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Real estate trends in New York City

March 1, 2009 5:24:33 AM PST
As real estate prices dropped dramatically across the nation, New York City resisted the trend. But, that's not the case anymore. Claudia Saez-Fromm, COO and Co-founder of Mark David Real Estate, joined us with details of the real estate market. What is the current atmosphere in the rental aspect of the real estate market in NYC? Are there some neighborhoods that offer more value, some more family friendly and affordable? What are apartments renting for on average these days? What kind of deals can New Yorkers get? Is it better to use a broker?

Renting

Rental prices have decreased 30% and the amount of people renting has doubled because people are taking advantage of the incentives.
What kind of deals are out there right now?
Studios in the West Village and Chelsea are starting at $1300 where as last year you couldn't get a studio for under $1800
How would you advise New Yorkers that are looking to buy? Is now a good time to invest in real estate? Are there any big trends you are noticing?

Buy Now!

Now is a great time to buy a studio or one bedroom, if you have money saved- the prices have come down tremendously.
Now is the time to invest in real estate

What can you afford?

Four times your salary.

Now, what if you are looking to sell your apartment or home? Is now a good time?

Claudia Saez-Fromm: At Mark David Real Estate we've advise clients to do several things depending on their situation and rationale for selling..

Homeowners Stay Put

Weather the storm, unless your dire straits
Refinance
Redecorate
Rent-work with a broker

For more information, visit www.markdavidny.com.


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