Given the state of the housing market throughout the country, you might be asking yourself, “Why would I even bother with New York real estate? It’s the most expensive real estate in the country!” On the other side of the coin, if you’re sitting with a midtown condo, should you sell with the market in the condition it’s in? It’s hard to see how you would get full value, but what if things get worse? These are all fair questions, and it comes down to considering the long-term value of an investment in New York.
New York Is a City That Is Constantly Growing
New York is continually reinventing itself. The area around the World Trade Center will gain a whole new, updated look over the coming years that may revitalize the whole city. New projects and events constantly come up that make people want to be in New York. New York is a city of growth, and growth means home value.
New York Is a City of Classic Architecture
Some of the buildings in New York are among the most beautifully designed and constructed in the world. These buildings are pieces of art in and of themselves, and have value for this in itself, let alone the land the buildings sit on.
New York Is a Great Rental Market
While a buyer’s market may make things tough on New York City landowners looking to sell, it typically signifies a great rental market, and rents in New York are still quite high. In fact, New York City has the highest rents of any apartment rental market in the country, with an average monthly rent in 2007 of over $2,500 a month. If you’re a buyer, keep an eye on properties with renting potential. If you’re a seller, you may want to consider leasing out your New York property instead.
New York Has Culture Which Equals Value
Real estate hunters often look for property with built in, non-depreciating value. For example, you can get this with a panoramic view of the ocean or a breathtaking mountaintop. New York’s non-depreciating value comes in its cultural offerings, including such national treasures as Broadway and the Metropolitan Museum of Art, not to mention landmarks like the Statue of Liberty and Empire State Building.
Will you be able to sell your New York home or condominium tomorrow at a great price? Probably not. But why would you want to? It’s New York!
