The luxury market in the Big Apple has slowed to a worm's pace. High-end real estate in New York City seems to be sitting on the market longer these days, according to a prominent developer and architect who says nothing is selling lately. Supply is definitely outweighing demand when it comes to multi-million dollar properties high in the sky.
A report commissioned by a realty company apparently shows a pretty hefty drop in prices in the Big Apple. In the last three years or so, the real estate market in New York City has seen between a 10 and 20 percent plummet in prices, which translates into a buyer's market. It doesn't look as though that's going to change anytime soon, either.
The Big Apple is bracing itself for a flood of business thanks to the latest Amazon decision. New York is expecting the real estate market to be flooded with deals now that Amazon has announced that Queens will be home to its new headquarters, bringing the city to the forefront as a major technological hub. The technology industry, which is seeing steady job growth, is catching up to financial services in the city as being the number one employer.
Amazon is bringing its first Go store to the Big Apple. Located in a prime area of real estate just across from the World Trade Center, Amazon's second store in New York City will open its doors soon. The store won't have cashiers and will be check-out free. Amazon hopes this will be the shopping way of the future.
There are criteria that may make certain times of year more favorable for buying a home, but the bottom line is a purchaser must be personally prepared for what likely may be the largest financial purchase of his or her life. There may be certain times of year when buying real estate in New York may be more advantageous. Although the summer is when many sellers list their homes, it might not be the best time to buy.
Selling a home can be both exhilarating and frustrating. But real estate transactions don't have to be intimidating when New York residents are armed with some tips to help selling a home to be an exciting and pleasant experience. Selling and buying are very different from each other and may be accompanied by different emotions, but the bottom line is getting the most out of the sale.
Commercial real estate is fast becoming an efficient way to invest for the future. Adding real estate to one's portfolio creates diversity and added security. However, selling commercial property has inherent complications that residential transactions do not include. This can lead to expensive and risky mistakes by property owners.