New York City real estate still in transitional stage
Real estate in New York, New York, comes in a variety of shapes and sizes, but it always covers a wide price range. According to the Huffington Post, New York City home prices are down 2.1 percent, but many neighborhoods still boast rather high listing prices, which keep their properties on the market for much longer. This made it difficult for the city to relieve its full inventory in the first half of 2012, but positive signs and recent commercial real estate construction projects have helped bring new life to the Big Apple.
According to the New York Real Estate Journal, the volume of commercial real estate transactions in the Big Apple has increased dramatically over the last few months. This is a direct result, the source states, of an influx of new money from both local and international investors. Countries such as Russia and China are investing in the future of New York City, and the projects will create new jobs and gentrify neighborhoods that succumbed to the pressures of the economic recession.
While New York City real estate may not be fully recovered like some metro areas, it shows positive signs of surpassing other cities in the near future.