Today's commercial property market continues to evolve. However, not everybody has managed to keep up. Those who fall under this category may unfortunately end up missing out on what the current market has to offer. Here is a look at an especially common myth regarding commercial real estate transactions today in New York and elsewhere in 2018.
Homes in New York and other parts of the United States are selling like hotcakes these days. In fact, research shows that, on average, they sold in only 54 days. In addition, the median listing price in residential real estate transactions was $299,000.
The commercial property landscape in New York will soon become livelier. After all, a live theater studio recently signed a lease that is set to last 15 years off of Broadway. This is one of the most dramatic real estate transactions involving leases to occur recently in the Big Apple.
Commercial space spanning nearly two million square feet in New York City is currently dedicated to the life science field, and all of this space is occupied. This is a sign that this industry is growing quickly in the Big Apple. In fact, New York is bracing itself for many more life science businesses interested in engaging in real estate transactions there.
An office condominium was recently sold in New York City for $596 million. Apparently, Wells Fargo lent a total of $345 million to finance this real estate acquisition. These types of commercial real estate transactions can easily be lucrative for sellers in the short term and for buyers in the long term, depending on the circumstances of the sales.
The coming summer season may offer something that many would-be homebuyers are eager to see -- more homes for sale. Research shows that the declines in inventory experienced in recent years are beginning to lose their momentum. This may be exciting news, especially for first-time homebuyers who are ready to take part in real estate transactions in New York.
Crowdfunding is an in-demand tool for paying for various ventures in New York and elsewhere these days. However, recently, this technology has become increasingly popular among aspiring homebuyers. They are using crowdfunding to help them in their residential real estate transactions -- specifically, to cover their down payments.
The commercial property world in New York and elsewhere is not typically known for being technologically advanced. However, this is changing slowly among the players involved in commercial real estate transactions today. Specifically, technology is making it easier for property management companies to automate processes and systems as well as improve the experiences of tenants.
The commercial property landscape in New York and elsewhere last year started slowly, as a feeling of uncertainty pervaded the market. On the flip side, in 2018, people are much more confident about taking part in commercial real estate transactions. Still, they are approaching these transactions with caution.
As the weather heats up this spring, so is the cost of constructing new homes. This may be good news for homeowners in New York and elsewhere who are interested in taking part in real estate transactions this spring to unload their homes. The median home price reached more than $337,000.