Two New York neighborhoods experience their coming of age
MLS Listings in New York, NY, continue to rise in cost as job stability returns to the Big Apple. New Yorkers who normally rent property have also noticed that monthly costs have begun to increase, as landlords are able to get more money for their units. This may cause some to consider investing in a home, and there are several up-and-coming communities that may be more affordable now and are primed to appreciate in value in the near future.
Long Island City has experienced significant renovations in the past few years, but the finishing touches on the waterfront Queens neighborhood are being put in place, The Wall Street Journal reports. Prospective homebuyers may want to consider purchasing property in this area to take advantage of affordable costs and a close proximity to Manhattan.
According to the news source, approximately 4,500 new rental units and a variety of for-sale properties are slated for completion by 2015. The available housing opportunities may encourage prospective buyers to go through with more home closings.
In addition to Long Island City's coming of age, Brooklyn Heights continues to soar to new levels. Recently, The New York Times published a story about a couple who found rents reaching as high as $6,000 a month for a three-bedroom duplex. The area has an extensive listing of high-priced rental units, which has also encouraged many to consider purchasing property over submitting monthly payments for living spaces.