Want a Strong Investment? Buy a Home in New York City
There are many reasons why it is a good idea to invest in New York City real estate, for instance, unlike in many other areas of the country where properties have devaluated as much as 40%, NYC has depreciated only approximately 25% (when compared to cities like Los Angels or San Francisco) according to an article from TheStreet.com. The real estate industry remains very active, the volume of the transactions have increased, there is a large foreign investor interest, and the supply remains low compared to the previous quarter a year ago. So, Manhattan real estate compared to the rest of the country overall, has performed better than other major US metropolitan areas.
In a city like New York, there are many other factors that make it an attractive and stable place to invest. Manhattan is considered the capital of the world, and a global destination for many. Countries in other parts of the world are creating large amounts of wealth, like Asia and Latin America where new emerging markets bearing wealthy individuals who certainly like the attraction of a city like ours. And, New York City is to say the least, an international destination which has a tremendous appeal, is where many internationalities want to buy, and continue to invest in real estate.
There are many industries that support the strength and livelihood of the city apart from the financial industry which dominates the city economy; the diversity ranges from media, advertising, entertainment, tourism, hospitality, and a wide range of professional services among others. New York City is considered safe, as crime percentages are at an all time low compared to 10 or 20 years ago. The city offers great amount of culture with its museums, arts and performance arts venues scattered all over the city, and unemployment it is relatively low at 10.3% as compared to the rest of the country.
If you are a potential buyer, now is the time to buy. Manhattan has weathered the economical climate fairly well, and Manhattan real estate has found its bottom. It is expected another 10% decline with an eventual U shape recovery, according to some experts, followed by an upward direction. What does this mean for you? It is time to start shopping and buy before things change in Manhattan. What is your opinion on this?
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The Wall Street Journal- The New York Times
- Matrix
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