Thoughts on Realty Today in NYC

New York City is the pinnacle of home and property ownership in the US. However, securing your own property can prove to be a challenge in a city that is densely populated. And yet, the allure of the big city and the many wonderful attractions there is has convinced many to settle here despite the stiff level of competition of rental properties, and especially homes put up in sale. Understanding trends in the New York real estate market is therefore important to find and buy a property that you want, and in a price that you can afford.

Buying a home in New York City? Make sure you examine the current market conditions and its projected performance in the coming months.

Average NYC Real Estate Prices

The prices for real estate properties in New York city will vary depending on the location and the type of the property being sold or leased. For the weekend of September 28, the average listing price for real estate properties in New York stood at $1,904,724. This shown an increase of roughly 0.3% compared to the sales price for the month of June to August in 2011, wherein prices averaged at $1,075,000.

There were 12,738 homes that were put up for sale in New York at around the same time period, while 98 had been subject to foreclosure. Out of the 12,738 homes that were on the market, 3,542 of them had been sold. Manhattan is one of the most resilient areas in the New York real estate market. The sales volume are surging and prices had been steady, particularly over the summer months. The median prices for properties being sold in Manhattan ranged from $850,000-$911,333.

This is therefore a testament to the active nature of the real estate market in New York City. This activity peaked out by the end of June this year. However, it slowed down a bit during the months of July and August. But by the time it reached September, the market activity picked up again.

Where Prices Have Increased & Decreased

There are many notable regions in New York that property shoppers can look into. However, the prices of properties for each will vary largely. To get an idea about the market activity, check the list of areas in New York City where prices might have increased or decreased.

When it comes to doorman studios, there is a significant amount of increase in various areas of New York such as Harlem (2.5%), Murray Hill (5.1%), Chelsea (2.6%), Gramercy Park (6.9%), East Village (8.2%), and SoHo (2.1 %), to name a few. Meanwhile, the most notable price decreases for doorman and non-doorman was evident in: Harlem (-4.1% for non-doorman units), Midtown West (-5.3% for doorman studios), Financial District (-4% for doorman studios), Lower East Side (-4.2% for doorman studios), and Chelsea for non-doorman studios (-7.5%).

Tips for Renters & Property Buyers

Putting into consideration the current state of the New York real estate market, as well as the governing trends, here are some tips that property buyers or renters should keep in mind at all times:

Find properties in the West. There are various rental properties available to explore in Midtown West, which therefore makes it an ideal option for renters. You can get a studio type property in West New York this year for an average price of $2,300 or more. This was roughly the same from last year’s price for the month of September, which was estimated at $2,327.

The Lower East Side is best for renters. If you are looking to rent properties instead of buy them, make sure to head on out to the Lower East Side. There is a tremendous level of increase for rental properties within the area with up to 8 percent increase from last year’s figures. One- or two-bedroom units also saw an increase at about 6 percent, which is why real estate experts believe this is the best place to hunt for great deals in New York.

Luxurious yet cost-efficient properties are hot in the Financial District. In the Financial District area, there is a promising future for doorman units that renters or buyers need to exploit. Several doorman units or buildings had underwent an upgrade this year. And yet, buyers will only shoulder up to $550 in order to enjoy these upgraded and now more luxurious units! Features vary from one building or real estate property to another but you can expect most of them to include spa-like fitness centers, lounges, roof decks, and a jaw-dropping view of the rest of New York city.

Outstanding Trends in New York Real Estate

The trends in New York real estate market over the past few months of this year offers an interesting information about the history of this industry, in general. Indeed, there has been notable trends and patterns that became evident. For the past 3 years, there are certain trends that had been fairly consistent, which makes it important to point them out.

Since 2008, the real estate market in New York has exemplified over 13 percent increase. Summer is one of the busiest times of the year in the NYC market, particularly for the month of September. In comparison to the month of August, September has experienced an average increase of 0.8 percent in prices. However, this only applies to non-doorman properties whereas doorman units experienced a drop of 0.04 percent.

For autumn, summer of 2010 saw a major boost in property leasing in New York city. This is true with large rental buildings. This helped to dramatically boost the real estate industry in the city, which was one of the highest in recent years.

Analyzing the trends for New York City real estate is a must for anyone looking to move into the Big Apple, whether temporarily or for good. There are various data available from various sources that you can use to conduct that analysis, but the trend report listed here is a good start for you to make a decision.

Take into account the fluctuation in the city’s rental and property buying market to find hot properties at a good price. This also provides transparency in the NYC real estate market so that renters and buyers will be aware of what their options are. On the flip side, it is also a beneficial tool for property owners to set a benchmark that will allow them to fairly make adjustments to prices when selling or leasing properties.

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