Pura's Blog

Before I blog on real estate is local, I want to thank those of you have sent positive emails regarding my blog...love the feedback and comments!!! If there is a topic you would like me to include in my blog, feel free to drop me a line...

Okay, I recently returned from the East Coast.  My 'home base' was NYC - Midtown Manhattan, and ventured out from there to New Jersey, DC, Pennsylvania, Delaware and Maryland. 

Since I have been told that I live, breathe, and sleep real estate, I could not help myself, but to go to open houses, speak to local agents and peruse local real estate publications.  What are my unofficial finds?  Real estate is most definitely local.  The national statistics are what they are, but do not address that local markets being driven by local buyers, sellers and the community. 

In looking at NYC's RE market, it shows no real sign of being affected by the downturn in the real estate market or by the slowing of the US economy.  In fact, there has been an upsurge in the market due to foreign investors taking advantage of the weakening dollar.  NYC is truly an international city and is, no pun intended, an island onto itself. 

New Jersey:  This was interesting.  Jersey is a hop, skip and a jump from the Big Apple.  The city of Hoboken has gained a new luster for those who are seeking 'affordable' housing, and yet, close to the City in terms of business commute, arts and entertainment.

DC:  What can a say about DC except that it is a mixed bag.  This is where you can go from great affluence to 'not so nice' within minutes.  Prices are truly based on location, location, location.

Pennsylvania and Maryland: These states are experiencing pockets of highs and lows and most closely resemble the national stats.  Certain cities, such as Philadelphia and Baltimore are being hit hard due to high rates of foreclosures, but the market continues to chug along.  Delaware is an anomaly - low foreclosures - no significant adjustments - kind of flat. 

In my local community, the market is experiencing positive movement. Houses are being listed - homes are in contract - buyers are looking - escrows are closing. 

Why?  The housing prices have dropped significantly.  The market correction has opened the doors for first time home buyers.  New Home builders are offering upgrade packages and attractive financing.  Mortgage rates are low AND homeownership is and remains a great thing! 

In my experience, I have come to understand that extended family relations play a determining role in my local community; not just the immediate family, but generational familia relations are important in people's decision as to where to buy.   Of course, there are those who seek out greener pastures, but for the most part people stay due to their close ties to family, friends, and community.  Unlike an article I read regarding Maricopa, AZ, where a community was built from out of the desert and people rushed to buy believing it was their chance at a piece of the American pie. Now, some of the subdivisions are like ghost towns.  Locally, we will always have plenty of home buyers - no matter what the national stats state, we have 'built-in' repeat business.