New York City real estate still booming
New York City may collect an extra $950 million in property tax revenue from fiscal 2014 to 2016, the state comptroller said earlier this week. This uptick is because the U.S. Federal Reserve will keep interest rates low to prevent any residual effect from hindering recovery in real estate in New York.
"We also believe the city's rising population and shortage of housing will maintain values for larger residential properties, and that the large pipeline of assessment increases waiting to be phased in will further support growth," Comptroller Thomas DiNapoli said in a recent report.
New York City also stands to collect an additional $430 million in property tax revenue in the current 2013 fiscal year that began on July 1, 2012.
With the Big Apple raking in a significant amount of money from property tax, officials may be able to allocate more funding toward developing communities that have been stricken by foreclosure during the recession. Recently, officials spoke about plans to develop Hudson Yards, a space of railway tracks in Manhattan that have yet to be developed, and in the future the community may be a bustling neighborhood within a larger metro area.
However, New York City real estate is already booming in some areas, much like elsewhere in the nation. In the second quarter of 2012, home prices saw their biggest percentage jump in several years. Freddie Mac reports a 4.8 percent jump in values from the previous quarter, which marks the biggest increase in the past eight years.
What's more, many homes have been converted to rentals, which have dramatically affected the amount of properties on the for-sale market. If you have the chance to purchase a house or condo in the Greater New York City metro area, you shouldn't pass up the opportunity, as the property will be in great demand as inventory continues to fall.
New York City is a cultural haven, and the area is known for offering a plethora of entertainment opportunities to its residents. If you want to live a life full of excitement and adventure, you might find what you are looking for in the Big Apple, and your dream home may be just around the corner. With values still competitive, and interest rates low, today is the time to buy.