The real estate market in New York is relatively rewarding with prices apparently growing day by day. It is one of the best places in the US where an enterprising individual can invest on residential properties both in the short and long-term. The marketplace assures investors of profits within a few years. In fact, many people who do not event to live in NYC are willing to part with their hard-earned money on condominiums and other residential units.
There are several neighborhoods being watched closely by investors such as the Manhattan District where the standard listing price reaches $3,854,641. This area boasts of first-class houses, apartments, exclusive amenities, and convenient mode of transportation. What most brokers noticed is that markets are not that open in other countries and only a single agent can access listings. This is not the case in New York where all realtors are provided with the same access. However, money is not just what you need to purchase properties. The potential owner must also be financially responsible.
Prospective investors have to determine whether to opt for privately-owned condos or settle for cooperative units. The housing coop is a legitimate entity like corporations that own real estate. Cooperatives are a unique form of residential ownership with various attributes which are different from condos and single family domiciles. The cooperatives outnumber private abodes since these are drastically cheaper by 30 to 40 percent. However, policies and approvals are more stringent compared to condominiums. Buyers are obliged to pay a deposit upfront. This is a minimum of 20 percent of the total acquisition cost. You also need to submit documents confirming net worth, brokerage account statements and income tax returns.
On the other hand, condo ownership is not as strict because you are allowed to lease the unit to the person of your choice and resell without many restrictions. The primary disadvantage of cooperatives is that these are quite difficult to lease out. There are no impediments to owning a condo in New York no matter how expensive it may be. Said properties increase in value excessively higher compared to other assets.
Buyers should also be familiar with the neighborhood. Everything should go beyond a few well-known locations such as Fifth Avenue and Times Square. Take a look around at other developments which are close to commercial areas and transport systems. Of course, find out the best price in town although investing in New York real estate really makes sense. It is one of the most populated urban hubs in the USA and considered the financial capital of the whole world.
There are some areas where you should think of investing in New York. One is Jackson Heights which is well known for its cooperative apartments which you can get for below $1 million. Residents can commute from the neighborhood to the heart of Manhattan through the subway center in Roosevelt Avenue. Commute time (one way) takes roughly 30 minutes. South Bronx is a booming neighborhood with enormous sea front development. It will be advisable to get a property in the district before prices become too expensive. Residents can use the subway stations situated at 3rd Avenue all the way to Manhattan.
Queens is a Long Island borough across East River adjacent to Long Island Railroad coming from Manhattan. There are many inexpensive residential units and you can purchase houses for as low as $300. You can find big Tudor-style houses in the upper middle class section called Jamaica Estates. Potential investors still have a lot of options. The key is to be prudent in looking for detached units or condos that will resell for a higher price.