Is this a good time to buy a 500 ft condo?

Asked by enjumhamid, Fri Jul 13, 2007

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Maggie Dokic, Agent, Miami, FL
Fri Jul 13, 2007
It is difficult to answer your question with only the data provided. If a 500 SF condo is the size you need, then you should definitely look around and get market data on similar condos and attempt to make an informed decision. The beauty of being a buyer is that you can benefit from the experience of a real estate agent and in most cases it costs you absolutely nothing to use their services. Look up Mitchell Hall in NYC. He's a reputable professional who may be able to provide you with some guidance.
2 votes
Mitchell Hall, Agent, New York, NY
Sat Jul 14, 2007
Thank you Maggie,
Enjumhamid, Like Maggie says if it fits your needs look at the market data on similar condos. According to a recent market report for Manhattan Q2-07 sales. Studio apartments had an increase in average sale price of 11.4% from Q2-06.
There is demand for small sized condos in Manhattan. Many of the new developments have neglected the studio market by only building large 2 bedroom plus units. Less inventory while there is still demand makes it a good time to buy. There is a strong market for 500 s.f. condos. in Manhattan.
3 votes
Mitchell Hall, Agent, New York, NY
Tue Aug 2, 2011
The market has changed since this question was asked on July 13, 2007. It declined after Lehman Bros closed and it rose. in 2010 and 2011. Rental prices have continually increased.

Here is a current data about the New York and Manhattan markets today.

New York led a second consecutive month of U.S. housing price gains, according to the May Housing Price Index released by CoreLogic and reported by Adam Fusfeld in The Real Deal.

Nationwide home prices rose slightly in May compared to April, but remained far below their levels a year ago. Including distressed sales, prices rose 0.8 percent compared to April, but were stuck at 7.4 percent less than May 2010.

Excluding distressed sales, the year-over-year decline was just 0.4 percent. New York showed the strongest gain of any state in the country, as home prices rose 4.4 percent in May compared to 2010, and excluding distressed sales the increase was 6.1 percent.

The New York-metro area also performed better than any other large urban area in the country over the last 12 months, as its 3 percent gain in housing prices was the only positive change in the country.

In Manhattan according to second quarter market reports recently released the market contnues to stabilize. Market-wide pricing for all apartments grew at a steady rate from both Second Quarter 2010 and First Quarter 2011, largely due to price growth in the resale market. Resales have been strong, with median price up 9% and average price per square foot up 4% from one year ago.

Mitchell Hall, Associate Broker
The Corcoran Group
1 vote
John, , Los Angeles, CA
Tue Apr 29, 2008
It's a great time to buy if you like losing your money...
Check this out:…
1 vote
Dan, Home Buyer, Alabama
Tue Aug 2, 2011
Aw shucks guys...why no , "Now is a great time to buy!!" mantra?
0 votes
Tony Lara, , New York, NY
Tue Aug 2, 2011
That's a good queston, a bit vague, it depends on location, amenities, view, and most importantly price. If you're hesitant to purchase because you don't want to over pay do your homework, look at comps, ask questions. You'll be fine, easy does it, go with your gut feeling and take it to the mat!! Best of luck.

Please Contact:Tony Lara
Licensed Real Estate Salesperson
Charles Rutenberg Realty
127 East 56th Street, 4th Floor
New York, NY 10022
(212) 688-1000 x 435 (tel)
0 votes
Zack, , Westchester County, NY
Fri May 2, 2008
The Center for Economic Policy and Research does not build anywhere, nor does it have any interest in NYC as a whole, yet they believe that the NYC metro area will fall tremendously in the next few years.
0 votes
John R. Wuer…, , New York, NY
Fri May 2, 2008
John from LA, interesting article. Unfortunately, it appears that you're guilty of the same omissions or oversights of the mainstream, ratings-hungry media. The article fails to talk about the WHOLE of the country. KB Homes does not build in New York State, let alone Manhattan. In fact, the northern most point on the east coast where they build is Maryland. Further, Eli Broad was speaking more of single-family detached suburban homes. Specifically, new construction.

To fully understand the market, one must start on the local level. Afterall, we've all heard this: "If this house in _______-town were in ________-town instead, it would be worth a whole lot more." This statement is usually uttered by people outside of the real estate industry; however, it shows that the layperson has a good grasp of the differing values in differing areas.

With that said, Manhattan is an island unto itself. The sales statistics as recorded by the state of NY for real estate transactions are showing property value appreciation. The next fact you can check on the official New York City site http://( NYC is expected to experience population growth of 1MILLION people over the next 8 years. Talk about demand. It's here.

But, is it time for enjumhamid to buy? From the information, NO ONE can or should answer the question. There could be compelling reasons to buy or rent for enjumhamid. I would suggest a meeting with a financial advisor, a mortgage counselor, and a Realtor. Get them all together with each speaking only within his/her area of expertise. I've sat with clients with the aforementioned professionals and have come to different conclusions depending on the individual.

I know that many people don't trust real estate agents. If I could be so bold as to say, I understand. Many sales people would sell you their mother if they thought they could make a buck. However, there are a large number of Realtors who truly put the client before the check. I've walked away from clients when I believed they were buying beyond their means or making an unwise decision on a property. If you're unsure of whom to hire, I'd suggest starting with a national firm. A member of NAR (National Association of Realtors). Find an office and talk to the managing broker. Ask for his/her referral. Then, take the time to truly interview the agent. Statistics show that many people will work with the first person they encounter. Ask for referrals. Talk to friends. Find past clients. Do your homework.

Is this the right time to buy? I don't know the answer for you. But, we could figure it out. I never make blanket statements....except that one!
0 votes
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