New York City Area Housing Market Analysis

Today’s discussion is with Dr. Teresa R Martin, the owner/founder of REIA NYC, to discuss the New York City housing market. As a Foreclosure defense attorney by trade, Dr. Martin has a unique perspective on the New York real estate ecosystem. We'd like you to join us as we get her insider perspective on the complicated NYC housing market.

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https://www.foreclosure.com/videos/new-york-city-housing-analysis/

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Transcript

TJones (0:00) - Hello, everyone, and welcome to foreclosure.com. My name is Tim Jones. I'm excited to introduce our guest today, Doctor Teresa R. Martin. Dr. Martin, Thank you for taking the time to speak with us today.

TMartin (0:10) - Thank you so much for having me. I'm so excited.

TJones (0:15) - We're thrilled to have you. Can you tell the audience a little bit about yourself and your background in real estate?

TMartin (0:19) - Well, sure. I'm a real estate bankruptcy Foreclosure defense attorney by trade. I've been investing in real estate since I graduated high school. I got my first investment property when I graduated high school. When my daughters graduated high school, they had their investment properties and now working on my three grandchildren. So we are a family of real estate investors, and I'm actually, you know, really excited about what I bring because I'm teaching people how to build generational wealth through real estate and break the chains of generational poverty. So that is what I bring to my REIA. And you know, I am the owner and founder of REIA NYC. N Y C does not stand for New York City, It stands for “Now You Can.” So I am so excited about what I do and what I bring, and that's one of the things that make us unique because we deal with legal, business, and real estate.

TJones (1:11) - That's great. Well, thank you for sharing your journey with us. Let's jump into it. What are you currently seeing in the Northeast/ New York City housing markets?

TMartin (1:21) - Mayhem, That's what I see. Mayhem. It's a lot of confusion going on in the New York real estate market because of the moratorium that has stopped. But we still have backups in the eviction courts. We still have property owners who are actually trying to save their homes from foreclosure. They don't have the help that they need, but you have the tenants who have not paid since COVID; even though they didn't lose their job, they have attorneys being assigned to them, and they're being able to get assistance. And so what we have is the clash of tenants versus property owners. So when you think about foreclosures in New York, we have kind of like a stalemate here because we are not seeing all of the foreclosures that will be coming on the market because we have a lot of foreclosures that are still being worked out in the settlement phase. So the trend right now is basically trying to figure out what's going on and if I can save my home, and if I can't save my home, who's gonna be willing to buy my home based on me being upside down, etc. So that's pretty much what we're seeing here in New York.

TJones (2:31) -Ok, can we explore that a little bit further? What are you expecting this summer and the rest of 2023 for the real estate housing market?

TMartin (2:42) - Yeah. So if we, what we looked at, if we look at what's going on right now, and how the sentiment of real estate investors who, who are really small investors are really what society needs because we create jobs, you know, we help homeowners distressed, homeowners get out of their situations, we help create affordable housing. We do a lot, you know, in the economy, right? We help this ecosystem, but what we're seeing is a lot of disrespect in the New York market. We're seeing that we are being painted with one brush like we are the big bad hedge funds, you know, buying up all these properties and things of that sort. So they're making legislation that is against, you know, that is against the hedge funds, but in essence, it's hurting the smaller investors who are doing nothing more but coming to help. So now the smaller investor is being fed up, and so what we're looking to do now is look for a market that's gonna appreciate us, right? And so in the summer, I believe that there are gonna be a lot of real estate investors who are gonna do an exodus. If you will, they're gonna go to places like Indianapolis and Cleveland and Memphis and all the places there that have, you know, properties that are in distress, have not seen such a fall like we have seen in New York because of the price points. And they're gonna be able to get a bigger bang for their buck while making a bigger difference in that market. So, what I see, in essence, that's why you can't ask an attorney a simple question because we're gonna go all around the room before we give you the answer, right?

TMartin (4:22) - So, but my simple answer is my expectation is that there's going to be a large exodus of real estate investors leaving the New York investment market to go to other markets that makes sense for them.

Tjones (4:36) - Seems like a very complicated market. Do you have any advice for someone just getting started?

TMartin (4:44) - My biggest advice to anyone getting started in real estate or just switching markets is to make sure that you have a great source for your research, right? And that's where, you know, foreclosures.com comes into play, right? It's really important for you to kind of have a place that you can go and look at the listings to see what's on the market. See, you know, the tax liens because a lot of people didn't know Tim and you know when I first started using foreclosure.com, I didn't know either that, you know, foreclosure.com is not just for foreclosures. They have tax liens. They have rent to own. They have bankruptcies, and they have city-owned properties. These are all the lists that if a new investor is coming onto the scene, they need to make sure that they are getting the right information at the right time because sequencing is very important. A lot of times, people don't really understand their market, but they're jumping in saying I want to invest in New York, but you don't really understand that New York is $300, $400, $500 per square foot here in New York. Ok, our price points are as large as phone numbers. All right, So we really need to understand that there's other markets that might be better suited. So for a new investor, do your research, analyze your bank account, and analyze your patience level because it's going to take patience, and it's definitely gonna take some time for you to understand what niche and what market you want to move into. So that's my best advice for new investors getting started.

Tjones (6:18) - That's fantastic advice. I think that's all the time we have for today, but I want to thank Dr. Martin for speaking with us. Is there anything else you want to add before we leave?

TMartin (6:31) - Yes. Make sure that you find a good real estate investor association. Not a meet-up group. OK. A meet-up group is set up, you know, to just meet up. Ok. You really need to find a legitimate real estate investor association that is dedicated to your education and dedicated to advocacy. Lobbying on your behalf as a real estate investor is what REIA NYC and the National REIA does, and we do it very well. So you can look us up at Legal Solutions for Women Entrepreneurs in NY, NY | REIA NYC and you can also go to Welcome to National REIA - National REIA and just find a good home for you to learn about real estate investing.

TJones (7:12) - That's great. We hope you found this interview helpful. Don't forget to sign up for our free email alerts at foreclosure.com. Until next time, I'm Tim Jones, and thank you for watching.