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New York Real Estate

March 28th, 2012 11:06 am

Young professionals and blue class workers are fueling what’s left of the real estate market in New York City (with the exception of Manhattan). Nationwide (including the boroughs) real estate prices have been declining for most of 2007. This is primarily caused by delinquencies in mortgages made over the past 4 years to subprime and no income verification borrowers. Increased foreclosures combined with tightening mortgage underwriting standards have drastically increased the inventory of homes currently on the market.

In addition, this past summer’s mortgage meltdown has made securing a Jumbo mortgage much more difficult. A Jumbo mortgage is one that is larger than the conforming loan limit of $417,000. Since New York City real estate prices are in many cases higher than $417,000, sales have lagged due to buyers having difficulty qualifying for Jumbo mortgages. All of these factors have contributed to “the bubble finally bursting”.

There has been however, one sweet spot in the New York City real estate market. Affordable living is making a comeback. Smart developers have stopped over building million dollar houses in middle class areas and instead begun developing affordable condo apartments throughout the boroughs. Studio to 3 bedroom apartments can now be bought from the high 100,000’s to the mid 300,000’s.

Some of these condos have been gut renovation conversions of apartment buildings like Zinfandel Condominium in Crown Heights and others have been ground up new construction like 580-586 Van Siclen Avenue Condominium in East New York. Affordable condos are the hottest area of New York real estate right now. Many developers who were building 3 family houses throughout the city have now decided to convert the complexes into condominiums because of the current market condtions. It is more profitable for the developers and more affordable for the end buyers.

Owning instead of renting is the first step towards financial freedom. Renting only gives a landlord a mortgage interest tax deduction and the tenant a rent increase each year. Plus real estate will appreciate over time so it is a great long term investment. With the recent slowdown in the real estate market combined with many people who have recently lost their homes to foreclosure entering the renters market, rents have begun dramatically increasing as the citywide demand for apartments increases.

Finding New Home Builder in Salt Lake City, Utah

March 7th, 2012 2:29 am

Salt Lake City is the capital and the most populous city of the U.S. state of Utah. Salt Lake City is the home to various national and local home builders. Below you will find information about the builders and their products.

Richmond American Homes – Has built homes for 150,000 families across US. Richmond American has four housing communities and various move-in ready homes in Salt Lake City, Utah. Learn more about each Richmond American Homes community and their available houses by visiting them online.

Liberty Homes- Is a builder, building across Utah and Arizona for a long time. They specifically build in this city, Davis and other Utah Counties. Liberty as over seven new communities in Salt Lake City with prices starting from $150,000. To know more about location, floor plans, pricing, and occupancy status visit Liberty online.

Proterra Companies – Proterra Companies is a local builder. Proterra Companies has two successfully running communities and is coming up with two more. Visit Proterra Companies online, to know more about the location, pricing and occupancy status of these communities.

Hamlet Homes – Hamlet is known for its designs and has built over 10,000 homes across the US. Here, they have two new communities with a starting price of $160,000. Visit them online, to know about location, pricing and floor plans of these communities. You can also find about the move-in ready homes offered on their official website.

D.R Horton – D.R Horton provides premium homes from sale from a range of $10,000-$500,000. They also have three new communities in Salt Lake. The pricing of these communities starts from $230,000. To get an insight into pricing, floor plans, and location of these communities visit D.R. Horton online

Reliance Homes Inc. – Reliance Inc. was established in 1989. Reliance is a local builder building across Utah. It has several move-in ready homes. Visit Reliance Inc. online, to know more about their floor plans, sub-divisions and “move-in ready”.

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