New York City's housing market is growing
After several years of less-than-favorable real estate activity across the United States, home values and new construction have started to pick up in some of the nation's most essential regions. What's more, foreclosures have slowed, which suggests the housing market may finally make its move to recovery. In the coming months, real estate in New York, NY, may reach new heights.
"It feels very much like we've hit a bottom and we're starting to come off of that bottom," CEO of homebuilder Lennar Stuart Miller told Analysts in June 2012.
What is even more important in the potential real estate recovery is how it will affect job creation directly, which is nothing to ignore today. As of July 2012, unemployment for the construction industry was 12.3 percent, which is much higher than the 8.3 percent unemployment rate for the wider U.S. population, CNN reports. However, homebuilders added 5,800 workers in July 2012 - similar to the number of jobs created in 2005 and 2006 during the real estate boom. This small glimmer of hope could prove to be a worthwhile benchmark as 2012 moves forward.
In New York City, housing recovery has already begun across the five boroughs and looks to continue. Recently, plans were set in stone to build up the largest undeveloped parcel in Manhattan - the old Hudson rail yards on Manhattan's West Side. This area was once slated to be the home of the 2012 Olympic stadium if the city won its bid to house the games, but now it will house a $15 billion small city within Manhattan.
The proposed construction on Hudson Yards will change the New York skyline, adding a cluster of commercial and residential buildings to the area. Within those complexes will be parkland, a cultural center, restaurants, shops, a hotel and a school, according to The Associated Press.
Homebuyers who want to invest in up-and-coming property may want to consider the sites that may soon be built in an undeveloped part of Manhattan. Of course, these complexes are still months away from completion, but it's important to keep abreast of changes that may be taking place as a direct result of a flourishing real estate market close to home.