Real Estate: 40% more to go?
I’m sure many of you saw the news reports this week, where a Deutsche Bank report predicts that the New York metropolitan area Real Estate prices are predicted to fall 40% before the market stabilizes.
Others believe it may fall even further, if eliminating the mortgage interest deduction comes into play as well.
What does that mean for Hoboken?
Hoboken is just about as “NYC-Metropolitan Area” as you can get – so what does that mean for all the new construction and swelling inventory?
If you have your eye on that $500k condo – will you be able to snag it for $300k in a year?
Or that million dollar pad for $600k?
What about that place at 912 Castle Point Terrace? Which a year ago was $2.3 million, and is now being offered at $1.58 million. Will that fall another $600k? Or more?
Is this news just terrifying for Realtors? How many prospective buyers who were on the fence recently – will now “stick it out” for another year?