4 Types of Real Estate Properties That Are Decreasing in Value

If a woman on the far side of 40 who puts a lot of effort into her appearance speaks knowledgeably and with conviction about how certain housing markets are likely to change in the near future, she is probably a real estate agent. If a man of similar age and level of personal grooming does this, he is probably a guest at a social gathering. In either case, they might be basing their predictions on data, but they are still guessing. Trying to predict the prices of real estate several months ahead is like trying to predict the weather; you might be making an educated guess, even an erudite one, but there is still room for the unexpected. The good news is that this only matters if your main goal in buying a real estate property is to make money. The housing market fluctuations are just details if your choice of property is based on proximity to your workplace or your family. For help strategizing about an upcoming real estate purchase, especially if you are hoping to capitalize on lower than usual prices, contact a Bronx real estate attorney.
Urban Condominiums
By nature, a new condominium building means that many units go on sale at the same time. Condo buildings take years to build, so the developers of newly built condos could not have predicted the disruptions that have happened recently. Two types of buyers tend to buy condos. The first is working age people who want to be close to their urban work locations, and the second is people who are loaded with money and want to buy an urban condo they can stay in when they visit New York. Tough economic times mean that working people can no longer afford to buy condos, so they have to rent, and rich people don’t have enough extra cash lying around to buy a condo, so they stay in hotels when they visit New York.
Your Parents’ McMansions
There is always demand for new single-family homes in suburban areas, so the last generation’s aspirational McMansions are old news. These less expensive, spacious yet unglamorous houses could be an opportunity for first time homebuyers who don’t mind a long commute.
Luxury for the Sake of Luxury
Sometimes developers build luxury homes, defined as those prices twice as high as the area median home prices, just for the snob appeal, and wealthy people buy them for that reason. These days, a six-figure salary doesn’t enable you to make ends meet, so no one can afford luxury homes, and supply exceeds demand.
Vacation Homes in All Play and No Work Locations
In the days of remote work, it made sense to buy a house in a vacation spot if the price was right. With the return to office movement, and with bots taking over a lot of previously remote jobs, there is no guarantee that the work will come to you if you buy a house in a vacation spot.
Schedule a Confidential Consultation With a Bronx Real Estate Attorney
A real estate lawyer can help you if you are ready to buy real estate regardless of what the conventional wisdom says. Contact Cavallo & Cavallo in the Bronx, New York to set up a consultation.
Source:
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