Housing Partnership - Slow Real Estate, Soaring Buyers' Opportunities
jmscher -
19 views
- 1 week ago
NEW YORK (CBS) - The impact of the gloomy real estate market has made an impact in New York City, making both buyers and sellers cautious. However, there are affordable housing opportunities out there if you know where to look, and if you qualify, this could be a prime buying opportunity.
In Jamaica, Queens, the Guy Brewer Development has more than a dozen brand new 2-family homes priced at under $400,000.
Beacon Towers is a new construction in Harlem with two dozen one and two bedroom apartments for sale. Prices start at under $300,000.
The housing is subsidized through city agencies, with prices averaging about 30 percent below market.
These rare values are usually offered to buyers through a lottery system, but an uncertain housing market has left many of these properties unsold, and for the first time, they are being openly marketed to qualified buyers.
"We have fewer applications for our usual lottery and what happens is instead of selling out before we get to the end of the list, we get to the end of the list and we still have many homes to sell, unfortunately, and we have to go to the open market," said Shelia Martin, Director of Operation of Housing Partnerships Development Corp.
"Now the fact that it's on the open market is allowing the citizens of this city who thought they were not qualified or had no chance to have an opportunity to purchase a unit and live here," said John Frezza, developer and builder with Beacon Towers.
And that's how first time buyer Kim Dougherty found her apartment.
"For many people the idea of living in New York just seems impossible, and the fact that we can be artists and live someplace we can be happy with our son feels lucky actually," she said.
Subsidized housing means there are income guidelines. The minimum for the Jamaica development is $49,000, earning up to about $115,000 per household.
Beacon Towers is considered a middle income development, and slower sales of these apartments prompted the city to raise the maximum income ceiling.
To qualify here, a family has to earn from $85 to about $190,000.
And while these prices are a boon to the consumer, developers are feeling the pinch.
"That market is not going to last forever. We all see the light in the tunnel. We all see the economy is growing. We are all confident and these houses are going to be sold," said Bob Starzetki, developer and owner of Guy Brewer houses.
In Jamaica, Queens, the Guy Brewer Development has more than a dozen brand new 2-family homes priced at under $400,000.
Beacon Towers is a new construction in Harlem with two dozen one and two bedroom apartments for sale. Prices start at under $300,000.
The housing is subsidized through city agencies, with prices averaging about 30 percent below market.
These rare values are usually offered to buyers through a lottery system, but an uncertain housing market has left many of these properties unsold, and for the first time, they are being openly marketed to qualified buyers.
"We have fewer applications for our usual lottery and what happens is instead of selling out before we get to the end of the list, we get to the end of the list and we still have many homes to sell, unfortunately, and we have to go to the open market," said Shelia Martin, Director of Operation of Housing Partnerships Development Corp.
"Now the fact that it's on the open market is allowing the citizens of this city who thought they were not qualified or had no chance to have an opportunity to purchase a unit and live here," said John Frezza, developer and builder with Beacon Towers.
And that's how first time buyer Kim Dougherty found her apartment.
"For many people the idea of living in New York just seems impossible, and the fact that we can be artists and live someplace we can be happy with our son feels lucky actually," she said.
Subsidized housing means there are income guidelines. The minimum for the Jamaica development is $49,000, earning up to about $115,000 per household.
Beacon Towers is considered a middle income development, and slower sales of these apartments prompted the city to raise the maximum income ceiling.
To qualify here, a family has to earn from $85 to about $190,000.
And while these prices are a boon to the consumer, developers are feeling the pinch.
"That market is not going to last forever. We all see the light in the tunnel. We all see the economy is growing. We are all confident and these houses are going to be sold," said Bob Starzetki, developer and owner of Guy Brewer houses.
mz0QE7mHNQ8
Thanks!