Perfect for: Fun facts to tell your tell estate inclined friends
Length: 304 pages
Depth: Lots of numbers thrown around but content is simple and light
This book explores real estate trend and phenomena by mining data from Zillow.com. Essentially the Freakonomics of real estate.
All the Feels:
I was hoping this book would try to drill into the predictors of real estate prices. I was a bit disappointed as the book really just looks at correlation between real estate prices and somewhat random pieces of information. For example, houses on a street named “Lake Street” sell for 2% higher than on “Main Street”. While interesting, this provides no useful input when analyzing a real estate deal or prospecting target markets.
My Main Takeaway(s):
Gentrification predictors: old housing stock, nearby popular neighborhood, many renters and few owners (easier for developers to buy up the buildings and renovate them).
Buying the worst house in the best neighborhood is only a good strategy if that neighborhood is appreciating (i.e. hot neighborhood).
Foreclosure deals are not always an absolute steal. It depends heavily on the market. When considering the repairs/fixes needed, you do not always come out on top.
The choice between renting and buying comes down to how long you plan to stay in the respective house/apartment.
New York real estate market operates by its own unique rules and is vastly different than any other market.