THE 2018 HOUSING MARKET-REAL ESTATE UPDATE*
Dec 30, 2017
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In New York, especially parts of Queens, and in Brooklyn, I feel that 1031 Exchange Purchases will be stronger than in 2017. I have 38 years of experience in the Business, and based on the increasing calls, offers, and purchases they outweigh the sales of 1 and 2 families in these areas. Better than having your money in the Bank, by investing for example in a Pre-War Building, that has been remodeled, with modern apartments, new roof, converted Boilers, and all new tenants within paying higher income now than before is the way to go. Especially if the train is just down the block. Convenience to trains, buses, a multiple amount of stores offers young people a new way of living.
THE NEW MULTIPLE THAT MANY ARE NOW USING IS 17 X'S YEARLY INCOME
Specific areas where the multiples of 17 times income provides around 5.9% cap return. In addition, the rents go up yearly, and so does the building value. The best deals can be attained in Ridgewood,NY 11385 and in Middle Village,NY 11379 currently. Many areas like Astoria, Greenpoint and Williamsburg are close to 20-22 times income already. As an experienced investor the old thinking of 14 or 15 times yearly income just has to be adjusted upward slightly or you will miss out on deals in 2018.
Imagine a Beautiful Pristine Pre-War Building, Brick, with 12 apartments, consisting of just one bedroom apartments and studio apartments provides for the landlord less tenants, less water bills,etc.
I have written many articles in 38 years, many can be found on Google. My office is located in Middle Village,New York 11379 and I have assisted many in the past 38 years. My reputation speaks for itself.
............ JIM TURANO/BROKER*DIVERSE REAL ESTATE* 347-837-9206
SAVE TAXES-TAKE ADVANTAGE OF A 1031 EXCHANGE