Reports indicate that the purchase and buying of properties was strong toward the end of 2017 in the area of Brooklyn, New York. This applies to both residential and commercial real estate transactions. The market was strong in Brooklyn even though some other markets in New York stumbled during this same time period.
New construction is taking place in Manhattan at an unprecedented rate since the 1980s. This will likely increase the rent amounts for New York office space this year. This may be excellent news for those who plan to engage in real estate transactions involving the purchase or leasing of commercial properties in 2018.
Purchasing a home in New York can feel like an endless process. For this reason, skipping a step may be tempting -- especially if it is the home inspection. However, home inspections are an important part of residential real estate transactions.
Some real estate experts believe that the brand-new tax laws will have a negative impact on the real estate market throughout the United States. This perceived negative impact includes dropping home prices, more rentals and residents' leaving high-cost states, such as New York. However, other real estate experts say that these assertions are overblown because the residential real estate transactions of most Americans will not be affected.
Purchasing fixer-uppers rather than new homes can seem like exciting endeavors thanks to television. However, these types of properties can require a great deal of work and thus pose a major financial risk. A few tips may help with making smart fixer-upper real estate transactions in New York.
Several real estate projects are coming to New York in the near future. These projects include the development of residential buildings along with some commercial space and mixed-use buildings. As long as New York continues to be an in-demand area for real estate, both buyers and sellers will take part in a variety of real estate transactions that meet their goals.
A battle to preserve local businesses in New York resulted in a victory recently. The New York City council and mayor were able to strike a deal aimed at reducing taxes on commercial real estate for the city's small businesses. This may make commercial real estate transactions involving leases even more appealing for the owners of small businesses in New York who are interested in finally getting a storefront or expanding to a bigger space.
Home prices keep dropping throughout the United States. This may be music to the ears of home buyers in New York and elsewhere who have been waiting for a buyer's market to finally return so that they can take part in residential real estate transactions. Existing homes' median prices dropped by 0.24% to reach nearly $250,000 from September to October.
A real estate investment corporation from another state has invested more than $100 million in the New York City area during the past five years. None of the firm's commercial real estate transactions have been record-setting. However, that is exactly what the executives intended.
Although fall and winter can be busy times in New York, they can also be excellent seasons during which to purchase a home. Buying a house is often promoted during the spring and summer seasons, when temperatures are warmer and people are more eager to get outdoors. However, several reasons exist for engaging in real estate transactions when it starts to get cool outside.