Today, right now, it is cheaper to buy a home in Midtown Manhattan then in East NY (Brooklyn).
In Manhattan: 41st floor condop at 303 East 57th Street #1D is asking $325,000 or $303psf
In East NY: 1019 Van Siclen Ave #3L is in contract for $325,000 which is $402psf
East NY in all its splendor is known as one of the most price repressed areas in NYC. The Manhattan property is in a full service luxury building. The Manhattan unit has breathtaking views and private outdoor space. The Manhattan home is in a land-lease property and has very high monthlies fees double the market standard. But whatever factor you’d like to point out, this is odd.
This shows me that the market is Topsy Turvy. It is crazy, and insane time right now without logic. There are deals out here which just do not make sense. Many people who will buy today area going to make
insane profits. Where the market needs navigation and many homes offered are overpriced. There are 100’s of amazing deals which in my opinion can see 100% gains in under five year periods. Buyers, if they identify the right home they will makes millions.
This week I am selling a home to a buyer for under four million dollars which I truly see gain 80% in value by 2021. This buyer is using the property as a home and the financial return is not the only point of interest. But this buyer does identify and look forward to benefiting from a 2-3 million dollar equity surge. This can be done when she sells or does a cash out refi.
When markets are Topsy Turvy you can make real money. Much too often buyers aim to make purchases in flat markets or when prices are rising. Deals like we are finding today do not happen in those markets. You need blood on the streets for a great deal to be handily available without teams of buyers surging upon it and bring up the sales price to a point of it not being a steal. I foresee many, very many, people making fortunes in this market with purchases in the next 6 months. Many people will only hear of these full stories in 4-5 years from now, as they are discussed them over coffee an are met with lament by those who do not make moves.