In 2008, many economic analysts will tell you to be careful of real estate investing. The subprime mortgage crisis and housing bust has many who are normally bullish on real estate heading for the hills. However, this is the perfect time to invest in real estate, particularly in New York. Here’s why:
Buying New York Real Estate During Any Kind of Market — It’s Not Going to Get Much Cheaper
Just like blue chip stocks, New York real estate can be worth a lot but hard to get. New York real estate is some of the most expensive in the world, which is usually great if you own it, not so much if you are trying to buy it. If you thought property in New York was out of your reach before, you just might be able to stretch to get some now.
New York Real Estate Has Intrinsic Value
Unlike blue chip stocks where even the best companies’ futures can be uncertain, New York real estate will always have value. New York is an alpha city, one of the most important cities with respect to global commerce and cultural significance. To some extent, numerous job opportunities in New York insulate property from market decline, often signaling tremendous value when the market is on an upswing.
New York Real Estate Makes Great Rental Property
New York is a commuter city. Many people come into New York from the outer boroughs or Long Island to work. Some of them may be looking for a place to stay in the city. You can generate some fantastic income from New York property, and your renters may only use it a couple of times a week.
Even in the current state of the market, New York real estate may be out of the price range for many speculators. Those who can afford it though, should seriously consider getting involved. There is no time like the present to own a slice of the Big Apple.
