Soaking Up The Bubble Bargains

Barbara K wrote a great strategy piece in today’s New York Post about playing the waiting game with the place you want so you can get a good deal.

I know you’ve been reading a lot of bad news about the market these days, but if you have a good credit rating, some cash on hand and a hankering to become a homeowner, now is the time to do it.

The days of having competing buyers in front and in back of you, bidding crazy sums for mediocre fixer-uppers, are over. And there are incredible deals to be had. I just helped a couple of friends buy a prime piece of the Hamptons – a move-in-ready house on a pristine 1-acre lot – for more than $200,000 less than the asking price.

The strategy I used to score my friends their little piece of paradise was completely unconventional. I advised them to do everything you are not supposed to do when making an offer.

I had my friends start very low, offering a price that was a whopping 30 percent off the reduced price. Then we sat back and waited for a response while my friends got pre-approved for a mortgage. Silence can really be golden in real estate these days.

July 31, 2008. homebuying, new york City, real estate. Leave a comment.

Owning Property in New York Is Possible

I have friends, clients, neighbors who own apartments and houses in this city. It is not impossible. In fact one of my friends is closing on a house next week. She sent me this email today.

More people should know about how to own a piece of the city. It’s really not as hard as people think. -CP

In the coming weeks, I will be interviewing people who have recently closed and they will share their experiences. In the meantime, read New York City Department of Housing and Preservation’s Home Buying Guide.

July 16, 2008. homebuying, new york City. 1 comment.