Life, Employment and Property Values in New York
With all that New York City has to offer in the way of job opportunities, entertainment and housing options; this is an excellent place to call home. Although New York real estate does come with a premium price tag, the many benefits of living in one of the most famous cities in the nation makes it worth buying a home in New York.
Attractions that keep life in New York interesting
You will notice that most real estate in this area are condo units within buildings that are nestled between all of NYC's popular restaurants and shopping opportunities. If you end up buying one of the many New York condo listings currently available, you will find that the city is literally packed with things to do. Iconic attractions like Central Park, the Statue of Liberty and Madison Square Garden are not tourist attractions for New York residents, but rather a normal part of life. You can spend the afternoon browsing the Metropolitan Museum of Art or get to your workplace by passing through Central Park in the morning, and the shops of SoHo are just minutes away. You can also easily take in a show on Broadway or Radio City Music Hall in your free time.
Strong Employment Prospects Throughout the City
Of course, what causes most people to start shopping for New York City real estate is their job market. The city's thriving business culture makes it one of the most competitive areas for employment in the nation. The largest private sector employer in the city is the North Shore-LIJ Health System, followed by Walmart. The finance industry is also strong in New York, with JP Morgan Chase and Citigroup among the top ten employers. IBM and Verizon are also on the list, indicating that technology is also a major industry in the city.
New York Home Prices are Higher Than Average
As you begin your search for New York real estate, one thing you will notice is that single-family homes are few and far between. This is due to the limited amount of open land in the city. If you want a single family home, you will likely need to shop outside of the city limits or be willing to pay a very high price. New York condo listings are far more common within the city.
The prices for real estate in New York are higher than the national average, but they are dropping. In October 2012, the Case-Shiller Home Price Index indicated that the value of New York real estate had dropped 1.25 percent over the prior. The area has seen a steady decline in house values since 2008. Still, it listed a current level of 162.99, indicating that New York had some of the higher costs in comparison to other parts of the country. The median sales price from October until December of 2012 was just over $1 million.
With that said, affordable properties in New York are available for those willing to look through New York condo listings. The reported average sales price tends to be inflated slightly based on the high end properties that are sold during the period of time of the analysis. Because of the variety of sizes available, the prices on New York condo listings vary tremendously. It is not required but recommended that you find a professional real estate agent to help you get a clear idea of what the price range is for the specific type of real estate you are interested in.
With lower than average prices and today's low mortgage interest rates, this is an excellent time to invest in New York real estate. When compared to the rest of the country, values for properties in New York have shown to be more steady. And, with all that the city offers, the Big Apple is a great place to search for a new home.