Many people in and around the New York City area are interested in purchasing or renting a condominium. While many of these are priced too high for the average buyer or renter, some are much more affordable.
Harlem is an area that has experienced an uptick in real estate activity as of late. During the second quarter of 2014, homes in central Harlem did not sit very long, with an average time on the market of only 49 days. This was a decrease of 30 percent when compared to the same period in 2013.
Over the past 20 years, a lot has been changing within the New York City real estate market. The Furman Center for Real Estate and Urban Policy at New York University noted that central Harlem condominium values are on the rise, almost doubling over the last 11 years and tripling over the past two decades.
Even with prices on the rise, central Harlem condominiums are cheaper than the alternative, like real estate in Manhattan. For this reason, a growing number of people are leaving other areas of the city to see what Harlem has to offer.
The New York City real estate market never sleeps, which can be seen easily enough by the growth in central Harlem over the past 20 years. Those who are interested in searching for condominiums in the area should consider that properties are not sitting on the market long. Fortunately, new buildings are frequently being constructed. If a buyer has any questions or needs guidance, there are professionals who are willing to help.
Source: Crain's New York Business, "Manhattan condos at half price lure buyers to Harlem" Aug. 14, 2014