In a 2013 interview with New York Times, Jody Kriss a New York developer asserted that selling New York homes is easy. The same remains true owing to the enormous demand for Gotham properties. While the prices of real estate here may appear high, it makes a lot of sense to have a bite of this big apple. Here are a few reasons you should buy NY properties.
New York Prices Are Less Erratic/ Volatile Compared to Other World’s Cities
It’s a fact that New York homes are a bit pricey. However, the real estate market here is quite stable. Market analysis of housing market’s reaction during recessions indicate that New York properties do not suffer drastic devaluation. The market here does not stagnate either. The Wall Street Journal reported that Manhattan property prices dipped just slightly during the tumultuous 2008 to 2009 period. After 2009, the prices resumed their upward trend. Another analysis by the New York times reported that although prices in the broader New York area dropped after the recession, the prices experienced less volatility compared to other popular markets like Phoenix and Las Vegas.
New York City Still Has Affordable Houses
Most people mistake New York to be just Manhattan. Movies and the media have covered Manhattan much more than other outer boroughs. Many real estate brokers, appraisers, and consultants will agree that prices around Manhattan are usually high. However, there are many good locations you may have never seen on TV. The good thing is that real estate prices in these broader New York areas are very affordable, at least by New York standards. Many developers are also always looking for property to develop. With their creativity, many more affordable houses have been made available.
New York Houses Are a Good Investment
Despite all the talk about prices, New York housing values keep on appreciating. In the past four or five decades, the prices have continued increasing irrespective of market challenges. If you buy a New York home and hold it for a few years, it will definitely make you some good money. If you are lucky to get a Brooklyn brownstone, the house may even come with some rental units. Again, the rental market in NY is very lucrative. So whether you want to flip out the property or keep it, you will make money either way.
Owning real estate in most world’s capitals makes economic sense. Owning a home in New York is aspirational and a dream for many people all over the world. NY is the center of our universe. It’s arguably the world’s capital in matters fashion, culture and banking. There are millions of tourists who flock this city every year. With all the travelers and people looking for a better life here, the real estate market will remain vibrant. With the status quo, there will always be people looking for property to buy or to rent. If you’re an out-of-towner, owning a home here can also benefit you in a great way. You may rent it out, or you may skip out on the crazy hotel charges whenever you’re in The Empire City.