REAL ESTATE-PRICES ARE PEEKING IN ASTORIA
Jan 08, 2018
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ASKING PRICES ARE AT 40 X'S INCOME IN ASTORIA,GREENPOINT, AND WILLIAMSBURG NOW. SEE CRAIGSLIST,NY. AN EXAMPLE OF A 3 FAMILY IN ASTORIA, ASKING ABOUT $4.5 MILLION.
This is not and can not be a investment property with only 3 rentals.
And not a 1031 exchange property for sure. Yet the ads are on Craigslist,NY and the funny part of this is, the ads state by owner.
Saving a commission or overpaying by $1 million dollars?
Buyers and Investors are not ignorant.
So follow the trend. And that is residents of Astoria, Greenpoint, and Williamsburg are now purchasing Properties in Middle Village, and Ridgewood New York.
There is a buying binge going on with 6 families by Fresh Pond/Myrtle Avenue areas at 20 to 22x's income, however there are some very good deals out there at 17 x's income, with for example a 12 unit brick building for sale steps from the train in Ridgewood.
Rental Income in 2017 was over $186,000 dollars.
Multiple of 17 x's income is needed, but the rents are due to go up now in 2018. The cap would be 6% now.
This is the kind of value for your money says 38 year Real Estate Broker-Jim Turano of Diverse Real Estate in Middle Village,NY 11379.
JIM ESTIMATES ALMOST DOUBLE OF 1031 EXCHANGE SALES IN 2018 COMPARED TO 2017.