This immovable property can be land, building on the property or any other attachment on the property which is immovable. Real estate prices have increased considerably over the years and any investment in property requires huge sums of money. People investing in Real Estate do it either from their own capital or from borrowed capital. This capital can be borrowed from various institutions which create a mortgage over the property and sanction loans based on the value of the property.
Everyone knows that the real estate market is one of the most exciting markets and if it’s the New York real estate market then you need not look any further. A number of new residential buildings have come up in NY in recent times which have led to people moving in the city. This considerable development in the city has brought about stability in the prices of real estate in the city. According to Standard’s and Poor the prices in New York city has fallen by only 7%, this is very low when compared to Las Vegas and Miami where the prices have fallen by more than 25%. New York is always bustling with activity and the presence of Wall Street only adds to the excitement. Wall Street today employs more than 5% of the total working population of New York City. The salary associated with Wall Street is very high which has lead to an increase in the purchasing power of the people and considerable growth in the income levels of the people.
Brooklyn and Queens are considered as popular option for people investing in real estate in NY. People look at investing in Brooklyn because the development in area has brought about a rise in population. A growth in population has led to an increase in demand for new housing projects which the developers are readily cashing on. Queens is also considered a popular option because it’s ethnically diverse population brings about a good demand for residential projects.
Of late, the New York real estate market is also having its fair share of problems. With the economy moving towards recession and people losing jobs by the day, there is a considerable decline in the tax revenues. Job losses have eroded the demand for expensive houses and commercial space. The rising cost of building material, such as oil and concrete, is only aggravating the problem. The rising the rising cost of labor has also contribute to the possible demise of very many major projects in the city. Low labor availability coupled with high cost of construction makes it difficult for new developers to start project(s) in the city.