Is NYC Up For Sale?

Luke Constantino| August 1, 2009

Everyone here knows about the large stores lie Virgin Records and Circuit City closing their doors here, but it's more than you think. There have been more stores and avenues empty than I have ever seen ever in NYC. A lot of specialty and gourmet shops have closed in the past year. On some residential blocks you can see 3-6 "For Sale" signs on houses, especially in the Queens and Staten Island area.

They say "It's the Perfect Time to Buy" with the low prices, large inventory, low mortgage rates and the ever so popular 8,000 tax credit from the government. The majority of people are not doing that well or are afraid. There are people taking advantage of this market, true but not as many as there should be. Who are the people who are buying in NYC right now?

One group of people I have been dealing with is the first time homebuyers. The majority of my buyers' young couples looking to start a family. Even though I have properties that are 15 to 20% below market value, it seems like it's never low enough. My main question: "When are we going to see the economy change?" From where I stand, it has flatlined.

Luke Constantino
Commercial | Residential
RE/MAX @ THE SLOPE
Direct: (212) 300-3919 | Fax: (360) 368-0098
http://LukeConstantino.com

Featured on NY1:
http://www.ny1.com/content/ny1_living/real_estate/98435/social-networking-sites-a-new-force-in-real-estate/Default.aspx