I predict a limited supply of new rental and sale product will enter the market during 2012, thus keeping properties in both categories in high demand. It’s still the Big Apple and everyone wants a bite. Looking at the city’s sales market, prices will remain stable and may even appreciate slightly if the economic outlook improves. However, a lot is riding on potential home buyers’ access to credit.
With rental prices near record highs and mortgage rates near historic lows, the city’s tight rental market will push more clients into purchasing in 2012. In fact, I believe now is a golden opportunity for people who have been waiting on the sidelines to purchase real estate before the economy improves and prices rise.
I predict developers will plan more “hybrid buildings” in 2012. In a difficult lending environment, buildings that mix retail, hotel, condos and rentals are a good way for developers (and banks) to hedge their bets.
I predict that, despite the loss of Beltran and Reyes, 2012 is the Mets’ year to take it all.
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