The Papal Visit & NYC real estate
New York City.
As world leaders gather at the UN General Assembly with the Papal visit to New York City, the city will be in gridlock.
(Here are street closings: https://www.dnainfo.com/new-york/20150914/midtown/expect-major-street-closures-during-popes-visit-new-york-city )
New York City is the capital of the world in eyes of many-capital of international affairs, finance, real estate, culture and food. With world financial markets taking a recent dip, the question is will it affect the New York City real estate market. With the U.S. economy improving but with a long way to go, the FED decided to hold off on an interest rate increase. But it is predicted a rate increase will happen this year.
How will the international market turmoil affect the New York City real estate market?
In the short-term, world financial market instability may be actually good for New York real estate. The international investor would rather park their money here in a safe and stable market.
The current state is the return to the more normal market as opposed to the high intensity volume market we have seen in the past few years. This could lead to more of a balanced market. With inventory still low for apartments in prime neighborhoods, don’t expect enormous price decreases. You may see less of a bidding war and buyers looking for value when they buy.
In the Manhattan sales market, while prices are at all-time highs, August saw a slight slowdown in contract volume. https://urbandigs.com/blog/manhattan-august-contract-activity-sluggish/
Here are some predictions for the Fall real estate market:
New York City is still a great investment for Americans and International investors.
Here is Savills research’s guide on “Buying a property as non-resident in the U.S.”
There of course, will still be a major challenge in providing affordable housing to the poor and working class in New York City. New Zoning laws were recently passed to encourage developers to include at least 20% affordable units in any new developments.
As we welcome the Pope to New York City, we also welcome with open arms your tired, your poor and our friends from across the world to invest in our real estate market.
Photo Credit: Urban Diggs Blog, Posted by Noah Rosenblatt