Is New York A Good Place To Buy Property?

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  • Vendot
    Confirmed User
    • May 2002
    • 3376
    #1

    Is New York A Good Place To Buy Property?

    Are New York property prices down now? Is it a good time to buy? Would buying in New York represent a good investment?

    What can you get for say $400k - can you get a house in a good area?

    Which are the main property sites in the USA esp for NYC?
    "In a Time of Universal Deceit, Telling the Truth is a Revolutionary Act." - George Orwell
    Tags: None
    • Socks
      Confirmed User
      • May 2002
      • 8475
      #2
      You can get a spacious spot on the sidewalk for $400k.

        Comment

        • MikeVega
          **Porntrepreneur**
          • Jul 2004
          • 12788
          #3
          $400k in Long Island NY doesn't get you much .. maybe a 2-3 bedroom 1 bath with a 80x100 lot. and prices are way down. that same $400k house would have been $520k a year ago ..


          Mike Vega-ICQ:253868499-AIM:mikeydicevega

            Comment

            • shuki
              Confirmed User
              • Aug 2004
              • 3070
              #4
              Are you talking New York state or Manhattan (New York City)

              I am not too familiar with pricing in the general state but all the foreigners are buying in the city like crazy. The city is an anomaly in that it is not being as affected as the rest of the country. I would def say that NYC is a great place to put your money. With $400k you could put 40% down on a million dollar condo and rent it out and do very well.

              A few places to look:

              halstead.com
              corcoran.com
              elliman.com

              Hit me up if you are looking in or interested in Boston or anywhere in Mass.
              Looking to buy established paysites contact me [email protected]

                Comment

                • MikeVega
                  **Porntrepreneur**
                  • Jul 2004
                  • 12788
                  #5
                  this is a really good price for this house .. and you can see its not much .. http://www.mlsli.com/unidetails.cfm?...804&typeprop=1


                  Mike Vega-ICQ:253868499-AIM:mikeydicevega

                    Comment

                    • L-Pink
                      working on my tan
                      • Mar 2005
                      • 39151
                      #6
                      Originally posted by MikeVega
                      this is a really good price for this house .. and you can see its not much .. http://www.mlsli.com/unidetails.cfm?...804&typeprop=1
                      That's actually a nice little house and lot. I would have guessed a higher price.

                        Comment

                        • Fap
                          Just Du It
                          • Feb 2004
                          • 12094
                          #7
                          Originally posted by MikeVega
                          $400k in Long Island NY doesn't get you much .. maybe a 2-3 bedroom 1 bath with a 80x100 lot. and prices are way down. that same $400k house would have been $520k a year ago ..
                          Not even that.. where on LI are you looking? Most 2-3 bedrooms are all over $1M easy in nassau county

                          Anywho, if you are talking NYC good luck...

                            Comment

                            • Andy Servers4Less
                              Confirmed User
                              • Apr 2007
                              • 922
                              #8
                              Upstate NY has some amazing deals if you can deal with the weather. My older brother just bought a winery on a hill over looking lake Keuka for around $175K.

                              Manhattan is crazy prices. My old 11x17 studio on the Upper west Side was listing for around $425K, but that was 2 years ago. Further uptown (Harlem border- which is turning around nicely actually) has some "deals" relatively speaking on Manhattan prices.
                              Andy Servers4Less
                              www.ServersForLess.com
                              ICQ: 412-203-056
                              DUAL QUAD CORES W/100 Mbps UNMETERED- $799/ month!!

                                Comment

                                • JohnV
                                  Confirmed User
                                  • Aug 2002
                                  • 928
                                  #9
                                  depends of course if you meant NYC or NY state....most areas of every state in America have great real estate values right now, with some pockets showing higher value for your dollar than others....overall prices are down compared to last year and should realize a slight drop again this year in the city and more so on the outskirts and in the country areas....do some research and poke around some if you're serious...
                                  Email me: john -at- teenmodels.com
                                  ICQ:153043903

                                    Comment

                                    • marcop
                                      Confirmed User
                                      • Nov 2005
                                      • 4150
                                      #10
                                      Nowhere in the US is a good place to buy property right now: http://bonddad.blogspot.com/index.html. Read Sunday's entry. You'll just watch the value of the property decline for the next few years.

