Zohan12: Sorry, my mistake. I guess Staten Island may an interesting alternative. Certainly the pricing makes it attractive. Is transportation an issue there? I work in downtown Manhattan. There is something to be desired about a fully detached house with a yard and garage! Its definately worth a thought.

lechacal: Westchester and New Jersey are certainly other alternatives but I hear taxes in these areas can be a tremendous expense, is that true? Which one has higher taxes?

Posted by: NYnative at August 13, 2008 7:54 PM in response to Calculating the Real Value of Your Home

NYC undervalued? Depends on where in NYC you are looking! Manhattan is a very different market that the other 4 boroughs in my opinion.

Jackslope - the average price per square foot $1473? Is that a real number? I can't see how an average working couple could afford a 1.5 Mil 1000sf apartment as a main residence. Then throw children into the mix and you are running tighter on cash and tighter on space! If you wanted to add a second bedroom it will cost you an additional 440K for another 300sf?!? wow.

While Manhattan is out of many New Yorkers reach, outer boroughs show value and perhaps the bring the city's average to be "undervalued". I guess if a buyer knows where to look they can find great value in NYC. Im renting now and looking to make a move soon so discussions like these peak my interest.

Zohan12- Good luck in your venture into Staten Island I'm sure its a great place to raise a family! And the prices in the community you are looking at are a fraction of Manhattan's prices!

Slappy- Where did you purchase in the last 6 months?

Will the market continue to adjust? Who knows for sure? Can anyone predict the absolute bottom of the market? NO!
Is it a good time to buy Real Estate? Maybe we should all take some advice from a famous entrepreneur:

"The way to make money is to buy when blood is running in the streets."
John D. Rockefeller

Posted by: NYnative at August 11, 2008 2:59 PM in response to Calculating the Real Value of Your Home

NYC undervalued? Depends on where in NYC you are looking! Manhattan is a very different market that the other 4 boroughs in my opinion.

Jackslope - the average price per square foot $1473? Is that a real number? I can't see how an average working couple could afford a 1.5 Mil 1000sf apartment as a main residence. Then throw children into the mix and you are running tighter on cash and tighter on space! If you wanted to add a second bedroom it will cost you an additional 440K for another 300sf?!? wow.

While Manhattan is out of many New Yorkers reach, outer boroughs show value and perhaps the bring the city's average to be "undervalued". I guess if a buyer knows where to look they can find great value in NYC. Im renting now and looking to make a move soon so discussions like these peak my interest.

Zohan12- Good luck in your venture into Staten Island I'm sure its a great place to raise a family! And the prices in the community you are looking at are a fraction of Manhattan's prices!

Slappy- Where did you purchase in the last 6 months?

Will the market continue to adjust? Who knows for sure? Can anyone predict the absolute bottom of the market? NO!
Is it a good time to buy Real Estate? Maybe we should all take some advice from a famous entrepreneur:

"The way to make money is to buy when blood is running in the streets."
John D. Rockefeller

Posted by: NYnative at August 11, 2008 2:58 PM in response to Calculating the Real Value of Your Home