Dec 2015. The Force of the World Markets & Instability Awakens
Has the Hot New York City Real Estate Market Flattened?
What are some of the factors affecting the NYC real estate market? Is it the arrival of exquisite new developments? Or the thousands of new condos and rentals? Brooklyn is set to build the most new apartments than anywhere in the U.S.
The popular borough is going to add 6,073 new apartments in 2016, according to Forbes.
Has the market slowed down due the holiday doldrums? People focused on taking time off to be with their families, friends and traveling.
International affairs and word financial markets have shown some instability.
Terrorist attacks in Paris and California. Stock Market downturns. The uncertainty of the outcome of the Presidential election and the possibility of a Trump presidency could be making some anxious.
With all the uncertainty, the market is returning to a more normal market. There are still plenty of opportunities. New York City is thriving. Job creation is pumping along. New York City is still one of the safest cities in the world. Others instability will still lead folks abroad to invest in our stability.
New top renowned restaurants, food halls and top entertainment are present and opening in every corner of our city. The “24/7 I can get whatever I want attitude delivered” for the city that never sleeps is still attracting newcomers. People from across our nation and the globe still desire to live here. They also want to invest here. Their money is safe.
New mega developments and improvements to our infrastructure are attracting international investors and tenants. (We could definitely use much more infrastructure improvement. Building new transportation is a must. Build the new Hudson River tunnel, a new LaGuardia airport and the new Penn. Station already).
New Yorkers and new visitors are discovering every corner of our great city is great to live, eat in and visit. This is bringing new opportunities.
You can buy at more affordable prices in Washington Heights, Inwood, Bed Stuy, Jamaica, and Greenpoint. Prices in new neighborhoods are rising.
The completion of the 2nd Ave subway is delayed again but the completion is coming. You now see the new stores and restaurants opening up along 2 & 3 Avenue on the Upper East Side.
Mega neighborhoods like Hudson Yards, Greenpoint, Pacific Park all are bringing thousands of new units of luxury condos, rentals and much needed affordable housing. FIDI continues to attract more residents as more stores, entertainment and what all New Yorkers love-more renowned restaurants.
The New Year will have its challenges. But New York City will still be full of opportunities and growth.
Please feel free to call or email me for any of your real estate needs or navigating New York City and NYC government at (646) 515-9417 or firstname.lastname@example.org
Get some rest and get ready for a fabulous new year.
Photo credit: Future Brooklyn Skyline, www.bkmag.com, Image screenshot: CityRealty