Multi-family homes in NYC getting gobbled up

Powered by rising rents and historically low interest rates, multi-family properties in the Empire City are experiencing heightened interest, according to Crain's New York Business. People considering purchasing one of the homes for sale in New York, NY, should take note of this escalating trend if they wish to take advantage of the strong housing market.

"Across the board we are seeing healthy increases," Paul Massey, chief executive of building sales firm Massey Knakal told the news source. "Northern Manhattan is on fire."

With rents up as much as 10 percent in several Manhattan neighborhoods, many families, singles and developers are considering buying homes instead. Indeed, real estate investors have already purchased 1,315 properties in the first half of 2012, almost one-third higher than the same period last year, the news source reports. These figures led Massey Knakal to predict this year would end with 2,630 sales, up almost 20 percent from 2011.

The increasing attractiveness of this region might give people considering purchasing one of the houses for sale in New York, NY, a reason to act quickly.