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Each month AR runs numerous contests as a way for our members to engage in activities
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The World's tallest Ferris Wheel opening New Years Eve 2015 in New York City
rendering courtesy of nyc.gov
Real estate is local. In Manhattan it can even be neighborhood, block and building specific. Some hold value better than others. I've represented sellers that bought during the peak that sold recently and some had a loss and some had a gain.
According to Mayor Bloomberg a ride on the Ferris wheel would take about 30 minutes, start to finish. A ride in Manhattan real estate should be a long one too. There is no better asset than real estate when held for the long term. In my opinion it is best to hold real estate for a minimun 10 years.
My first Activerain blog on 7/27/2006 predicted a buyers market for the next 24 months. I was a little premature because we peaked in 2007. We had a bump in 07 bucking the national decline in housing. Wall Street bonuses soared that year fueling the loca real estate market even though the bonuses lagged Main Street and the national economy. Then came the financial crises and when Lehman Brothers closed Fall 2008 the market crashed overnight.
2009 was a terrible year in Manhattan real estate. My broker at the time Coldwell Banker Hunt Kennedy, the 6th largest broker in Manhattan went out of business. I moved to The Corcoran Group, New York City's largest brokerage that summer. Barbara Corcoran founded the company 30 years earlier as a rental agency so rentals are just as important as sales there. I did more rental deals the rest of that year then in my entire previous real estate career.
I believe all real estate is local and all markets go in cycles. Booms and busts, bubbles and crashes or corrections, bear and bull markets. There is always a bull market some where.
As I began blogging the summer of 2006 that was the theme of my blogs. That summer I wrote on Activerain Real estate is local. The local economy effects the market. This is evident by reading some of my fellow activerain member’s blogs. By reading Maureen Francis I know that the market in Detroit is very dependent on the auto industry. Manhattan is dependent on Wall Street. Wall Street bonuses fuel our market. When Wall Street has a good year it’s great for real estate in Manhattan and New York City, even if the financial media is negative and gloomy about real estate and the stock market.
On September 6 2006, I received my first gold star and featured post "Will History Repeat Itself? It usually Does" If I were to cut and paste it today, I think it would still be appropriate. It was about the tight rental market and real estate cycles.
On September 20,2006 I got my second gold star and feature post "it-s-best-to-buy-and-sell-in-the-same-market" No matter what the market condition it still makes sense to Buy and Sell in the same market. If you Buy and Sell in a sellers market, you sold high and bought high it equals out. If you Buy and Sell in a buyers market, you might get less for your home than your neighbor who sold a year ago but you will get your new home for less than If you bought it last year. It all equals out. Over the long haul real estate is not only a great investment but a wonderful place to live and enjoy.
Real estate is local, markets go in cycles and history repeats it self. I base this anecdotal evidence on my almost 6 decades of life experiences, my own and family real estate investments and as a real estate broker in the trenches.
Why ride a roller coaster? Enjoy a longer ride, take in the beautiful sights enjoy the ride your home. Let it ride the full cycle.Take the Ferris Wheel ride instead.
Actual NYC Data:
The Total Dollar Value of NYC Residential Sales - Before and After the Great Recession
In the three years leading up to the financial crisis in late 2008, the total dollar value of all home sales, or total consideration, in New York City was $121 billion. In the three years following, 2009-2011, total consideration for home sales in New York City was $80.6 billion, almost two-thirds of the pre-crisis total consideration.
The level of comeback in the three years after the financial crisis varied between boroughs. Manhattan recaptured more than 75% of its previous home sales consideration with a total sale value of $45.3 billion. Brooklyn reached 64% of its pre-crisis total in the three following years with $14.5 billion in home sales. Queens reclaimed a little more than half with $14.8 billion and the Bronx only reclaimed 44% of its previous three years total with $2.4 billion in sales.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.