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Pre-Construction New York Real Estate
With the most recent sub-prime mortgage fiasco in the United States, one city on the East Coast has bucked the trend and continued it's upward increase in property prices. This is the New York real estate market.

New York City, also known as the Big Apple or abbreviated forms of NY and NYC is home to the largest metro population base in the entire United States of America. It is no wonder that real estate prices and values in New York City are among the highest in the US with many communities, condominium homes, residences, townhomes and houses reaching more than $1000 per square foot! With actors, actresses, sports figures, billionaires, entrepreneurs, headquarters, business executives and the most famous of the famous residing in New York real estate and occupying, renting and buying property in all areas, districts and housing types, believe it or not, it is actually very tough to find affordable and suitable housing for singles and young couples.

A Quick Breakdown of Pre-Sales New York Property Offerings
A majority of the NY real estate market is occupied not by owner occupied homebuyers, but renters and there are many New York rental condominium tower residences available in the downtown Manhattan core as well as on Long Island, Chelsea and many other communities that are close to their work. It is true that many people rent condos and apartment flats or even rowhomes and townhomes that are close to work so that they do not have to commute by car everywhere and everyday. However, many of the presales and pre-construction New York real estate condominium homes and apartment flats are actually being purchased by eventual home owners who will live there as a primary residence, which is bucking the city trend of just renters and rental condo units. This has given a huge population the chance to own a pre-construction and completely new condo unit that has many upsides including no one ever having lived there, many pre-sales renovation projects that convert old apartment flats and units into luxurious and sophisticated residences and condominiums with the most flattering amenities and finishes as well as rowhomes and town houses that will fit the bill for many younger families.

More about New York Condo Sales and NY Apartment Rentals
However, the rental and vacancy rate within New York City is still at all time lows and will continue along this trend as the population in NYC is still increasing faster than housing starts. However, of note is that many of these pre-construction New York condos are actually affordable, but what that means in NY real estate is that they are still very highly priced when compared to other major cities and capital cities in other States. It is very likely that a new construction condominium or urban flat may cost at least $750 US per square foot upwards of even several thousand dollars per sq ft. With New York real estate within attractive and clearly urban districts being at a price premium, the value or pre-construction and presales properties is still going up and with no end in site. With any real estate cycle, New York has still gone through ups and downs, but overall over a course of a decade, property values have always gone upwards. The preconstruction condominiums in New York range from studio flats to one bedroom live/work residences and from two bedroom couple suites to three bedroom family homes. There are also master-planned communities outside of the downtown New York core that represent pre-cosntruction and presales master planned communities with townhomes, row homes, townhouses and other single family detached housing that are perfect for families and retired couples looking for a slower pace.

Update on the New York Real Estate Trends for the Future
As many people know, the sub-prime mortgage fiasco has hit American home owners and real estate investors hard. Not only that, it has caused the closures of many lenders and large banks due to the sub-prime lending processes. One real estate market that has so far bucked the trend in the downward spiral of property prices is New York City. There are many reasons why this is the case. In many accounts, the pre-construction New York real estate market that has launched a large number of new condos, apartment homes, luxury residences, boutique style lofts, townhomes, townhouses and penthouse suites have been purchased by people and families moving into the city. With a significant number of people moving to New York, the city has gone through a large growth spurt in population, thereby taking most of the available pre-sales NY and preconstruction New York real estate properties off the market. In addition, the economic fundamentals of NYC business and retail outlooks is impressive. With a strong economy, increase in salaries and wages for workers, the New York real estate market of new condos, apartment homes and townhouses will continue to see property price increases that will be more than inflation and will lead the nation in the next decade. Thirdly, the New York real estate boundaries are quite defined and there is little if any room to build anymore. With a restrictive size of land, the real estate market in New York City will continue to go up as there is a lack of land but a big increase in population. With this, real estate New York developers wll seek to build taller and more efficient residential buildings in addition to designing smaller yet more functional living spaces. Fourthly, many of the new properties in the real estate market of New York are being rented out. As one of the largest markets for rental property, New York real estate is a very balanced market where almost half of all units, apartment suites and townhouses are being rented to leasers. This is a great place to be in. Because of these factors, the future of the New YOrk real estate market seems bright.

New York Real Estate

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