Why should you invest in NYC Real Estate?

You should consider investing in NYC (New York City) real estate for one simple reason – money, something that the professionals at Elika Real Estate are very well equipped at helping you save. Money is the reason you invest in real estate and NYC real estate offers significant financial advantages, investment security, and tax benefits that many other locations cannot offer or compete with.

Some of the advantages are high property values, high return on investment, properties that maintain their value in down turns in the real estate market, and a constantly growing population.

A growing population offers you two real estate advantages. If you are looking at investing in a rental property, a high growth population gives you a steady supply of renters. Even if you have a high turnover a steady increase in population can keep a rental property filled and that means money to you. For business property investors, a constant influx of new people means more clients to rent your property.

The population growth is based on the business climate of New York, the extensive public services, an array of public transportation, and one of the most culturally diverse communities in the world.

New York has the second highest per square foot rental price in the world. You will probably pay more for a property in New York City but you will also be able to recoup your initial investment and begin to make a profit faster.

New York City also boasts one of the lowest vacancy rates in New York and in the United States. A 2.8 percent vacancy rate means you keep making money.

During the “Great Recession,” NYC real estate maintained its value better than any other city in the United States or the world. Investment properties in NYC held their value better than 25 percent of properties in New York and in the United States.

After the “Great Recession,” New York property sales bounced back faster than most areas of the United States and the world. NYC’s present increase in property sales has outstripped the rest of the country by almost eight times the growth rate. A large part of the speed of the return of real estate sales in NYC is due to the business friendly climate of New York City.

For all types of real estate (homes, condos and business properties), NYC has shown the highest growth rate, the highest increase in value, and highest increase in price of any city in the United States. All indicators report an increased interest in construction of business and rental properties in NYC in the next decade.

Taxes are always a consideration in any investment. Capital gains taxes are lower if you are a resident of New York City. There are a variety of deductions and tax breaks that real estate investors, both foreign and domestic, can take advantage of to minimize their tax burden on real estate.

When looking at real estate it is always best to have a buyer’s agent that is local. Buyer’s agents work for the buyer. Local agents know the markets best, know the people to see first, and know how to minimize the paperwork hassles that accompany any real estate transaction. A buyer’s agent is your best source for the hottest locations and the best deals.

Elika Associates (elikarealestate.com) is one of New York City’s fastest growing buyer’s brokerages in New York. The company has not only been able to weather the real estate storm of the last few years but has positioned itself to be a superior competitor in NYC that has the track record of sales during good time and bad times that bring you what you want in a real estate investment – money.

Leave a Reply