Even in these trying times, troubled economy and downturn in the real estate market, New York City is still a wonderful place to live and always a great residential destination due to it's unparalleled variety of events, entertainment, arts, culture, education, professional opportunities and leisure activities all throughout New York City. Even today the streets are full of people, restaurants are busy, bookstores are packed, shopping corridors are crowded.....We find so many different kinds of neighborhoods and smaller pockets within the neighborhoods setting themselves apart by architecture, parks, resources, cultures and life styles. We are offered such tremendous variety in the character, visual elements, smells, sounds and feeling throughout the streets of NYC....... here each and every person truly can find his own.....
Property Types in NYC
As recently as the 70's NYC was primarily a rental town. Gradually, different types of ownership have developed and became prevalent starting in the late 70's early 80's and all the way to the recent condo boom. Till this day NYC has a large population of renters. Rental properties range from many smaller types of walk-up or elevator buildings all the way to high end luxury amenity rich high rises managed by top companies. When it comes to ownership, there is a very limited stock of single family houses called townhouses or brownstones. Many of these have been converted mostly to a 2-5 family properties and serve again as rentals. The main type of ownership today are coops, where buying shares of a corporation gives you a way to own an individual apartment within a building. Finally, condominiums allow you to buy a single unit as a piece of actual real estate within the building.
NYC Real Estate Market
The famous saying "I don't have a Crystal Ball" ( there are some who claim to have one :)), applies today more than ever. We are in what we can call uncharted territory. We had downturns before, but they were never quite like this with so many different factors contributing to the scenario. No one knows what to expect. Even those we consider authorities disagree in their predictions for the future of NYC real estate prices which are so closely tied to stock markets and economies.....What we do know is that right now we have the following : NYC real estate prices are down. Volume of real estate transactions is down. Inventory is up and about a double of what it was last year, with about a year to go to get absorbed. Wall street and Finance, which typically fuel the real estate market in NYC, are subject to existing and predicted job losses. Banks have limited liquidity and under very strict financing criteria offer historically low interest rates.....
There will be no conclusion here with a suggestions or call to action you so often get from brokers based on their opinion of the market. Most people are savvy, educated and informed and they do not need to be instructed along the lines of "Buy now" and such, which clearly underestimates their intelligence and capacity for critical thinking. The consumer decides for himself what is the course of action they need or choose to take according to their own outlook, personal preferences or circumstances. If on the other hand, you are seeking information that calls for the expertise of a real estate professional, please feel free to contact us to get your questions answered or to have a free flowing exchange of ideas regarding your real estate needs. Please do not hesitate to call us if you are interested in buying a home, selling your apartment or investing in real estate property in NYC, Manhattan or Brooklyn. You can get in touch with us 7 days a week at your convenience.
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