02/10/2023
How are real estate investors taking in all the news about today's property market?
If this report from Bloomberg is accurate, then we could see NYC property values rise by as much as 6.1% next year. But other sources tell us otherwise, with many expecting property prices to fall and interest rates to rise.
Then again, anything can happen this year. Who knows? Perhaps we'll see real estate values rebound and the current housing supply provide more options to priced-out buyers.
As a real estate investor, you might as curious as I am about where the market's trajectory. Amid all the uncertainty, it's still as good a time as any to invest in an NYC condo.
Rents remain high and demand for rental housing continues to stay strong even as affordability plummets.
Still, investors will need to make the right decisions as they navigate the challenges that the market poses. Allow me to share my take on how you can pull through:
Location matters a lot
Much of your success lies in the neighborhood where the investment property is located. With over 250 neighborhoods to choose from, renters would prefer to live somewhere accessible and with the best amenities nearby.
Apart from that, they also want to settle in communities that fit their lifestyle without leaving their pockets dry. So, when looking for a potential investment property, check to see if the surrounding area is highly prized by renters.
Do your research on renter preferences
Aside from scouting high-value areas, you also need to narrow down your options to the type of property that many renters need.
For that, consider what NYC renters look for in an apartment. In addition to living in trendy neighborhoods, many renters would prefer condos and townhouses that provide extra space for a home office. They may also prefer apartments with outdoor spaces and balconies that offer amazing views of the skyline.
And considering limited parking spaces, you might as well look into potential investment properties that come with garage areas. Whichever the case, consider what amenities are popular so you can find a property with high cash flow.
Work closely with a real estate and legal professional
When it comes to hunting for an investment property in the Big Apple, you wouldn't want to go alone. There's so much you need to take in once you begin your search, so it pays to get advice from a local broker who can show you where the best properties are.
Such a real estate professional can also tap into their networks for listings that match your criteria. In addition to a broker with experience working for real estate investors, you also need an attorney with a background in the NYC rental market.
Policies tend to change drastically and you may need to comply with local ordinances before you start promoting the property to potential tenants. With a real estate lawyer by your side, you can acquire a townhouse or condo without any let-up.
Whether or not you are a veteran investor you need enough information about the local real estate sector before making your move.
Let's connect! I'd be more than happy to show you around the best neighborhoods and introduce you to people who have what you are looking for.
Call me at 917-627-5677 or send an email to [email protected] and let's schedule a meeting over coffee.
Looking forward to helping you with your real estate needs this year!
Talk soon,
Eli
