Today I sat,trying to determine what I’d write about. I vacillate between trying to focus specifically on Manhattan,but also being somewhat mindful of the overall picture of what’s going in in real estate,beyond my little area of the earth. While colleagues around the nation struggle with short sale requirements and increasing levels of foreclosures-I’ve spent much of the last two days at what seems like the polar opposite. Buried in spreadsheets,with investors contemplating their next acquisition move.
People often think its hyperbole when agents and brokers in Manhattan speak of the factors that make the business of real estate here truly unique.Those unique differentiating factors are leading our market and showing why New York is so resillient. A few of those factors were eloquently expressed in this weeks blog from the Warburg CEO - An Island In The Sun
It can feel like being in a vaccum at times-one of those game show vaccums where there seems to be a wild grab for cash.Yet not literally of course.
There are more reasons than I have toes and fingers,to list some of the reasons why people choose to live in NYC. Yes,in some ways it can seem like a somewhat transient population-but vibrant in its own way.The diversity of why people come to NYC lends a very unique aspect to its culture. From the arts,to the variety of foods,to why people opt to invest in the stocks,bricks and mortar of New York City real estate-it literally remains an international beacon.
There literally is almost no inventory. As I was discussing with some people at the Lucky Strikers Social Media Club monthly dinner last week (and,incidentally,I recently became an ‘official’ member)- the things that people will go through to remain in New York City,are rather unique. If you can’t figure out where you’re going next,you stay where you are,you try to make it work somehow-and it does create something of a vicious cycle-I have clients doing this now,had they been in the suburbs they simply would have identifed their next home and gone for it-but being in the city,is essential,finding the right property at the right price,increasingly complicated if that property comes on the market and 30 others go after it as well. To many dreams of homeownership include a yard and a fence,to others its a palatial condo in the sky with gorgeous views.
Considering the how and why of living in New York City. Weigh what your needs and desires are . What is the lifestyle you’re seeking.Don’t wait until you’re half way through your search to figure these things out. Explore neighborhoods, look at your finances with a fine tooth comb (the coop process is all that and more).
You tell me -what is your ‘dream home’ -and how can I help you ‘move on up’ ? If you’re looking to start your property search,start here – if you’re looking for a current opinion on what your options are to sell your home this spring and find a new one-start here
til the next time.