Market Conditions in 11101>Question Details

YIM, Home Buyer in Long Island City, NY

We would like to buy a condominium in Long Island City, but are concerned about the market conditions.

Asked by YIM, Long Island City, NY Sat May 9, 2009

Generally, are the prices of the new condos expected to fall? To what extent is the fact that thousands of new units will be flooding the market in the near future influence a fair purchase price in the current economic enviroment? With regard to the current existing "older condo towers on the river": because of the thousands of new units becoming available in the near future, is it foolish to consider purchasing one of these older condos?

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The first three answers came from real estate agents/brokers... what do you think they are going to say?
0 votes Thank Flag Link Sun Jun 19, 2011
Most if not all of the new units being built are going to be rentals. And that being said the price of all condos including the older should start going up. Condo prices in a few select LICity condo buildings are starting to rise again.

Feel free to call me anytime on my cell to further discuss at 917-748-4810.

Thank you.

Harvey Heit, Associate Broker
Nest Seekers International Realty
47-44 Vernon Blvd
Long Island City, NY 11101
0 votes Thank Flag Link Wed Mar 16, 2011
Whether buying in a newer or older building is a matter of taste and personal preferance. Prices eventually will stop dropping, and with good interest rates; who knows how long they will stay as such, there hasn't been a better time to buy.

0 votes Thank Flag Link Mon May 11, 2009
Before making any purchase - whether a home or condo, new, old whatever - you have to evaluate why you are purchasing. Generally speaking, if you plan on staying in a particular property for at least 5 years and you can get a good deal, it's a good investment. Keep in mind also that an older unit will probably have lower property taxes because of the age of the unit. At the end of the day, a good deal is a good deal. Even if the prices continue to decline, they won't do that forever. Trying to time the real estate market is almost like trying to time the stock market; next to impossible. You should hire a buyer rep to work FOR you instead of merely WITH you to help you make the decision. You're paying a commission already so why not take advantage of the market conditions. If I can assist you in some way, please feel free to contact me.

Ralph Windschuh
Certified Buyer Representative
Century 21 Princeton Properties
0 votes Thank Flag Link Sat May 9, 2009
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