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Non-Tech : Investing in Real Estate - Creative Opportunities
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To: renovator who wrote (579)5/16/2012 12:34:12 AM
From: tejek   of 2722
 
The figures may be a slight exaggeration, however, there are vast areas of upper manhattan and the outer boroughs with a huge number of distressed dwellings. For instance, I was at a 3 family in the Washington Heights area of upper manhattan the other day. The area is relatively solid, mainly spanish speaking, but not a bombed out danger zone. The building was foreclosed with $765k of paper on it and might fetch $300-400k, but only after significant structural foundation, framing and related interior repair work were done at a rough cost of $40-60k minimum. The 3 large floor-through apts, which are in very good condition x the abovenoted work, would easily rent for $1200-1500. The thing is, every area like this has many similar properties, usually only a couple or singly on an otherwise okay block. There are also areas like parts of East New York with more on a block than good buildings, but those are really less typical. However there is very little realistic selling activity to clear the inventory. It appears the lenders remain unwilling to take the hit necessary when the short sale completes.

I have to take your word for it because I don't know NYC all that well and the median housing price doesn't reflect the kind of problems the city apparently is experiencing.
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