The Economic Stimulus Bill has just passed. The big winners in this rescue plan are Americans who can now purchase new homes at lower rates.
This is the opportune time to purchase NYC real estate! Favorable rates are now available on mortgages up to $729,500; up from $417,000. Let me give you two examples where the economic stimulus package really makes a difference. Look at Clarett's condominium project, Forté, in Brooklyn. Apartment 16D- Purchase price of $896,000. 20% down. Interest only mortgage of 5.5%. Including maintenance and taxes, monthly cost of $4225 pre tax. Effective after tax monthly cost is $2550. Apartment 8D- Purchase price of $650,000. 20% down. Fully amortizing 30 year mortgage at 6%. Including maintenance and taxes, monthly pre tax cost is $3975. Effective after tax monthly cost is $2734.
This is a true two bedroom apartment, in a full service luxury building with DRAMATIC views of the city for a monthly cost of renting a studio or small 1BR in the city! The prices for these two bedrooms is comparable to a small one bedroom condo in Manhattan. If you are even considering making a purchase within the next few months, I think we should speak soon.
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