Top 3 neighborhoods for real estate investment. New York
It's inched back. Now, the real estate market might be ready to roar. Last spring, the New York City luxury market made a statement with three major sales in a week: highest condo ever sold at more than $90 million, One57; highest co-op at $54 million, 740 Park; and a $70 million sale at the Ritz-Carlton on Central Park South. It's time for the middle of the market to see significant gains, too. Even if it means grabbing a group of friends for the down payment, making an investment at the $500,000 range could pay off in a few years. With rentals increasing in price on a quarterly basis, buyers can still pay less per month to own. "Home prices are absolutely ridiculous in most Manhattan neighborhoods," says Modern Spaces president Eric Benaim, whose growing boutique agency has offices in Long Island City and Williamsburg, two neighborhoods with strong inventory in the $400,000 to $850,000 range. "We like the areas five to 10 minutes from Manhattan," says Benaim. "We feel they offer great bang for the buck. But act fast. Inventory is going down there as well." It's never too late to start a real estate empire, especially as big developers see construction loans come in and neighborhoods all over the city improve due to infrastructure changes and retail enhancements. Here are 10 neighborhoods to look at, and some projects in those areas that could pay off with a little patience
1. Williamsburg, Brooklyn
This is the still the hottest neighborhood on Earth. Walk the streets day and night to see hordes of young people from all over the globe. During the day, it's quiet and casual. At night, the streets are packed. Couples make out in doorways. Lately, like any other great neighborhood, young families and empty-nesters have come to Williamsburg looking for some life. The riverfront park by waterfront condos the Edge and North Side Piers feel like a resort. Allswell, a new restaurant from some Spotted Pig alums, serves farm-fresh food, tasty cocktails and pies and tarts for sweet tooths. This neighborhood is way underpriced. Aptsandlofts.com has one-bedroom apartments at 29 Montrose in East Williamsburg for as low as $365,000. Near Lorimer and Metropolitan, $500,000 can buy a two-bedroom in a number of boutique condos. Anything in this area could increase in value by 40% by 2015. To buy: Aptsandlofts.com, led by Dave Maundrell, has new developments, rentals and top area listings.
2. Long Island City, Queens
While renters flock to this neighborhood on the water for value, smart home buyers look here for living experience and investment. Vernon Blvd. seems to get new restaurants and boutiques every week. Home prices remain stable while inventory disappears. That means prices can only go up in the years to come. Lots of room for loft conversions. Industry, a condominium, from longtime neighborhood developers the Suna brothers (they own Silvercup Studios) is almost sold out. They have a penthouse studio loft marketed by Modern Spaces with Manhattan skyline views and balcony on the market for $560,000. At One Murray Park near Court Square, CORE's Doron Zwickel is selling a range of apartments, including studios for $385,000 and one-bedrooms for $410,000. For buyers looking to rent out units, one-bedrooms in Long Island City can fetch around $2,500.
3. Battery Park City, Manhattan
For New Yorkers on the move who like the outdoors, Battery Park offers an eco-friendly response to city grime. Recent deals for studios across several buildings show value potential in owning and investing. At 225 Rector Place, from Related Companies with design by New York-based Clodagh, amenities include an indoor swimming pool with skylight, roof lounge, sun deck, kid's room and fitness center. The Hudson River is steps away. Studios start at $520,000 with one-bedrooms priced at $645,000. The Conrad New York is a new local destination.
Top 3 neighborhoods for real estate investment. New York
ReplyDeleteIt's inched back. Now, the real estate market might be ready to roar. Last spring, the New York City luxury market made a statement with three major sales in a week: highest condo ever sold at more than $90 million, One57; highest co-op at $54 million, 740 Park; and a $70 million sale at the Ritz-Carlton on Central Park South. It's time for the middle of the market to see significant gains, too.
Even if it means grabbing a group of friends for the down payment, making an investment at the $500,000 range could pay off in a few years. With rentals increasing in price on a quarterly basis, buyers can still pay less per month to own.
"Home prices are absolutely ridiculous in most Manhattan neighborhoods," says Modern Spaces president Eric Benaim, whose growing boutique agency has offices in Long Island City and Williamsburg, two neighborhoods with strong inventory in the $400,000 to $850,000 range.
"We like the areas five to 10 minutes from Manhattan," says Benaim. "We feel they offer great bang for the buck. But act fast. Inventory is going down there as well."
It's never too late to start a real estate empire, especially as big developers see construction loans come in and neighborhoods all over the city improve due to infrastructure changes and retail enhancements. Here are 10 neighborhoods to look at, and some projects in those areas that could pay off with a little patience
1. Williamsburg, Brooklyn
This is the still the hottest neighborhood on Earth. Walk the streets day and night to see hordes of young people from all over the globe. During the day, it's quiet and casual. At night, the streets are packed. Couples make out in doorways.
Lately, like any other great neighborhood, young families and empty-nesters have come to Williamsburg looking for some life. The riverfront park by waterfront condos the Edge and North Side Piers feel like a resort. Allswell, a new restaurant from some Spotted Pig alums, serves farm-fresh food, tasty cocktails and pies and tarts for sweet tooths.
This neighborhood is way underpriced. Aptsandlofts.com has one-bedroom apartments at 29 Montrose in East Williamsburg for as low as $365,000. Near Lorimer and Metropolitan, $500,000 can buy a two-bedroom in a number of boutique condos. Anything in this area could increase in value by 40% by 2015.
To buy: Aptsandlofts.com, led by Dave Maundrell, has new developments, rentals and top area listings.
2. Long Island City, Queens
While renters flock to this neighborhood on the water for value, smart home buyers look here for living experience and investment. Vernon Blvd. seems to get new restaurants and boutiques every week. Home prices remain stable while inventory disappears. That means prices can only go up in the years to come. Lots of room for loft conversions.
Industry, a condominium, from longtime neighborhood developers the Suna brothers (they own Silvercup Studios) is almost sold out. They have a penthouse studio loft marketed by Modern Spaces with Manhattan skyline views and balcony on the market for $560,000. At One Murray Park near Court Square, CORE's Doron Zwickel is selling a range of apartments, including studios for $385,000 and one-bedrooms for $410,000. For buyers looking to rent out units, one-bedrooms in Long Island City can fetch around $2,500.
3. Battery Park City, Manhattan
For New Yorkers on the move who like the outdoors, Battery Park offers an eco-friendly response to city grime. Recent deals for studios across several buildings show value potential in owning and investing.
At 225 Rector Place, from Related Companies with design by New York-based Clodagh, amenities include an indoor swimming pool with skylight, roof lounge, sun deck, kid's room and fitness center. The Hudson River is steps away. Studios start at $520,000 with one-bedrooms priced at $645,000. The Conrad New York is a new local destination.