New York's market for commercial properties appears to be on an upswing in 2018. Real estate transactions involving properties such as development sites, apartment buildings and office towers increased to more than $12 billion during the year's first quarter. That is a 70 percent hike from this same time last year.
One of the toughest parts of getting ready to sell a home in New York is trying to figure out how much remodeling is truly necessary before putting the home on the market. After all, any repairs or renovations made will eat into the sellers' profits from the residential real estate transactions. Here is a rundown of things to avoid fixing when preparing to sell a house.
In New York and elsewhere, the commercial property market will no doubt experience technological advancements and quickly changing business environments in the future. In fact, throughout the United States, those active in commercial real estate are already encountering new technologies as well as design features. Here is a glimpse at what real estate market players can expect to see in the coming years when engaging in commercial real estate transactions.
Purchasing a home can understandably be an exciting process in New York. This is true whether one has been through the process before or is experiencing home buying for the first time. However, residential real estate transactions can be tricky for those who do not know what to look for in the houses they are interested in buying. There are a couple of problems to watch out for during the home shopping process.
According to government officials, the number of new houses sold so far in 2018 in the United States, including in New York, is relatively low. Around 593,000 newly built homes were sold this past January. The number of completed real estate transactions is down almost 8 percent from Dec. 2017.
Michael Dell, a technology billionaire, purchased the costliest house ever sold in New York City. It was recently reported that he purchased a condo valued at $100 million. The purchase is one of the most noteworthy residential real estate transactions to have taken place on what is called Billionaire's Row.
The construction of housing remains strong at the moment in the United States, including in New York. The hope is that this strong construction will help to spark economic growth during the remainder of 2018. The construction may also help to ease increases in home prices during the next several months, thus sparking more residential real estate transactions.
The world of buying and selling property can understandably feel exciting in New York and other parts of the United States. However, completing real estate transactions might become even more thrilling thanks to the growth in popularity of bitcoin. This cryptocurrency's value increased 19 times from January 2017 to December 2017, although it plummeted in February of this year.
Google plans to buy a historic New York building for a $2 billion. Chelsea Market is a multi-use site, including a shopping mall, food hall, office building and TV production facility. These types of commercial real estate transactions can help companies such as Google to accomplish their unique business goals.
The year of 2017 began with low inventory in New York. The result was bidding wars followed by the selling of homes above their asking prices. In other words, the world of residential real estate transactions mirrored that of previous years in the Empire State.