Are We in a Real Estate Bubble? What are the next NYC neighborhoods to invest in?
Barbara Corcoran is interviewed on the possibility of a Real Estate bubble:
She advises buyers to look to northern Manhattan, in Washington Heights and neighborhoods near the Hudson River. When asked if she were going to invest a ton of money, she said there are many opportunities at the northern tip of Manhattan, with stunning views of the Hudson River and the George Washington Bridge. Middle and working class folks, and investors should seek affordable housing and new homes north of 135 Street.
Ms. Corcoran also says record setting prices for Manhattan & Brooklyn real estate are a good thing. Her reason is it contributes to the local economy. When asked about buying land in Manhattan, she said forget about it! The median home in the U.S. is around $220,000 while a parking lot in SoHo is going for close to a $1 million. Will prices eventually stall and are we in a real estate bubble? She claims maybe but no one knows when it will burst and that’s ok.
I share her opinion that there are numerous opportunities for potential buyers/investors in Northern Manhattan, north of Central Harlem. With the A train that will get you to midtown in 30-45 minutes, there are great apartments and homes in Inwood, Washington and Hudson Heights. With all these million dollar condos and rents rising too high for many to afford, there must be more affordable housing for all New Yorkers.
More of her interesting interview here:
Photo Credit: www.esrarealty.com