im looking to buy a condo in brooklyn new york. the asking price is $394k and i found out this property was purchased for $325k back in 2003. so the owner is assuming about a little bit more than 5%.
any1 here knows about the real estate value in nyc? has property value gone up 5% each year since 2003? and what is would the property value be in 2008?
thx in advance.
2007-12-11 09:21:55 · 8 answers · asked by seafood10 3 in Business & Finance ➔ Renting & Real Estate
One would need a crystal ball to answer some of your questions but a current news paper should answer the ones about appreciation.
2007-12-11 09:27:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Don't assume anything in real estate. The market today is crazy.
Ask a real estate agent to do a comparative market analysis on the condo for you. They do this for free, to generate good cusomter relations and future business. If someone asks you to pay, call a different agent. Base your offer on the CMA, not some arbitrary formula about value.
I lived in Brooklyn in the 1980s. From what I've heard from former neighbors, that neighborhood has declined seriously in safety and in value.
2007-12-11 09:28:57 · answer #2 · answered by Debdeb 7 · 1⤊ 0⤋
Property values vary according to market. If you are using a real estate agent, ask the agent for evidence of recent and comparable sales in the immediate area. If you are not using an agent, hire a certified appraiser to provide market value of the property in question. But do NOT make assumptions about annual percentage increases. It's a very unreliable method to determine real estate values.
2007-12-11 12:42:01 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Property nationwide for the most part is expected to drop around 25% so no it is not a safe assessment. Read the business news on all the internet sites, especially relating to housing and see what is going on in the market. Although there have been a few bright spots over the last few months they to are diminishing. Again read, keep up with and educate yourself
2007-12-11 10:22:19 · answer #4 · answered by Pengy 7 · 0⤊ 0⤋
The real estate market determines whether prices go up or down. It is not a safe assumption that property values go up or down any percentage every year. If the market has more buyer's than seller's, then prices will likely increase.
2007-12-11 09:33:54 · answer #5 · answered by William H 5 · 0⤊ 0⤋
Not in today's economy. A few years back that was true and than some. We bought a house 5 years ago and sold just in time to make a profit. Prices have gone down since.
2007-12-11 09:30:09 · answer #6 · answered by Iris R 5 · 0⤊ 0⤋
I don't know the NY market, but the values have been dropping in my area.
2007-12-11 10:10:42 · answer #7 · answered by frankie b 5 · 0⤊ 0⤋
No, it is no longer safe to assume that.
2007-12-11 09:56:49 · answer #8 · answered by npk 7 · 0⤊ 0⤋