借人气问一下housing

thisnoname

打算花大价钱在NYC Queens买一个 Co-op，刚签了offer回来，发现满版都是房事不顺的负面消息。

Should I back out?  Thanks

AGA7d

Housing is very much localized - I am not so familiar with Queens. But if the price has not fallen significantly from the highs, do not buy.

A friend of me bought a house in Silicon Valley about a year ago, now he is off over 100k.

Another reason to wait is: banks are withholding a large amount of foreclosure houses from entering the market. Just check the number of houses entering foreclosure and the sold foreclosure each quarter. Again, the withholding is also localized.

AGA7d

Giving up deposit may not be a bad thing if the price projection is against you. Ask anyone who put a deposit on a unfinished Miami condo a few years ago.

thisnoname

Thanks for the information.  Haven't put down deposit yet, so no loss to back out except making some people angry.

Normally co-op has less foreclosure due to the tight control of buyer's financial by the board.  Based on the history in the same building with similar size/layout, the price I offered is about the same as in 2005-2006 period.  Not sure what's the overall housing history.  When was the bubble balloon the most?

bobcat

我看到最合算的是一些新房的 short sale，建筑商、银行两边赔钱。价钱大致是两年前的 60%，
低于建造费。

thisnoname

新的 apartment 一般都是 condo，很少有我能买得起的。另外NYC Condo sale 有无数的税费 ...

不过多谢提醒，也许再去看看 Queens LIC has brand new apartment building every other block ...

AGA7d

The construction of new multi-family homes is normal compared to the sharp contraction of single-houses/condos since Fannie and Freddie are lenient (for a reason, of course) on the loans. Also, there is a trend for condos reverting to rentals (compared to the opposite trend just several years ago). And recently a multi-family home investor company who bought at the high defaulted on several properties at NYC area.

Because the rental price is falling nationally, my opinion is to wait a while.

manhattan

I am planning to buy a new condo in NYC, feel free to send me message if you want to discuss.

thisnoname

一转眼好久了。多谢大家的建议，我改了主意，结果不远处拣到特大馅饼一只

ppteam

I don't know, but I guess NYC metra area might drop significantly.

dapangmao

thisnoname

这个要走老巴路线，只要deal够好，涨了赚跌了不赔

I don't know, but I guess NYC metra area might drop significantly.
ppteam 发表于 2010-2-6 00:41

livefreakss

I don't know, but I guess NYC metra area might drop significantly.
ppteam 发表于 2010-2-5 23:41

Logic?

BlueRiver

it really depends on the region you are looking at. I don't know NY, but here in CA, you can often see the properties sold at 40% of their peak. Since the banks are more willing to modify the loan to prevent more foreclosures, the inventory seems to be drying up