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
Hi David,
ReplyDeleteAs a 10+ year veteran of the Manhattan Real Estate Market, I concur that the cost of rental / ownership in NYC is high, but what can really cost someone is not understanding the process of HOW to secure a new apartment. I have detailed the process should you be interested in learning more at www.newyorkrelocationguy.com. Thanks, Daniel
Real estate business is so much popular in New York as much as whole USA. To be a successful investors it is very important to familiar with marketplace.
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