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February 15, 2008
To buy or not to buy?
Fiance and I are considering buying an apt in a new development in Williamsburg. The building just listed a small percent of the units last month, and we're debating whether to jump on a lower-priced unit (before someone else does) or waiting to see if the prices come down at all (as they have in so many other developments in Wburg). Any advice on whether to buy now or wait it out in hopes of a price break?
Comments
Wait, there are plenty of condos coming on line and others who are backing out of contracts, walking away, etc.
You are guaranteed a better deal in the condo market if you wait it out. Condos will not be skyrocketing anytime soon.
Posted by: guest at February 15, 2008 9:29 AM
Check out the post from yesterday titled.
"How to check on new development status?"
Posted by: guest at February 15, 2008 9:41 AM
Agree with guest 9:29. Wait it out.
Posted by: guest at February 15, 2008 9:47 AM
Wait for 2 reasons:
1 - overdevelopment in the area = LOTS of apts on the market
2 - rates are still going to come down
Posted by: guest at February 15, 2008 10:12 AM
10:12 short term rates are coming down but mortgage rates are headed up most likely
Posted by: guest at February 15, 2008 11:40 AM
buy as BIG of a place as possible. if you are getting married consider a baby in your future (within 5 years). you will seriously want 1300 minimum, preferably 1800 sq. ft. if you find this amount of space, get an inspector in (if far enough along) or make a deal that includes inspection.
big apts. are still hard to find - even in this market. i do think you may find this a decent time to buy an existing unit - you can really negotiate.
west of the BQE will always be more desirable altho around the lorimer stop is good and offers access to PS132 - a very good grade school.
our condo building has a lot of couples and families and many of us frequently get together for parties or to go to restaurants/bars, etc...
Posted by: guest at February 15, 2008 4:16 PM
If you're buying pre-TCO new development, make sure you can handle (potentially extensive) delays to the closing / move-in date.
Posted by: guest at February 15, 2008 5:16 PM
To Buy or Not to Buy...that's the stupid question. Visit www.nychousingbubble.com.
Posted by: guest at February 15, 2008 11:34 PM
I agree with 5:16 fully! But I say, if you love it and can afford it, why wait? A things value to you is only equal to what you would pay for it, and if you're happy with your home, you'll never feel ripped off. Just make sure you're happy with it.
Posted by: guest at February 19, 2008 11:28 AM
In other words, if you pay $800K today and in June when its only worth $450K as long as you like it you'll be great!
Posted by: guest at February 19, 2008 12:11 PM
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