Real estate activity is also prevalent outside of Manhattan
Real estate in New York, NY, is experiencing different types of recovery than many other metropolitan markets in the United States. The Big Apple is a central part of the world's economy, and it continues to draw in homebuyers looking to invest in luxury properties. In fact, homebuyers are more willing to purchase property in the big city lately, with one person spending $1 million just for a parking spot, Business Insider reports.
Along with increases in spending, commercial real estate in New York City saw a dramatic increase in the first quarter of 2012, which indicates that businesses are eager to take advantage of improving consumer confidence. The commercial real estate market in New York City experienced a 52 percent year-over-year increase in the first quarter, with closings totaling $4.98 billion. Multifamily marketers were included in the commercial real estate category, and it rose 31 percent on a year-over-year basis. The multifamily sector recorded $1.44 billion in revenue.
In addition to surging commercial and multifamily real estate markets, homes for sale in New York been regularly claimed. Recently, PropertyShark released its latest report which focused on the buildings and neighborhoods that saw the most transactions in the first quarter of 2012. The results found the bulk of transactions were made in Williamsburg, a community within the Brooklyn borough, with 49 new home sales made during the first quarter. Followed by Williamsburg were Midtown East and Clinton, which saw 41 and 26 transactions, respectively.
With homebuyers interested in moving to communities outside of Manhattan, property values may continue to increase in these outlying neighborhoods. Currently, the average asking price for property in Williamsburg is $472,896, but the average real estate sale price is $300,164, which indicates that sellers are more likely to settle than continue to market their property for higher values, ZipDataMaps reports.
When you look to move to New York City, consider the properties for sale in communities outside of Manhattan. You may be able to find affordable deals on homes with the potential to increase, so entering the market today could be lucrative tomorrow. With outlying boroughs garnering new homeowners each month, commercial and multifamily properties may be more regular in these neighborhoods and you can take advantage of all those amenities have to offer.