The largest city in all of the United States, New York City is one of the most prominent cities in the world. NYC is a hub of commerce, industry, finance, and more for people from all around the globe. The city is a melting pot where people have come to make their careers and build their lives. Because New York is such a desirable place to be for a variety of reasons, real estate is both incredibly expensive and highly competitive. There are more than eight million people living within New York City, and almost 19 million people in the metro area as a whole. New Yorkers are famous for being feisty and proud people, and that attitude certainly shows through in the real estate market.
If it happens in business anywhere in the world, there is a good chance that part of it originates in New York City itself. There is no specific industry that dominates the New York City market, because every different niche and trade is represented within the city. Some of the more major players in the market include finance, world trade, real estate, advertising, legal services, accounting, and insurance. Considering that an estimated 40% of the entire world’s finances are found in New York City, it is safe to say that the business influence held in New York City cannot be overstated.
When looking at buying real estate within New York City, there is no such thing as inexpensive or cheap housing. This is one of the most expensive markets in the world, and even smaller condo units can run into the millions. That said, some of the neighborhoods in the city are more expensive than others based on the specific location and the types of units that are available. For the lower end of the spectrum, some neighborhoods fall between $500,000 and $1 million in average listing price. Those include Fort George, Washington Heights, Koreatown, Two Bridges, Harlem, and Kips Bay. For those looking to spend big dollars on a luxury property in the city, many of the neighborhoods around town average over $3 million per unit. The names of these neighborhoods are well-known around the world and include Tribeca, SoHo, NoHo, Little Italy, Central Park, and Greenwich Village. Regardless of which neighborhood a buyer is seeking in the New York market, the price tag is sure to be high and the competition is sure to be fierce.
While New York is as diverse as any city in the world, three races make up the majority of the population in the city. There are 33% White, 25% Black, and 28% Hispanic citizens in New York City. Beyond that, there are countless different races represented in smaller percentages. Also, within New York City there are more mixed race individuals than just about anywhere else in the world. New York City has one of the highest per capita incomes in the country, but that doesn’t tell the whole story. There are many individuals with extremely high incomes, and also many that live below the poverty line. While the average comes out to a high per capita level, there is a great divide between those with high incomes and those with little to live on.
Single family homes are basically unheard of within the city of New York. Almost all New Yorkers live in condos or apartment units that rise high above the city streets. Almost 70% of people in the city are renting their homes, largely because it is so difficult to afford to purchase a home in the city. Also, people in NYC come and go more often than other cities, so renting provides freedom that buying a property does not allow.
To date in 2013, the New York City real estate market has been growing and improving at a steady yet impressive rate. As compared to last year, the average listing price, median sales prices, and number of sales have all increased. The average listing price is up to more than $2.5 million, a one percent increase from the year prior. The median sales price is currently at $1.2 million which is more than a 9% increase from 2012. Not only are the prices on the rise in NYC, but there is more inventory on the market than in recent times. That combination makes for a competitive market in which properties don’t stay for sale for very long. Buyers have to be aggressive and bid fairly in order to land the property they are targeting.
New York City pretty much speaks for itself in terms of commerce and importance in the world. Many people are brought to the city by a job opportunity within the city, or just the desire to live in one of the most populated cities in the world. There is never a dull moment in New York City, and the entertainment and dining scene along can turn first time visitors into lifelong residents. Real estate purchases, like everything else in the big city, are a battle that will be one by the buyer willing to act fast and pay the high prices that go along with NYC housing.
Bell Real Estate - Broker
4475 Trinity Mills #703981
Dallas, TX 75370