Time to buy

Again, when everyone is crying one should be buying. Sure there are wall street layoffs, Greece, sliding stock market, end of QE2, and relatively high unemployment and weak economic growth. However, one buys in these types of markets to get good deals and avoid bidding wars. The good news is plenty for NYC coop/condo market. Cash is piling up with corporations and the upper quartile. This quartile... [more]

Again, when everyone is crying one should be buying. Sure there are wall street layoffs, Greece, sliding stock market, end of QE2, and relatively high unemployment and weak economic growth. However, one buys in these types of markets to get good deals and avoid bidding wars. The good news is plenty for NYC coop/condo market. Cash is piling up with corporations and the upper quartile. This quartile was singe but are now back flush with money.Many are overseas and have a cheaper dollar and political worries in their home market to give them incentives for NYC purchases. National affordability is nearly back to norms with house/income near 4:1 and mortgage/income ratios under .35. In NYC this is less of an issue as ,any coops want liquid asset cushions and a good deal of purchases are in cash. Also, the stock market has wobbled but not yet taken a count. Savvy investors bought gold that has done very well and offset low interest rates. Finally, the Fed will end up printing money a la 70s and we should see asset inflation, big time. Hence all this means prices at worst are moving sideways. Can you afford to miss the up move, given the liquidity issues and board approvals. Finally NYC is a 600 plus SAT city and with that many brains there always comes income. This is a great time to buy, IMO. [less]