In the minds of many, Manhattan is and always has been the top city in the United States (if not the world). Yes, New York City has always been a mecca for artists, writers, actors and now, yes, real estate investors too. Somehow New York has weathered the ups and downs of the Great Recession and come out better than ever.
STABLE DEMAND IN NEW YORK
A recent story in The Real Deal reports that NYC apartments for rent is becoming ever more attractive to overseas residential investors, and is especially attractive to Chinese investors. What’s behind this uptick in interest? Apparently, it’s a combination of several factors.
One notable virtue of the New York residential real estate market is the way in which demand stays steady, regardless of the sometimes dramatic highs and lows of the economy and the economic situation in New York in particular. It’s this steady demand that has savvy investors looking to this city as a very good risk.
Another aspect of New York’s appeal is the way the city has been revitalized and cleaned up over the past two decades. The change in New York’s overall aesthetic (from gritty and grimy to bright and clean) and the increased safety here makes it a very attractive bet for real estate investors. This view is held not just of New York City, but also of the outer boroughs, like Brooklyn. The boroughs are now regarded as very revitalized and very attractive places to find upscale apartments with the kind of amenities professionals now expect in their living spaces.
What all of this market activity points to, however, is the need for investors to have guidance from real estate experts who really know this market and who can offer very personalized service to potential buyers. TOWN Residential is one real estate firm that is really making a mark for itself in the luxury apartment market in New York. Since its initial launch in 2010, TOWN Residential has distinguished itself as a firm that knows how to provide expert service to investors who are serious about finding the right kind of property at the right kind of price in New York.
People who are savvy about upscale urban residential real estate know that today New York offers great quality for investors who want a great property at a great price.
The “Big Apple” never sleeps, but finding a place when you do need to crash may be a problem for some. If an apartment or condo is in a good neighborhood, has close proximity to the city, and is a decent price, it will be gone in the blink of an eye. Real estate in NYC is complicated and pricy, but there are some amazing places out there just waiting for the right buyer. To get in on this market, you have to be faced paced. Don’t take too much time to mull over the price and location; it may not be there when you get back.
Everyone wants to live in NYC, as it has the stars, lights, attractions and plenty of things to do. It also has one of the highest and fastest moving real estate markets in the country. Properties often get into bidding, wars and there may be multiple offers after being on the market for just a few days. However, don’t let any of that discourage your real estate adventure; there is plenty of housing or all. The first thing you need to do is to decide what area you want to live in. The downtown area is highly coveted and the most costly. Going a bit farther from the town center provides with much better options. Some will even go as far as New Jersey or Connecticut to have a home and a piece of land to call their own.
Living inside the city gives some options. Some of the areas that are also popular are Soho, Upper East Side, Upper West Side, Gramercy Park, Midtown West, Flatiron District and many more. These are just a few of the Burroughs where you can find an amazing apartment. If you’re moving from another city into the area, you might want to adjust your expectations based on reality.
Usually, the apartments are smaller here and they don’t offer as many closets and bathrooms as one would like. Part of the attraction is living in the city, which also means that those who live in the area have to be realistic about the type of dwelling they can afford. The more you can pay, the better the place you can get. But what might cost you a few hundred thousand in other areas, will be in the millions inside the city limits here.
There is a beauty and charm about the city that beacons too many. That is why they are willing to deal with the faced-paced Real Estate market to find a spot of their own. The TOWN Real Estate company can help to find an amazing NYC apartments for rent. Don’t settle for anything, take your time and get a professional agency to help. TOWN Real Estate has a dynamic team that is well versed in the areas and what’s available. Knowing the ever changing market is essential for those who have little time to house hunt. Trust a company with a reputation for success when looking for the next place to call home.