Thoughts on the East Harlem Real estate market. Is it worth buying now? Should I wait?

Asked by Ninatulia, 10128 Mon Sep 19, 2011

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Jenet Levy, Agent, New York, NY
Mon Sep 19, 2011
There are many new developments in East Harlem and you certainly get value there. Real estate agents cannot point you to or away from neighborhoods by law, but you have identified one where there is so much growth happening, that I'd have to say you've chosen an area that I personally believe to be a great place to invest. As far as buy now vs. wait, I'd have to ask what it is you would wait for. The interest rates are at unheard of lows, and NYC was first in, first out of the crash.

What is most important is that you work with an experienced, skilled real estate agent as your buyer's agent. We streamline your search, negoitate on your behalf, and take you through the steps of buying. Especially in dealing with new developments, you need someone on your side to deal with the developer's sales staff, who have the developer's (not yours) interests in mind. Even on resales, you need a level playing field with a professional on your side.

Jenet Levy
Halstead Property, LLC
212 381-4268
1 vote
Martina Ryan, Agent, Bayside, NY
Mon Sep 19, 2011
This is a good time to get in on the action while prices are still low.
0 votes
Veena Prakash, Agent, NY,
Mon Sep 19, 2011
Hi Nina

You know where you want to be. Thats the great step forward. The best time to buy is when you have the choice of more than 1 property with financing options, interest rates and in your price point. Getting in to this new emerging frontier before the prices get higher is the key. A skilled agent on your side will be able to provide you with all you need: comps, negotiate, the right attorney representing your interests and Lenders who will close the deal smoothly. Please feel free to contact me if you should have any specific questions in regards with the process.

Good Luck,

Veena Prakash
Associate Broker
(c) 917.969.2017
0 votes
Kelly Killian, Agent, Astoria, NY
Mon Sep 19, 2011
There are three pieces of this question to answer:
1) Are buying for a primary residence or as an investor?
2) Are you looking for appreciation or someone to pay off your mortgage or both?
3) What are your predictions for the overall economy, the NYC economy, and particularly growth in East Harlem?
My thoughts:
1) If you are buying for a primary residence and that is the key location you want to live, the interest rates are rock bottom. Important as it would set you up for your full mortgage term of low rates! If you are buying as an investor, is this the area that is going to provide the best cash flow, least issues with tenants for the money that you will be able to spend (and do not think that I believe wealthier area have less issues...the issues are just different)? Are there other areas that you would consider and what is their rate of return and type of headache quotient that you need (I have been a landlord for 10 years so there are definitely two pieces of the investor discussion). If that is the best place for your investment criteria...
2) This will determine how much money you need to put down. Do you have enough, and do other areas meet your maximums.
3) East Harlem is having some nice changes with new restaurants, and things to do. Will that continue? Will other areas improve faster? How is the economy treating East Harlem, NYC and the country? Are more people moving in, are incomes growing, etc. No one can predict the future and you are the only one that can judge your risk have to be certain that the choice you are making is the right one for you.
Kelly Killian
Bond New York
0 votes
Joseph Hasti…, Agent, Bayside, NY
Mon Sep 19, 2011
I'll take a moment and chime in with the choir. If you're ready on multiple levels, (want, need, gut, smarts, finances, credit, timing, prices, rates, etc.) now is a wonderful time to purchase for those in a position to do so.
Whatever you decide, it will be the right choice. Best of luck.
0 votes
Nick Rafello, Agent, New York, NY
Mon Sep 19, 2011
Interest rates are at a historical low. The only time to buy is when you're ready to buy. If you have the money to put down and have money left over to be able to pay your monthly payments (plan on a years worth of mortgage payments and maintenance/common charges) - then what are you waiting for?

Nick Rafello, V.P.
Associate Broker
The Corcoran Group
646-221-8321 cell
212-444-7852 office
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Sep 19, 2011
If your finances are in order, you need to buy and ready, why not consider the idea now....
0 votes
Annette Levi…, , New York, NY
Mon Sep 19, 2011
The question Ninatulia should be do I need a home to live in? If the answer is yes and East Harlem is your target area go for it.
0 votes
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