BEST ANSWER
I am going to be a dissenting voice. I'm going to say MAYBE - depending on your needs and circumstances. I advise caution.
Yes, Trump has wonderful amenities and eventually, you will make a profit. But the operative word is EVENTUALLY. Normally you need a five-year time-line. For a luxury condo - you may have to stay a couple of years longer.
The reason? The NY metro area has little buildable land - During the boom this induced builders to build UP and luxury high-rise condos ruled the day. The result was a glut when the bubble burst. Prices are still declining - so you could snag a bargain - and it might be a good time to do so. But you have to realize that the market may decline further. Demand has not really picked up in this market, so I'm thinking we have a way to go. The inducement to buy now would be low interest rates combined with lower prices provided you have a longer timeline.
Right now there are 19 units for sale and only 5 sold over the last six months. So you may well find a seller willing to work with you. But this means there is a tremendous amount of overhanging inventory. For the downtown area of White Plains there are currently 56 luxury condos on the market and only 7 have sold over the last six months. The stock is increased by 27 listings from the Ritz Carlton. Be aware that the second tower at the Ritz is hardly occupied. That's almost 4 years of inventory at present rates. In most other housing stock I'm seeing in increase in contracts and pendings, but not in luxury condos. Only one contract in the search I just did.
I'm not saying don't buy. But if you do - do so with your eyes wide open and with a game plan to stay for several years.
Hope this helps...
Wed Jun 17 2009, 09:54
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