Historically, investors have fallen in love with the city due to its appreciation potential and welcoming purchasing laws for foreign nationals who seek to invest here. However, now as we reach the end of the real estate market lull, and prepare to enter into our next rise, investors are finding even more reasons to love real estate investment in New York.
1. Events –New York City is far from boring. The #1 attraction for people who are looking to buy -or rent- in the city is its multitude of events. From the Empire State Building Run Up Foot Race in February, the St. Patrick’s Day Parade in March, April’s Earth Day, The July 4th Celebration, Macy’s Thanksgiving Day Parade and of course, The New Year’s Eve Celebration in Time Square. When you buy or rent in NYC, you are buying into an exciting and ultra-diverse lifestyle.
2. Foreign Investment – New York City boast one of the country’s largest foreign investor communities. Foreign real estate investors are attracted to the city due to the value of their investments against the dollar in some cases. In addition, according to National Association of Realtors, many foreign nationals also enjoy the stable and secure real estate investment environment in the U.S.
3. Population – With over 8 million residents according to the Census, NYC is America’s most densely populated city, as well as one of the most diverse. Therefore, the New York real estate market is liquid and ever-expanding. Unlike most other markets which attract local buyers from one or two demographics, NYC attracts buyers –and renters- from all over the globe, from every economic background and lifestyle. This unique advantage, allows us to leverage the ‘global market’ rather than just our local market, which is a huge asset when the local economy may not be doing so well.
4. Expertise –Real estate experts in NYC are amongst the best in the world. From simple multi-lingual teams, and international reach, to well-connected brokers who can get your ‘deal’ in front of the most hard-to-reach people. The NYC market demands the best –and we deliver.
5. Value – Historical trends indicate a growth spurt in New York real estate somewhere around 2015. Just as in the past 34 years, New York City housing prices experienced two periods of rapid increase: 1980–1989 and 1996–2006. As well as two periods of decline: 1974–1980 and 1989–1996. Both booms were substantial, and both busts were relatively small. Prices increased by a mind-boggling 250% from 1974 to 2006 according to New York City Department of Finance, Furman Center. Indicating the approach of the next increase for investors who enter the market now, while entry is low.
The truth is, New York City real estate is affordable in the global marketplace. With property in New York City priced around $1,200 per sq. ft., according to AOL real estate published on Oct. 12th 2011, Paris at over $3,000 per sq. ft., London at over $1,600 per sq. ft., Singapore’s $1,500 per sq. ft., and Hong Kong somewhere around $1,000 per sq. ft., owning a piece of the ‘The Big Apple’ is becoming increasing more attractive.
TOP 5 Reasons Savvy Investors Love New York Real Estate by Kelsey Uh