According to the Real Estate Board of New York's Fourth Quarter New York City Residential Sales Report, the demand for residential real estate in the city's five boroughs is strong.
While this is good news, digging deeper turns up a variety of details that are worth paying attention to. Not only are buyers beginning to once again show confidence in the New York City real estate market, but they are being rewarded with property values increasing.
The most recent report published by the Real Estate Board of New York also touches on a potential shift in the market with consumers focusing strongly outside of Manhattan in the hope of obtaining better value. This can be seen in both Queens and Brooklyn, with both areas showing sale prices growing at a higher rate than Manhattan.
When you look at the city as a whole, residential real estate increased 31 percent in the fourth quarter of 2013, when compared to the same time period of the year before. Those who are interested in buying in New York City may want to jump in on the action now, as prices could continue to climb. When compared to 2012, for example, the average cost of a home in Brooklyn increased by five percent, reaching $621,000.
Regardless of the economy, people want to live in New York City. This is becoming even more evident now that the economy is on an upswing. New York City real estate law attorneys are becoming busier, thanks to the growth of the local market. These professionals help buyers with everything from real estate closings to title issues and everything in between.
Source: Real Estate Weekly, "Strong residential sales across NYC’s five boroughs" No author given, Feb. 10, 2014