Here are a few facts about New York City that make now a great time to buy here.
1. Unemployment is now 8.6 percent as opposed to 9.6 percent one year ago. This means more people working and entering the real estate market, probably as renters of someone's investment property!
2. Because the rest of the country's economy is still coming back SLOWLY, interest rates are at historic lows. We have at least two banks vying for the business of foreign investors in New York, so if you are thinking of buying something here, we can help on the mortgage front.
3. Even though inventory is generally tight, there are pockets of great real estate available as Americans keep a close watch on their purse strings. Many people here are holding on to property because they don't feel they will get their desired price, while at the same time new material is slowly coming up as owners' expectations fall in line with what is essentially a flat market. There are small (4 units or under) buildings that are great starter investments in almost every part of Manhattan, from prices under a million to ten million.
Let us help educate you about investing in New York. We have a vibrant scene like no other in the world, a proactive mayor (whether you like him or not!) who wants to see us thrive, and at least two real estate brokers (myself and Gina O'Keefe) to help you through the winding roads of Manhattan property and/or property development. Call at 917 771 9836 or email us at dgimelson@bhsusa.com or gokeefe@bhsusa.com.
Have a wonderful weekend --
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