Submitted by: Barbra I. Miller
Mention “New York real estate” and it’s almost certain that the images conjured are those belonging to the biggest city in that state, New York, New York. The subject of real estate in New York really concerns New York, New York. After all, the real estate market of New York City outweighs that of the rest of the state combined. Supply and oversupply in New York State pertain mostly to New York City, as throughout the state a normal variation exists which is not to be found anywhere in the city.
There is nothing like New York City property markets – the density of people, Wall Street, the marquee names of Madison and 5th Avenue. It would seem that city attractions will always act as a springboard for real estate development.
But while New York City has almost always been a boomtown, even before the founding of New York State, the local economy during the 1970s was so bad that municipal coffers were literally empty and bankruptcy was declared. Due to the social phenomenon of White Flight, real estate prices actually dropped, and so precipitously in many instances that landlords found it much more profitable to torch their own properties for the insurance money rather than deal with abusive tenants and demanding governments.
But even if it is quiet bucolic residential property that is desired, it can be found in New York City, which literally has got it all, from beachfront properties to tree-lined estates. In fact, much of the Borough of Staten Island can look so suburban, if not practically rural, that it barely feels like New York the city but rather like much of the rest of New York the state. Other boroughs can offer a mild sense of suburbia, too, and yet with many of the amenities that can only be found in great world-class cities. In this regard, keep an eye out for the boroughs of Queens and Brooklyn!
The city is inarguably undersupplied in terms of low and middle-income housing, but even where high incomes are concerned attractive housing can often be difficult to secure. Commercial real estate is rather more diverse, but follows this same pattern in its broadest outlines: a dearth of availability, with little vacancy. The current economic malaise has done much to improve things from a buyer’s perspective where commercial real estate is concerned, however, but there can be no doubt that New York will always be one high-priced town.
Indeed, the latest figures suggest that despite an initial modest drop, prices have held and in some cases are even rising back up! Such is the traditional only-in-New-York chutzpah that there are landlords actually raising rents in a recession. But it is also such gumption that makes this town the toughest in the world and one of the most rewarding in which to succeed.
And that’s all that any survey of New York property can say, in the end: It is what it is. Take it or leave it.
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