RE Market Predictions
Yesterday's New York Times had an article predicting serious declines in the New York metropolitan area's real estate market. The article discussed the "outlying suburbs," which I assume includes northern Westchester. Jeffrey Otteau, president of the Otteau Valuation Group (and the primary expert quoted in the article), stated that prices in the outer burbs had already declined by almost 15% since the 2005 peak (which sounds right to me) and that they would eventutally decline by a total of 19%. If true, that means that prices in our area have an additonal 4% to drop. To my mind, that makes the area a far safer investment than other places where prices have yet to really feel the pain. But, as an area home owner, I'm clearly biased.
SOURCE: The New York Times: Home Prices Start to Dip, Recalling 90's Slump
2 comments:
We have signed contracts for a house in Peekskill and of course I worry if I could have gotten that house for less a few months down the road as the price for said house had already dropped once. In the big scheme of things it all evens out.Will the house be worth less next year? Maybe. Maybe not. You pay what you feel is right and if we sell ten years from now, of course we will make a profit. Not a crazy profit. Those days are over. We are just happy to move to Peekskill( and we are aware of the negatives of the town!) and look forward to being active in the community. Sometimes market conditions don't matter when you are just looking for a better way of life.
4:04, Welcome to the area! Peekskill is a great town that has seen tremendous improvements in the last 5 years and has lots of potential for future growth. If you haven't already, check out my posts on the Coffee House and the playground in Riverfront Green (both in Hot Spots)--two of my favorite places. I'm sure you'll be happy.
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