All markets cycle up and down, and real estate is no exception. Right now, commercial real estate in parts of New York is decidedly a "buyer's market" with more retail and commercial properties available than there are interested buyers. If you're an investor who is looking for an opportunity, this may be it.
As a whole, the real estate market all over the nation has been booming, particularly when it comes to suburban family homes and condos. That can't be said, however, for commercial properties. The same shift toward remote work that has been driving residential real estate upward is driving the commercial property rates downward in other areas.
The number of Manhattan offices available for purchase, for example, hit a seven-year high back in August, and investment sales have dropped 45% in the first half of 2020 from the second part of 2019. More retail and investment properties may yet become available as current investors get out of the game, and properties with deficiency judgments may be priced very attractively.
However, a down market isn't all bad news. If you're an investor who has been locked out of the properties you wanted in the past because of the prices and you have plenty of time to wait until your investment matures, this could be a gold mine of opportunities. (If you don't have at least a decade to wait until the market rebounds and your investment matures, however, experts caution that this may not be the right time to leap on a deal.)
Whatever you decide, keep in mind that it's always unwise to get in to a real estate deal without some experienced legal assistance. An attorney's experience eye can help you avoid a serious -- and costly -- mistake.