has Greenwich village been affected by the foreclosure crisis?

Asked by Lauren Young, Jersey City, NJ Wed Mar 25, 2009

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Paul Macapag…, Agent, NY, NY
Thu Mar 26, 2009
Hello Lauren,

More or less, Yes.. Every area including Greenwich Village is feeling the pressure of the decline in the economy. Foreclosures are not as wide spread in the NYC area as the outerlying areas of Manhattan, but some experts say it will in time. If you look at bank web sites for forclosed properties in NYC... their is not too many of them. With the incline in sales for Feb. I am hopful that the NYC real estate market will recover quickly from the downfall. I hope I was able to shed some light on your question

Paul Macapagal
Prudential Douglas Elliman
1 vote
Tony Lara, , New York, NY
Wed Feb 23, 2011
I agree with Jenet, the answer is no. The Village is and will always be a highly sought after area. There's more co-ops then condos or new development in the area which insulates it from financial issues that a home buyer might have. The price per square feet is holding strong and has not decreased compared to other parts of the city. It's a great area to purchase and it's a great area to live. If I may be of service feel free to contact me anytime. If you are searching for a good mortgage broker feel free to contact Patricia Lavigne of Manhattan Mortgage she’s at 212-745-9012 or plavigne@manhattanmortgage.com. Please note that I do not receive any compensation for referrals. Best of luck and I’m here if you need anything.

Tony Lara
Licensed Real Estate Salesperson
Rutenberg Realty
0 votes
Chris, , Jersey City, NJ
Wed Jun 17, 2009

now is not the time to buy see article from cnn and time magazine released today all banks expect 40% decline in NYC and North Jersey prices this is not good news
0 votes
Jenet Levy, Agent, New York, NY
Sat Jun 13, 2009
Actually, the answer is no. The reason for this is that there are not many condos in the Village, but rather co-ops. Co-ops were tradionally stricter in their financial qualifications than lenders. They require at least 20% down and have debt-to-income ratio requirements as well as requirements for significant liquid assets after closing costs.
0 votes
Jamal Hadi, Agent, Scarsdale, NY
Thu Mar 26, 2009
Every market has been affected. Some markets like Greenwich, scarsdale less but still affected.
0 votes
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