Tuesday, December 8, 2009
New York City Real Estate
Post by David Held
The first thing that comes to mind when anyone mentions buying an apartment in New York City is EXPENSIVE! NYC real estate is arguably the most expensive real estate in the United States.
Why does it possess the most expensive real estate?
1. Location, Location, Location: Almost every major business/corporate has a headquarters in NYC, so the convenience of living next door to your office, not to mention the savings in transportation costs, is going to cost you a pretty penny.
2. Demand for Manhattan real estate has only risen in prior years, thus building owners inflate the price per unit and they get what they ask for.
3. Europe is easy to get to! This also has to with the location. Businessmen and women do not want to fly to California or even Chicago for a meeting, the City is much closer and more convenient.
4. The amount of “stuff” that goes on in the City. NYC has the hottest clubs, bars, shows, museums, restaurants, etc on the planet. “New York is the City that does not sleep.” Which all of this going on in the city and right at your finger tips it tends to increase demand for real estate.
5. It has everything you need (and all in walking or subway distance)!
Sources #1, #2, #3