Real estate is a lifelong investment strategy, not a one time transaction. View it with a long term lens and use balance sheet mentality:
Assume you live in a $4 million home, and the market is down 20%. You'd have to sell that home for around $3.2 million, a loss of around $800,000. Assuming you are buying a $9 million home that is also down 20%, that home should cost $1.8 million less, a savings of around $1 million net.
When the real estate market is hot, upgrading is extremely expensive. Assume you live in a $4 million home and the markets rise 20% allowing you to sell your home for $4.8 million. If the market is up 20% across the board, that $9 million home you wish to upgrade to will now cost $10.8 million.....it will cost you $1 million MORE for the same exact upgrade.
Opportunity always exists!
Want to know what your closing costs will be on your new condo? Need practice tips for your co-op board interview? Want to read my musings on all things NYC real estate? Here's a peek from the site
Did you catch your girl in last month's Elle Decor and this month's Architectural Digest? Featuring: me in a bathroom window, a corny play on my last name by our marketing department, and the gorgeous living room at which is so photogenic it's giving the Victoria's Secret model on the cover a run for her money.
Until Next Time!
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