Monday, April 13, 2009

Real Estate Prices Finally Dropping in Manhattan??

I just read an article, "Making a Comeback" in NY times. The article talks about how finally the real estate prices have fallen down in the NYC area.

I remember we were looking for a place to buy sometime back in 2007 when the real-estate prices went through the roof. The studios were going for 500K. It was a joke. Seriously, these studios were not even big. They were approximately 400-450 square feet in total. We even decided to buy a really teeny studio apartment in Greenwich Village. Luckily, we didn't have enough money for the 10% down-payment. First the condo board agreed to take 5% down, and later rejected our application, asking us to put 10% down. I even had a loan approved, covering 95% of the Property price.

God was kind to us. If we would have bought that condo, We probably had to go through foreclosure. Sometimes not having a lot of money could be a blessing.

Here are some studios that are going for less or around 250k now. (Yes 250K, I get a feeling in 2 years time, the prices might plummet even further)

$265,000 155 East 49th Street.
Not bad. The kitchen occupies the entire wall on the left. If you are big on cooking, You would definitely need some serious air purifiers and don't forget the candles. Even the non fragrant candles can take away the smells from cooking.

$249,000 235 West 102nd Street

I like the setup of this studio. Looks very spacious although it is small. Not too sunny. That is a drawback.

305 East 83rd Street, left, is on the market for $269,000. 160 East 91st Street, right, is for sale for $199,000.


What do you guys think? What are your predictions of the Real-Estate Prices in Manhattan?

Oh, forgot to mention, I will be moving out of my really sweet and beautiful one bedroom apartment in UWS to Queens due to financial problems. I am going to miss my apartment so much. I will be posting some pics of my apartment soon. It is sunny, centrally located next to the central park, and it is a well maintained brownstone apartment.

I am so sad to leave this place, but hey life takes you on different paths, and you just have to come up with the best solution that would work for you.

If you guys (shout out to all my fellow New-Yorkers) are looking for an apt. in the city, lemme know. I am hosting an open-house starting tomorrow. Available May 1st.

7 comments:

Anonymous said...

good job, nancy drew!

Patricia Torres said...

well.. I hope the property prices come down a little more... but the recession and the rest of the economy.. not only in US... but all over the world starts catching up!!

best of luck with everything... New apartment ... is like a new beginning... The move will be loads of fun!!

Cant wait to see your posts on your new home!! Good luck girl!!

Gary Heller said...

Sometimes blessings come diguised. Even if you were to be able to hold on to your apartment, it would not be very comforting knowing the value had dropped to below what you would have owed.
This was certainly a good thing and now the perfect time to buy. good luck and looking forward to the photos!

deeps said...

it s some kind of Obama effect?

anusha said...

pat: I know, Even Europe & Asia are not doing that well. Prices in Manhattan were always over-inflated.

Gary: thnx. True, blessing do come disguised.

Deeps: Naw, I don't really think this is coz of Obama. The real-estate prices started dropping all over America except in NYC. Now, the city is seeing some falling prices as well, esp. the studios. Before, all these wall street kids used to get huge bonuses and now thats not the case, and therefore, the fall in the price. Who wants to put 500K for a 350 sqft. studio?

♥ Braja said...

OK, well...even more glad to be living in an Indian village...wow, the prices are incredible. I pray everything works out for you...you sound so positive and I love that :)
xx

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