New York City construction projects may bring new residents to the area
If you want to purchase real estate in New York, NY, you had better get in line, because inventories are down and housing activity nationwide is ramping upward. According to the Department of Numbers, home listings and inventory currently stands at 43,129 properties, which is a 4.2 percent decline from the previous month and a 17.4 percent drop from 2011.
This decline in available for-sale properties has put extra power in the hands of sellers and landlords. Sellers are able to turn down offers that don't meet their standards, while landlords have the luxury of boosting rents. New York City residents are put in a bind when looking for new homes, especially if they have to work within a strict budget.
However, not all is dark and dim in the world of Big Apple real estate. In fact, many new projects look to create new properties in several communities across the metro area. The construction landscape collapsed in 2008, as contract signings for new developments essentially stopped. In the first few months of 2009, buyers were too afraid to put down payments on homes, and the market stalled.
Fortunately, 2012 looks much brighter for development and construction. Across the Manhattan market, contracts are up 26 percent from the second quarter of 2012, The New York Times reports.
"It is a very powerful moment in new development right now," said Kelly Mack, president of the Corcoran Sunshine Marketing Group. "Developers are seeing a very strong opening in the market to really push their projects forward."
The rise in new construction is also spreading into new territories with many developers looking at Hudson Yards, an uncharted part of Manhattan, as a prime location to build new homes and businesses. Of course, with many more builders breaking ground and constructing homes, more people will flood the streets of the Big Apple. This may push some residents away, while others might look for ways to avoid the busy city streets.
When you consider moving to New York City, make sure you search for homes in every neighborhood - great deals may be hidden in some underdeveloped areas. As a homebuyer, you have the chance to find the home of your dreams in the Big Apple, especially with contracts increasing as the year moves forward.