WHY NOW IS A GOOD TIME TO BUY

Historically low interest rates.
November and December are seasonally the slowest time of the year and buyers have the least competition.
Variety as there is about 30% to 50% more to choose from today than a year ago.
Future Inventory:
The number of new units has peaked and will start declining over the next few months.
Some have been switched to rentals to take advantage of the 1% vacancy rate in Manhattan. Others have been converted back to hotels.
Some units have been bought up by investment pools who are buying 30-50 units at a time and taking them off the market. Many projects slated for 2008 have been put on "hold" and will not hit the market.
The rest of the new inventory is being readily absorbed and now less and less will come to market.

$36,000,000,000 ($36 Billion) in Wall Street BONUSES this year
50% or more will end up in property, driving up property markets
For all these reasons, now is a good time to buy

The New York City market will be stronger than the national real estate market.

Manhattan prices are expected to rise 5% a year for the coming three years

This is because of several factors:

Wealth: We are one of the wealthiest markets in the world and rich people want to be here. We don't see the number of rich people going down.

Immigration: Record immigration is fostering a boom in the boroughs.

Demographics: Baby boomers and empty nesters continue to come to NYC and Manhattan to retire, buy a second home and be part of the New York scene.

Job growth: New York's job growth and economy are better than the national average and will support the market.

A new report by an independent research firm Business360 reported in The New York Times...We expect price declines in other metropolitan areas to continue but those in Manhattan to hold their ground and to continue to advance in the near term. For the bulk of the market and especially attractive apartments and those in desirable areas, we see continued stregnth.

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