Buy Now or Buy Later???

Can you wait six months? If so, the answer is a no-brainer.

later --

If you can wait, definately do so. I'm not even convinced that 6 months is long enough to wait. Things looks extremely bleak....

when do you think is a good time to buy then?

also, how much do you think the prices will drop?

Why wait for the price to come down? Why not bid next year's price right now?
There are a lot of recent posts on this subject - in some cases, lowball bids aren't even making it to the sellers. But in some cases, sellers are desperate (or reasonable) and will take well below asking price. Shave that 50K now and see where it gets you. If your sellers bought for $35K in 1970, they may be more negotiable than someone who bought at the top of the market. There are a ton of variables...

the place im looking into originally asked for 305k.

now its 290k. do you think it can even go any lower?

its also a new development. do you think there is a difference if its a new development or if its secondhand?

You can't buy today for tomorrow's prices.

The price you pay today IS TODAY's price because when you buy, you set the comps. So it is therefore physically impossible to buy today for tomorrow's prices.

Lets make it simple..

I haven't heard even a bull claim prices will be higher in 6 months.
And there is definitely a certain chance they will be lower, maybe significantly.

So, wait.....

> do you think it can even go any lower?

I have a feeling we're going to hear this a LOT over the next couple of years...

oml37 - depends on the developer. There may be a price threshold below which they'll just hang onto the unit and rent it till the market (they hope) turns. Or they may be within a single unit of hitting their 50% closed mark (or 40%, or 75%, or whatever is meaningful to them), and you'll luck out with a low bid.

I believe you'll have better luck with low ball bids in the resale market. If someone bought low (1970-2002, say) and needs to sell, he/she can still turn a profit at 2003 numbers.

I never listened to Jim Cramer, NEVER have NEVER will.
BUT,,,, he said something a month ago in NY magazine that got me thinking... he said 'call your broker June 29'
go figure

Agree with Alpine, you can't buy today at tomorrow's prices. You can try and get a really good deal today and hope that, since you plan on staying for a while, it turns out to have been a good price when you look to sell.

Unless you need to buy and aparment or you find the apartment of your dreams and don't want to wait, you lose nothing by waiting. You'll probably be able to get a larger and nicer apartment for the same amount.

u guys have been of great help. thanks alot!

Things will go down a little for new developments. However, tina is correct - it depends on the developer. Most need to hit a certain number to break even and they will rent units out before they go below this. U may have more luck negotiating a resale because it is possible the seller has owned forever and already made enough money off of it that they don't mind letting it go for a steal. Do not expect new developments to start giving units away - its not gonna happen. u can try to wait 6 mos but just know there is a chance the unit could be gone...

Developers won't lower their prices because they "need" a certain price? Then the Bankruptcy Court auctions will do it for them.

They didn't build these buildings with 30 year fixed rate loans, they used short term construction loans, and there is little chance of refinancing them when they are due. Ask Harry Macklowe what happens when loans come due and you don't have the cash. 2009 we'll start seeing the bankruptcies.

Modern - you're right, of course, but it does depend on the developer and the financing structure. The sky is full of other shoes, and they'll be dropping soon enough. But some developers have the financing in place to go the distance. Others will declare bankruptcy. New developers will take over those properties and buyers will reap the rewards. The key is knowing the one from the other.

Modern - if these guys go bankrupt you still won't get your unit for dirt cheap.

how does one find out about which developers are on short-term loans versus long-term loans? i have been looking at a few places and would love to know which will get "squeezed".

i can help u with a lot of them. which places do u want to know about?

i can help u with a lot of them. which places do u want to know about?

Agent Rachel, how about 20 henry St in Brooklyn Heights? are they on short or long term loans?

i'm having breakfast with someone heavily involved in that project Friday. I can get the low down if you like. have u been there already?

Buy before you die.

What is the subway that is actually close to 20 Henry Street? And how close?

buy now or be priced out forever!!!

20 Henry is screwed... they came out way too late. Mediocre building, mediocre location, and they are asking 2007 prices. Hell Manhattan 2007 prices.

The A/C High Street is 2 blocks away. 4 blocks gets you to 2/3 clark street.

Rachel, what about the developments in Long Island City like the Hunters Point condos, One Hunter's Point & Hunters view?

I would stay away from both 20 Henry and Hunters point...