                                      And here's the best investment advice you'll ever get: Buy low, sell high.

                                        Comment

                                        • MikeVega
                                          **Porntrepreneur**
                                          • Jul 2004
                                          • 12788
                                          #11
                                          Originally posted by L-Pink
                                          That's actually a nice little house and lot. I would have guessed a higher price.
                                          it is a really great price for that house and where it is. its north shore of long island about mid island. 1-2 years ago that house would be high 500k's.


                                          Mike Vega-ICQ:253868499-AIM:mikeydicevega

                                            Comment

                                            • Sosa
                                              In Tushy Land
                                              • Oct 2002
                                              • 40149
                                              #12
                                              jebus, I'd hate to pay property taxes there.

                                                Comment

                                                • Fap
                                                  Just Du It
                                                  • Feb 2004
                                                  • 12094
                                                  #13
                                                  Originally posted by Sosa
                                                  jebus, I'd hate to pay property taxes there.
                                                  Look at NYC or nassau county

                                                    Comment

                                                    • MikeVega
                                                      **Porntrepreneur**
                                                      • Jul 2004
                                                      • 12788
                                                      #14
                                                      Originally posted by Sosa
                                                      jebus, I'd hate to pay property taxes there.
                                                      those taxes are dirt cheap for the area and like banthis said you should Look at NYC or Nassau county. i'm not far from that house and mine are easily double that. i have a lot more house and land but it still seems high.


                                                      Mike Vega-ICQ:253868499-AIM:mikeydicevega

                                                        Comment

                                                        • evildick
                                                          #15
                                                          I don't understand how the average person can afford to live in areas like that.

                                                          Around here if you have a $500,000 house you are just shy of living in what most people would consider a "mansion". Actually, you can get something that stands out from the crowd for about $300,000. (either a really nice home or a lot of acreage)

                                                          How can the average Joe Blow that is making $100,000 combined income with his wife afford these average homes that are approaching a million dollars?

                                                            Comment

                                                            • tranza
                                                              ICQ: 197-556-237
                                                              • Jun 2003
                                                              • 57559
                                                              #16
                                                              I just found my dream place: http://www.mlsli.com/uniDetails.CFM?...start=1&rpp=20
                                                              I'm just a newbie.

                                                                Comment

                                                                • tony299
                                                                  lurker
                                                                  • Aug 2002
                                                                  • 57021
                                                                  #17
                                                                  also plan on the gorilla property tax.

                                                                    Comment

                                                                    • LilBro
                                                                      #18
                                                                      i live in NYC for long time... back in 1999 $400k would get u a nice 1br.... that same $400k gets u a studio to FIX UP. dont bother looking in Manhattan bro

                                                                        Comment

                                                                        • LilBro
                                                                          #19
                                                                          Originally posted by Andy Servers4Less
                                                                          Upstate NY has some amazing deals if you can deal with the weather. My older brother just bought a winery on a hill over looking lake Keuka for around $175K.
                                                                          you have pics of your brothers place???

                                                                            Comment

                                                                            • Violetta
                                                                              Affiliate
                                                                              • Jul 2004
                                                                              • 28735
                                                                              #20
                                                                              If you have a 15 year range, then yes!
                                                                              M&A Queen

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                                                                                • sweetcuties
                                                                                  Confirmed User
                                                                                  • Feb 2002
                                                                                  • 5859
                                                                                  #21
                                                                                  Stop dreaming... unless you have "fuck you" cash for anything in NYC... bottom line, you have to be a true millionaire to afford anything in NYC

                                                                                    Comment

                                                                                    • candyflip
                                                                                      Carpe Visio
                                                                                      • Jul 2002
                                                                                      • 43069
                                                                                      #22
                                                                                      Where I live that will get you 4000+ square foot of new home. Rochester, NY

                                                                                      Spend you some brain.
                                                                                      Email Me

                                                                                        Comment

                                                                                        • baddog
                                                                                          So Fucking Banned
                                                                                          • Apr 2001
                                                                                          • 107089
                                                                                          #23
                                                                                          Originally posted by Sosa
                                                                                          jebus, I'd hate to pay property taxes there.
                                                                                          Those are pretty steep for sure. A lot more than I pay for both my houses combined.

