New York real estate does well thanks to celebrities

Thanks to celebrities being interested in apartment shopping in the Big Apple, New York real estate had a great year. According to a Jan. 2 news report, the real estate market had its good and bad times in 2017, but with celebrities making their homes in the city, they helped boost the overall value of homes in the area.

One of the major things that influenced New York this year was President Trump's move to the White House. While the move itself isn't beneficial to New York City, whenever the first family visits, droves of people come to the streets of the city.

Another major event happened when Tommy Hilfiger's apartment hit the market. It was priced at $50 million. That wasn't the only home that went on the market, though. Jon Bon Jovi sold his property, listing it at $17.25 million. A draw to that apartment is that two other celebrities, Irina Shayk and Ben Stiller, still live at the property. Sting decided to sell his home and move into a new apartment overlooking Central Park.

With so many major names coming to New York City or putting their popular homes up for sale, the real estate market has done well overall. The draw of celebrities helps keep the sale pricing of homes in the local market high, which is good for investors and sellers.

If you're looking to buy or sell in New York, it's a good idea to get an idea of where celebrities live as well as to learn more about the current real estate market.

Source: New York Daily News, "Celeb apartment shopping made 2017 a big year for NYC real estate," Tom Postilio, Mickey Conlon, Jan. 02, 2018