The Real Deal-Real Estate update September 16, 2017
Sep 16, 2017
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Community news update regarding Greenpoint, Williamsburg, Ridgewood, Maspeth, and Middle Village, New York. Many investors are aware that buildings are getting from 17 to 22 x's the yearly rent now as sales prices. Some 6 family owners in Ridgewood have refused 22 x's yearly income.
To defer taxes many buyers are taking advantage of the 1031 exchange.
However, when you sell your property as you know you have a certain amount of days to identify your new property. So even if you own many properties, and you have bought in the past at 13,14, and 15 x's income, you now need to adjust your thinking just a bit now.
If you can buy at 16 or 17 times yearly income, do so. Do not pass up good buildings, good locations, good rent rolls, that still give you a 5 or 5.2% cap rate.
Supply and Demand now in affect. Any questions feel free to call me any time. Jim Turano 1-347-837-9206 (celebrating my 38 year in business)