                                                                                            Comment

                                                                                            • LilBro
                                                                                              #24
                                                                                              Originally posted by candyflip
                                                                                              Where I live that will get you 4000+ square foot of new home. Rochester, NY

                                                                                              my best friend is relocating there... he got a management job with some supermarket, i think its called weggmans. I was just there and DAYUM, i saw those McMansions and i think i can see myself relocating there as well. Rochester was nice, from what i saw.

                                                                                                Comment

                                                                                                • DaddyHalbucks
                                                                                                  A freakin' legend!
                                                                                                  • Feb 2004
                                                                                                  • 18975
                                                                                                  #25
                                                                                                  Manhattan is sky high, and so are most of the suburbs including New Jersey.
                                                                                                  Boner Money

                                                                                                    Comment

                                                                                                    • Wagerboy
                                                                                                      Confirmed User
                                                                                                      • Jul 2006
                                                                                                      • 2290
                                                                                                      #26
                                                                                                      serverandy--where did he purchase this? What county is that?
                                                                                                      The Main Program That Makes Me Fucking Money!!

                                                                                                      Teens Getting Pounded

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                                                                                                        • After Shock Media
                                                                                                          It's coming look busy
                                                                                                          • Mar 2001
                                                                                                          • 35299
                                                                                                          #27
                                                                                                          Originally posted by marcop

                                                                                                          And here's the best investment advice you'll ever get: Buy low, sell high.
                                                                                                          Seems it would make sense if your truely interested in turning a house over. Otherwise I would say buy low rent high.

                                                                                                          [email protected] ICQ:135982156 AIM: Aftershockmed1a MSN: [email protected]

                                                                                                            Comment

                                                                                                            • Sands
                                                                                                              Confirmed User
                                                                                                              • Feb 2007
                                                                                                              • 3134
                                                                                                              #28
                                                                                                              It's amazingly expensive here.

                                                                                                                Comment

                                                                                                                • After Shock Media
                                                                                                                  It's coming look busy
                                                                                                                  • Mar 2001
                                                                                                                  • 35299
                                                                                                                  #29
                                                                                                                  Oh almost forgot, I sure in the hell would not be buying in NY city at least. There is much better gold in dem dar hills so to speak.

                                                                                                                  [email protected] ICQ:135982156 AIM: Aftershockmed1a MSN: [email protected]

                                                                                                                    Comment

                                                                                                                    • FreeHugeMovies
                                                                                                                      Too lazy to set a custom title
                                                                                                                      • Dec 2001
                                                                                                                      • 14141
                                                                                                                      #30
                                                                                                                      Originally posted by marcop
                                                                                                                      Nowhere in the US is a good place to buy property right now: http://bonddad.blogspot.com/index.html. Read Sunday's entry. You'll just watch the value of the property decline for the next few years.

                                                                                                                      And here's the best investment advice you'll ever get: Buy low, sell high.
                                                                                                                      http://bloomberg.com/apps/news?pid=2...pW4&refer=home

                                                                                                                      Biggest Declines

                                                                                                                      All but one of the 20 cities in the index showed year-over- year declines in prices in January, led by drops of 19.3 percent in Las Vegas and Miami. Prices rose in Charlotte.

                                                                                                                        Comment

                                                                                                                        • Mistah Charlie
                                                                                                                          Confirmed User
                                                                                                                          • Nov 2007
                                                                                                                          • 478
                                                                                                                          #31
                                                                                                                          New York is always an excellent place to buy real estate, and there should be deal coming available this year - and beyond. The smart money is waiting, you should, too. Prices are still incredibly high, and as another poster pointed out, taxes are quite high as well.

                                                                                                                          If you have foreign currently, you are really in the pink. As the dollar falls, you get an even bigger discount.

                                                                                                                          That said, 400K ain't much in the way of investment capital, and it's still not going to get you much in Manhattan, unless you are leveraging it into a jumbo loan.

                                                                                                                          Always hire a local real estate professional to help you.

                                                                                                                          Good luck.
                                                                                                                          "Gonna scare you up and shoot you
                                                                                                                          Cause Mister Charlie told me so"

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