Brooklyn, NY (PRWEB) December 4, 2007
The current credit crunch and subprime meltdown have created affordable ownership opportunities for the middle class in NYC. Affordable one-bedroom and studio condos at Zinfandel Condominium in Crown Heights can now be found at NYCAffordableLiving.com.
Nationwide, real estate prices declined for most of 2007, primarily because of delinquencies in mortgages made over the past four years to subprime and no income verification borrowers. Increased foreclosures combined with tightening mortgage underwriting standards have drastically increased the inventory of homes currently on the market. In addition, this past summerÂs mortgage meltdown has made securing a Jumbo mortgage (one larger than the conforming loan limit of $417,000) much more difficult.
ÂSince New York City real estate prices are in many cases higher than $417,000, sales have lagged due to buyers having difficulty qualifying for Jumbo mortgages,Â says condo developer and entrepreneur Mario Costanz of NYCAffordableLiving.com. ÂAll of these factors have contributed to the bubble finally bursting and affordable living making a comeback.Â
Smart developers in the NYC real estate market have stopped over building million dollar houses in middle class areas and are instead developing affordable condos throughout the boroughs. Studio to three-bedroom apartments can now be bought from the high 100,000Âs to the mid 300,000Âs. Some condos, such as Zinfandel Condominium, are gut renovation conversions of apartment buildings, while others are ground up new construction, like 580-586 Van Siclen Avenue Condominium in East New York. Many developers who were building three-family houses throughout the city have decided to convert the complexes into condominiums because the three families werenÂt selling. It is more profitable for the developers and more affordable for the end buyers.
For example, a one-bedroom condo at Zinfandel Condominium is priced at $237,000 which is actually cheaper than renting a similar apartment when income tax deductions are taken into account. Renting a one-bedroom with hardwood floors, granite countertops, stainless steel appliances, a video intercom system, recessed lighting and Internet connections prewired in the walls can easily run upwards of $1,200 to $1,400 a month in Crown Heights. Owning the condo can cost as little as $1,060 per month with the tax advantages and only 5 percent (approximately $12,000) out of pocket.
With the recent slowdown in the real estate market combined with many people who recently lost their homes to foreclosure entering the renters market, rents are dramatically increasing as the citywide demand for apartments increases.
ÂWe are so thrilled to be able to offer this opportunity to the young professionals and middle class workers of New York City,Â Costanz says. ÂOwning instead of renting is the first step towards financial freedom. Renting only gives your landlord a mortgage interest tax deduction and you a rent increase each year. Plus, real estate will appreciate over time, so it is a great long term investment.Â
For more information about Zinfandel Condominium and other affordable condos in NYC, visit http://www.NYCAffordableLiving.com.
NYCAffordableLiving.com. was established in 2007 by Mario Costanz. Mr. Costanz is a real estate developer, entrepreneur and former NYC sanitation worker. He resigned from his secure city job in 2005 after being promoted to the rank of Supervisor to follow his dream of being financially free. His company, SmartServ Solutions, has grown to become one of New York's most successful independent consumer financial services firms. SmartServ was recently ranked in the Top Ten for Financial Services in New York by CitySearch.com. They provide income tax preparation, credit repair and private mortgages. For more information: [email protected] or (888) ME-FIRST or http://www.smartservsolutions.com or http://www.nycaffordableliving.com.