaha till you find a location, you might be able to find a foreclosure below market to make up for equity you may have lost. http://www.lynn911.com
0 votes Thank Flag Link Sun Jul 6, 2008
I would recomend speaking with several local Realtors and ask them what trends they forsee.

These guys might be a good start:

-Bryan Sereny
Web Reference: http://www.bryansereny.com/
0 votes Thank Flag Link Sun Jul 6, 2008
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