Is it time to sell in NYC - Posted by GeorgeF

Posted by Ronald * Starr(in No CA) on April 14, 2003 at 10:07:17:

George F–(NY)------------------

Well, if it is your personal residence, the way of thinking about it is different than if it were an investment property.

Prices of real estate do go up and down. There have been times in the past when the prices of properties in NYC did go down, certainly for commercial properties, and, I suspect, for residential also. However, I don’t see that it makes any difference. Who cares what the prices of the properties are?

The point is that this is a place where you get value through having a place to live and keep you “stuff,” as comedian George Carlin says. Are you happy living there? Is there someplace else you would prefer to live? Answering these questions might start giving you an answer.

If you are inclined to investing, you might consider taking out money with a new loan on the property and use that money to make investments that would return more to you than the interest rate on the loan. You could borrow up to $100,000 or your original purchase price of the property, whichever is lower, and deduct all the interest from the loan on your income taxes, if you idemize your deductions. These days, the interest rates on mortgage loans are very attractive and for a small loan, relative to the value of the property, you would get a good rate.

If you don’t want to invest, that is fine, it is your choice.

Now, if you are not familiar with real estate investing, I would not recommend rushing into doing it. My opinion is that it takes some knowledge to do it right. If you want to learn about real estate investing, I have a post for beginning real estate investors which you can find on this forum by putting “beginners success” into the search function at the top of the page.

Good Investing********Ron Starr****************

Is it time to sell in NYC - Posted by GeorgeF

Posted by GeorgeF on April 12, 2003 at 20:58:48:

I own a house in NYC. I am not a fancy realestate ‘flipper’ like some of you. I wonder if it is a good time to get out. Or am I just being a wussy boy?

NYC is a great place to hold on to your property - Posted by Barbara_LIREIA

Posted by Barbara_LIREIA on April 16, 2003 at 21:05:13:

No worries. I live on Long Island and run the local investment club here. Sure… there are budget cuts coming. Sure… folks will loose their homes. But people need a place to live. Hang on to it. The real estate market is just fine.

Feel free to email me off line and I’d be glad to call and talk with you about this. I have a broad angle from which to see this situation being that I run the club and would be happy to share my view with you.

Re: Is it time to sell in NYC - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on April 12, 2003 at 21:33:52:

George F–(NY)----------------

How do you expect me to answer a question like that? You give absolutely no relevant information. Nothing about you, nothing about your goals, nothing about your investment program, nothing about the property.

We don’t know if is an owner-occupied property or not. We know nothing of the trends in the neighborhood.

Why do you even ask the question? What is it you are thinking? Why would you even comptemplate selling a house? What’s in it for you? What is up here anyway?

The answer is “WHO KNOWS?” Shrug.

Good InvestingRon Starr**

Re: Is it time to sell in NYC - Posted by L.T(MI)

Posted by L.T(MI) on April 12, 2003 at 21:15:28:

Hi George,

What do you mean? Are you trying to sell a home? Did you buy the home to flip? Need more info.

Re: Is it time to sell in NYC - Posted by GeorgeF

Posted by GeorgeF on April 13, 2003 at 22:28:25:

It is a single familly home, no mortgage, value 300,000. My children are grown and are not living with me. I could sell and rent an apartment. I wonder if the prices of real estate will decline in NYC due poor economy and financial difficulties with NYC and NY state (and maybe the federal government).

I personally am not having any financial difficulties, I do not need sell.