Yes, it is a very good time to buy in the Flatiron neighborhood. Prices are relatively stable, upside potential is very good and interest rates are still very low. The neighborhood has some terrific condos built in recent years. There are wonderful shops, restaurants and cafes. Madison Square Park is delightful. Access to transportation is very good. I would not hesitate to purchase there. What is most important is to work with a skilled agent as your buyer's agent. That will help you streamline your search, enable you to get the very best price for your purchase (we are skilled negotiators) and take you through all the steps of buying. I have a few favorite Flatiron buildings in mind that are delightful choices.
Halstead Property, LLC
Overall Manhattan has been stable all year. Interest rates are down, and as much as inventory is up almost to recessionary peaks, for every unit coming on the market there is one sold plus a few more, meaning that if this continues we will be paring down inventories for the balance of the year.
The level though is about 10 months of inventory, still far from the 6 month that indicates price appreciation, but importantly prices are remaining stable. This includes the Flatiron area. There has been an influx of foreign buyers, and the domestic buyers are getting off the sidelines as they realise that the current low pricing and the low interest rates.
With that said though, areas like Chelsea, Flatiron and the Village which are the hottest areas in the city right now really don't have a lot of properties at each of the key price points. The good news is that there are a lot more renovated properties on the market than there used to be so the pickings are much better than they were. Interesting as well in these 3 areas is that if the price is right, there are bidding wars for the property. I just had one I had listed in Chelsea, and am with new buyers right now that are facing that same situiation on a couple properties that they are lookin at.
So, my conclusion for you would be to determine if this is the right time to buyer for you, and if your finances are where you want them to be. That ultimately is the most important piece. You may want to talk to a mortgage broker as well to confirm what you want to do.
Bond New York
Basically, it's a buyer's market with a perfect storm of oversupply of homes and historically low interest rates. Anyone who is looking to buy in this market is on solid footing.
Bruno J. Navarro
aka NYC Apartment Agent
Brian Moore ~ Licensed Real Estate Salesperson
Is there a specific reason for the Flatiron area? This is one of the more expensive areas in Manhattan.
To see what you can get for you money, you can search all 20,000 listings on my website that is directly hooked up to the NY real estate board. These listings come from the brokers themselves making it the most accurate listing you can find in NY. It also eliminates any bait and switch, duplicate listings, or any open listings.
If you want more info, I would be happy to help you find the right one. I like shopping for good values.
It really depends on your reason for a purchase. Are you buying as an investment or are you planning on living in the unit? Are you interested in a condo or a coop? The Flatiron location is now one of the "hot" areas in Manhattan so it may be hard to find value here for your money.
I would be happy to discuss your needs and assist you if you like.
Louis Leva VP
Now is a good time to purchase in Manhattan, and there are some great apartments currently for sale in the Flatiron district. They range from studios to 6 bedrooms. There are more apartments available for 1 - 3 bedrooms.
If you would like to purchase an apartment in the Flatiron district I would be happy to help you. Feel free to contact me. My information is below.
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
Halstead Property, LLC
770 Lexington Avenue, 10th Floor
New York, NY 10065