What does SELL, PROFIT, BUY, REPEAT mean?
Buying in a new development can be very profitable. Anyone who bought during the last development boom has nearly doubled his or her investment.
The development boom is cyclical. Old buildings are tore down to build new modern structures. The cycle usually runs every 10 years.
New York City and the outer-boroughs are seeing another building boom. The last boom was in 2007, which came to an abrupt halt with the crash of 2009 when condo projects stalled and/or turned rental. Now, we are seeing a switch back to condos with land prices rising and buyer demand surging due to interest rates relatively low and rental rates rising. Buyers are flooding the market and developers have taking note.
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