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Real estate advice for buyers and renters

July 19, 2009 6:11:53 AM PDT
As of last week, there are more than 1,000 real estate loans on the Bloomberg watch list as potentially troubled. How do we prevent getting in over our heads? And, what are some ways we can take advantage of the slumping housing market? Adam Altman, managing member of KABR Real Estate Investment Partners joined us with tips. What is old is going to be new again. A 1,000-square-foot apartment that used to cost $1 million, or $1,000/square foot, could soon be $500,000 if it's not already. Apartments that were $750 to $1,000 per square foot are going to be $375 to $500 per square foot.

If you are looking to buy, there is a lot of great value everywhere. The New York Metro market really is presenting a lot of great buying opportunities. There is a lot of inventory. Some of the best areas for value now are:

Park Slope
Williamsburg
Morningside Heights
Harlem
Hells Kitchen

This is the perfect time to renegotiate your rent with your landlord, if your lease is expiring. Never better. To get the best value, I would suggest that buyers:
Negotiate initial offers
Instead of starting at 10% of asking price, start at 25% below asking
Find areas that you where you want to live and shop each home

For more information, visit www.kabrgroup.com/about.html.


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