Just about every day I get stopped on the street or on the phone with the question du moment..."Perry, how's the market?" Brows furrowed, jaws tense, eyebrows raised. The world these days is a scary place.
My answer is always the same. This is New York, for heaven's sake. It depends on where you're sitting. Are you interested in buying, selling, renting, or investing? There are opportunities all over the place.
But oh my lordy what if you're a seller? Quel horreur!
Settle down, missy. If you bought your apartment in the Heights decades ago, or even before 2000, then you bought in for twelve dollars and fifty cents and you're just whining. You're going to do just fine no matter what.
But even if you're a relatively new Heights-ite, you've probably watched your wealth grow in the last few years in real numbers: local appraisers have estimated home values more than doubling since 2003, until mid-September of this year when the world changed.
So maybe we're down seven to ten percent since then, and maybe we have another bit of downward push to endure. So what? For us in the Heights this kind of average year-over-year growth is pretty much unmatchable in other markets in which we might invest. And we understand that what goes up must come down, and if history is prologue will rise again.
The Cabrini townhouses, that still have yet to be constructed, have dropped 100k (from $2.95 million to $2.85 million) in price since we last posted about them in January. This 3.4% reduction doesn't seem to reflect recent national luxury reductions, and certainly doesn't reflect recent drops for less expensive properties in Washington Heights and Inwood.
