So I was in the market to buy just before the market started tanking, fortunately i was able to hold out and now i'm comfortable and in no immediate rush to buy. I'm hoping to get a 1BR in excess of 600 sq ft for around 300k. Available parking is a must, and i have in the neighborhood of 300k (single income, first time buyer) with common charges around $600. Do you think i'll be able to get into... [more]
So I was in the market to buy just before the market started tanking, fortunately i was able to hold out and now i'm comfortable and in no immediate rush to buy. I'm hoping to get a 1BR in excess of 600 sq ft for around 300k. Available parking is a must, and i have in the neighborhood of 300k (single income, first time buyer) with common charges around $600. Do you think i'll be able to get into one of the new constructions, or should i focus on more affordable areas (woodside, sunnyside, forest hills). I'm thinking the new constructions should be easier to negotiate since they're not selling too quick. Is my assumption reasonable? Currently, what i'm looking for is currently asking in the mid 400's, do you think they'll drop to a level i'll be able to comfortably afford? Anyone know of any developments in the area that are nearing my price range?
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Response by nostreet
about 17 years ago
Posts: 9
Member since: Mar 2009
I am in a fairly similar situation, although I'm looking in Brooklyn.
I would definetly look at all of the new construction in Hunters Point, LIC. There's a lot of inventory and long term (5 years and on) I believe the area will be a great return on the money. There's lots of appreciation in the area, great transportation and less than a 5 minute subway ride to Midtown.
Definetly I would look at LIC new condos. I'm trying to gage whether it's out of line to negotiate at 25% below ask or whether I have to wait it out until around summer when the developers may start to give in and do more attractive price drops. Rush them to 25% now or wait until they take the initiave on their own and then move in? I don't have the answer, but I know you will definetly be able to afford a new construction in LIC.
I am in a fairly similar situation, although I'm looking in Brooklyn.
I would definetly look at all of the new construction in Hunters Point, LIC. There's a lot of inventory and long term (5 years and on) I believe the area will be a great return on the money. There's lots of appreciation in the area, great transportation and less than a 5 minute subway ride to Midtown.
Definetly I would look at LIC new condos. I'm trying to gage whether it's out of line to negotiate at 25% below ask or whether I have to wait it out until around summer when the developers may start to give in and do more attractive price drops. Rush them to 25% now or wait until they take the initiave on their own and then move in? I don't have the answer, but I know you will definetly be able to afford a new construction in LIC.