The NYC Real Estate Climate and Its Developments

You may know how the NYC market work, which by the way is the largest and most vibrant one in America, but the question is whether you’re familiar with the housing construction in other parts of the United States. Real estate founder and CEO Adam Hochfelder took this matter into his own hands and investigated whether there has been a reversal in other cities, or was this exclusive to NYC.

Overall, almost everything that burdened the housing stock in NYC was sold, which created a feeling that there are a lot of unsold apartments, highlights Hochfelder, an honoree at the Chamber of Commerce.

- If I say that today there are thousands of them, I would reveal too much, added Hochfelder.

Therefore to him, it wasn’t a surprise at all that in the last year, at a certain point there were 1,400 new apartments build, and changes in the tax laws contributed to the increased sales. According to this renewed real estate expert, this year is rather surprising mainly because of the apartment hunts, and the building of new ones, explaining that in NYC there hasn’t been any new construction for a quite some time.

- Of course, there were some sporadic building constructions, Hochfelder recalls, adding that it has been almost three years of his company's expansion and about ten years since the housing bubble. New housing is mostly sought by those who are single or have just started a family. As their first property, they bought mainly smaller apartments, but now they need bigger ones. The market is closely related to the climate in the society, which now he evaluates as positive. There was also a GDP rise, which made the banks more stable.

- Every New Yorker wants an apartment in NYC. So those that are able to afford one, usually buy an apartment, and once they no longer need it they put it up for a lease, not for sale. Rentals make up five percent of the annual income, and the savings have a 0.5 percent interest rate. Furthermore, in ten years the value of a real estate will surely be increased - explained Adam Hochfelder in his post for Realty Times. This is one of the main reasons for buying a residential property in NYC, even if you end up living in another place. The housing market is one of the best indicators of positive developments.

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