Saturday, November 22, 2008

If I Were a Rich Girl - What building would I buy?

These are the times that will come back to haunt me - there was a time a few years back when I knew I should invest in Real Estate in a REALLY up and coming area and I made up one excuse or another and then kicked myself for years thereafter!

It is now the year 2008, and we are making history. Obama has proved that we are no longer minorities vs. majorities. We are also looking at a market that is highly volatile and can easily slip into a Depression according to some experts while others claim that at least on a local NYC level, we are much more equipped to weather this storm as opposed to the last one due to Giuliani's and Bloomberg's clean up efforts where the crime rate in NY is at a historic low!

I am looking at new listings on the market every day, the ones anyone can see and then there are the insider leads - the quiet sales that come in - and these are the times that I know we ALL wish we had some liquid assets to pour into the market! No, not that market that likes to yo-yo up and down and goes from crash to burn...but the real estate market - it's all about equity folks.

Remember, while the economy can be in a really bad place, people still need a place to live and I don't believe we will see the entire world homeless anytime soon...

Invest for your future or invest for a living - invest on a small scale or invest on a grand scale - regardless of which route you can afford to go it is imperative that people realize that this is where long term financial security lies. You can start by buying an apartment or house as low as $250,000 and a building as high as 70 million and every kind of property inbetween - for everyone there is a piece of the Big Apple waiting to be claimed.

Finally, always be aware that your real estate professional is there to help. If you are not happy with one keep looking until you find the one that will understand your investing needs and help you find the property or properties that will be a perfect addition to your starter or current portfolio. In this market especially, it really may make a big difference to have the real estate professional 100% loyal to you - a Buyer's Agent is definitely recommended.

In New York City it is not as popular as all over the rest of the country but this IS a Buyer's Market so it's a good idea to insist on a Buyer's Agent when you walk in to your local realty.

Aside from matching you with the listings that you can really see yourself appropriating - there are also the many creative financing methods that is a priceless service, as it may mean the difference between walking away from a deal or signing on the dotted line at closing - what with the current situation where getting a mortgagge is something akin to obtaining an artifact of holy grail proportions.

I personally practice Buyer's Brokerage - feel free to contact me if you have any questions, irregardless of whether or not you work with me - I am always happy to help...even if just in the capacity of a sounding board or lending a bit of guidance.

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