Is now a good time to buy?

summer is not a good season to buy. Look for a deal where they chopped significant amt of $ with low maintenance and taxes.

The winter season in Manhattan is usually the best time to buy because it tends to be a bit slower, though things generally pick up again from January to March as receivers of W. Street and other bonuses start shopping around. Also, I've noticed that prices historically go up in late Spring and Summer since it is a popular time to shop and buy.

Things may be slightly different this year, though most expect the Manhattan market to continue to rise, albiet at a much slower rate than in previous years. I think things will likely remain about flat for a quarter or two, go down a tiny bit one quarter (about 3%) and then begin to grow pretty briskly again. Most of the "experts" believe that the ISLAND of Manhattan is somewhat like a nation to itself, and will not be severely impacted by national housing crisis. We just have different factors -- we're limited to 23 square miles, inventory is not excessive, there's major foreign purchasing due to the dollar, and it still is the "capital of the world" where a lot of people want to be. Seattle and some Pacific Northwest cites, as well as some sections of Research Triangle of NC are a few other areas of the US not severely impacted by the housing crisis. Goes back to the old adage that "all real estate is local." Doesn't mean that there is no national impact. Wall streeters are going to take some hits from the subprime mortgage mess, but it won't amount to much in the long run in terms of the Manhattan housing market. The absolute worst prediction I heard from NYC wide was a 10% so drop, but these reports generally are NYC-wide, including the other bouroughs and frequently Northern NJ and Connecticut. Few predict a drop of much significance in Manhattan, and most predict continued increases. Even Suze Orman just bought a place in Manhattan! :-)

My guess, and it is a guess, that if you wait 6-8 months, prices will be about the same and may be a little higher. The other wild card, though, is interest rates. It seeems like they are trending up. Many were predicting that when the Fed cut rates on Dec. 11, long term interest rates would follow, but they've actually gone up slightly. I doubt that there will be a significant change in the near term, but I think the trend is upward.

Good luck!

There is virtually no inventory of 3-bedroom apartments in Manhattan. Families seeking to raise their kids in Manhattan kill for these 3-bedroom apartments. Low supply and strong demand = no price drops on these. At least nothing significant. Do a quick streeteasy search or NYT search and see how little is available in this niche.

Ch out 80 John in FiDi. They have a couple of 3-BR left.

Agree with kylewest regarding 3-bed apartments. You will not see a price drop, these units will apreciate more rapidly than the rest of the market. I've seen almost a $1M difference in my building for 3 beds from this year to last. I also saw a crappy one bed sell with an adjacent crappy studio for $2M, and all they needed was a set of plans to convert to a 3 bed.

It's always a good time to buy if you find the apartment you want...good luck!!!

Interesting article in NYTimes.

http://www.nytimes.com/2008/01/03/realestate/03real.html?_r=1&oref=slogin

I think it's a good time to buy. It is a buyer's market. If you can find what you are looking for at a good price, grab it. Its a much better environment for buyers than 5 years ago, when ugly shoebox apts were going into bidding wars. Take advantage of the amount of available apts now and negotiate a good deal.

If you are looking to buy a place that you will hold for at least 4-5+ years, I say buy. If you will outgrow it within 2 years, I would rent. Not sure what I would do if you think you will sell between that 2-4 year range. Good luck.