Why Buy Condos for Sale in Manhattan as a Rock Solid Investment

Why Buy Condos for Sale in Manhattan as a Rock Solid Investment

 

Here is why Manhattan is still such a solid investment and will always be.  With rising foreclosure numbers rocking the entire country, here are some new statistics that just came out on the almost non-existent Manhattan foreclosure market.

New York City first-time foreclosures dropped slightly for the sixth consecutive month in November due to the bank moratorium, according to a foreclosure report by PropertyShark.com released in December 2011, but doubled in Manhattan from a year previous, to 16 – the same number as were scheduled in Queens last month.

 

This is the first time that Manhattan and Queens have reached the same level of first-time foreclosures, the report says. There were only eight first-time foreclosures in Manhattan in November 2010, compared with 16 last month, while there were 70 first-time foreclosures in Queens in November 2010, compared with 16 last month.

 

Keep in mind there are almost 39,000 buildings from 96th St. down to Battery Park (considered prime Manhattan areas).  I can almost guarantee that these 16 units are NOT in prime Manhattan areas but in neighborhoods like Harlem, Inwood, Morningside Heights, Hamilton Heights and Washington Heights.

 

I watch the Home Sale By Owner market quite closely which includes the auctions on apartments that are in default.  Since September, I have only seen 2-3 units that have gone to auction that were in prime Manhattan areas (96th St. to Battery Park) and did not have the FDHC special income guidelines.  One was a $450,ooo unit in the Lower East Side and the other $950,000 2 bed/ 2 bath unit in Sutton Place .  Whatever other units they did have maybe another 3-4 were all in the Inwood/ Washington Heights area I noted above.

 

To further illustrate my point, ask Manhattan real estate brokers how many foreclosure or short sales deals they have done since this mortgage crisis hit.

 

Manhattan is still such a sold investment to those who can afford it.

 

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