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?

You can get a spacious spot on the sidewalk for $400k.

$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 ..

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.

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.

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...:1orglaugh:1orglaugh

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.

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...

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.

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.

jebus, I'd hate to pay property taxes there.

Look at NYC or nassau county

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.

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?

I just found my dream place: http://www.mlsli.com/uniDetails.CFM?...art=1&rp p=20

also plan on the gorilla property tax.

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

you have pics of your brothers place???

If you have a 15 year range, then yes!

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 :2 cents:

Where I live that will get you 4000+ square foot of new home. Rochester, NY

Those are pretty steep for sure. A lot more than I pay for both my houses combined.

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.

Manhattan is sky high, and so are most of the suburbs including New Jersey.

serverandy--where did he purchase this? What county is that?

Seems it would make sense if your truely interested in turning a house over. Otherwise I would say buy low rent high.

It's amazingly expensive here. :disgust

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.

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.

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.