How much on average should one of the new condos in Williamsburg appreciate per year in this market?

Asked by Justin Kulpa, New York, NY Sun Feb 24, 2008

5 minutes from Bedford Ave station
New construction, modern
Great area of the neighborhood

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Marty C, , Austin, TX
Tue Feb 24, 2009
I would expect it to go DOWN 20%. Renting is better.
0 votes
Arleen Pecone, Agent, West Chester, PA
Tue Feb 24, 2009
I just had to answer this one........Are you buying to have appreciation and no other reason?
There is no hard and fast "appreciation" rule except one in the 20 years that I have been selling.
Real Estate appreciates about 6% a year over a 10 to 15 year period, just not in a straight line.
0 votes
NonRealtor, , 23456
Tue Feb 24, 2009
Hi Justin,
Invest in a tv. Wait to buy, prices are declining. Good Luck
0 votes
Phillip Rosen, Home Buyer, 11210
Tue Feb 24, 2009
If you are lucky, you should only loose twenty to thirty percent.

Consdier that 1 year a go a person earning $260k with good credit easily could qualify for a million dollar plus mortgage. Today banks hesitate to write a mortgage for 500k, even less if the property in question is a condo.

Developers and real estate agents are employing a lot of smoke and mirrors with list prices, freebies and closing fees, but it is now impossible to obscure the basic facts- (1) Banks aren't lending (2) Wall Street $ (20% of NYC's economy) is dried up for the foreseeable future (3) Things are still getting worse.

Need further evidence that developers and agents are playing games? List prices in Williamsburg went up 4% despite the fact that the median sales price dropped by SIXTY PERCENT.
0 votes
Rhonda Holt, Agent, New York, NY
Wed Feb 18, 2009
Hello, at this point in time no one has a crystal ball to give you an exact answer to that question.

Rhonda Holt
Licensed Agent - Specializing in Co-op & Home Sales
Awarded 1st Place in Sales for 2008 and 2009
Weichert Realtors, H.P Greenfield
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0 votes
Alex-brooklyn, Home Buyer, Brooklyn, NY
Sun Feb 15, 2009
Dude! Wake up! Speculation over real estate is over.
From now on , prices are going to drop to at least 40% current asking price. In some buildings it may take longer that other, depends how much cash flow they have to hold on to their asking price, but you are going to see average prices drop every month a few percentage points.
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Gail Hiebert, , KCMO
Sun Feb 24, 2008
hello justin. As far as I can see and research in this market, expect no appreciation in any markets this year. Expect decrease in values in most markets. You can do your own research on the internet on this subject. Regards.
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