…or, April 2016 NYC Economic and Absorption Reports, L Train Info & Current Rates 😉
Absorption report for April 2016 here: http://media.bhsusa.com/pdf/BHS-Absorption-Report-April-2016.pdf
NYC Economic report for April 2016 from the Brown Harris Stevens Chief Economist. 100k more jobs in April 2016 than a year earlier: http://media.bhsusa.com/pdf/bhs_heym_report_04_2016.pdf
And Free Money!! ….*ok not really but with current rates, a 5 year ARM will cost you about 2.5% and a 30 year fixed will run you about 3.5%. HELOCs (home equity line of credit for the noobs – a way to cash out existing equity from your current real estate) will run you 2.75-3%. Rates are generally slightly lower than a year ago at this time.
L Train Shutdown Details:
The L train pain is real and is shutting down at least partially– but not till 2019. The two possible plans include shutting down the Canarsie (L train) tunnel connecting Manhattan to Brooklyn for at least 1.5 years entirely or 3 years partially. Either way, riders who depend on the L train are going to be very unhappy campers for some time.. The MTA gave a presentation on the project. It is non-negotiable. I have read several articles on this shutdown and this is by far the best info to date:
http://ny.curbed.com/2016/5/6/11606714/mta-ltrain-details-planned-closure-2019
And if you’re more of the tv watching type, here is the a informational/propaganda video from the MTA: https://www.youtube.com/watch?v=Gt_JloKcE7s
Quick tidbits and advice:
Inventory continues to be low, particularly in upper manhattan. If you want to buy multi families for under $1m, consider places like this 7 bedroom decorated by a taxidermy fetishist in Bushwick near the Myrtle-Wyckoff Stop on the L and M (so even when L shuts down as expected, there will still be other trains available).
http://streeteasy.com/sale/1215342
There are a number of 3-4 story multi families in that part of Bushwick.
A few blocks from the train, I have seen this and it is a gut reno:
http://www.trulia.com/property/3206708411-262-Palmetto-St-Brooklyn-NY-11221
Thats it for now. More again soon.