New York City is one of the most populous cities in the world, and draws more than 66.6 million tourists each year. The city has it all, from being one of the leading metropolises for art and culture to housing some of the world’s finest restaurants, ample parks, and superlative nightclubs.
Unlike Los Angeles, where more people are wanting to buy than there are homes available, New York is quite the opposite. According to Norada Real Estate Investments, the real estate market is currently a buyer’s market. This means “there are roughly more active homes for sale than there are buyers.”
“The supply for housing is outpacing the demand favoring home buyers who are managing to hold good leverage in price negotiations”, they said.
Since the city was the epicenter of the pandemic, potential buyers have been sitting on the sidelines, waiting for the right opportunity to make a move. From February to July 2020, NYC experienced its highest losses with more than 110,000 residents leaving the city – nearly five times the number of movers in 2019.
Properties in the ‘Big Apple’ now have a median value of $849K as of June 2021, says Redin.com.
The good news: Most buyers aren’t paying sellers’ asking prices, and home prices are still considered lower than before the pandemic hit.
NYC is made up of 5 boroughs: Manhattan, Brooklyn, Queens, The Bronx, and Staten Island. While most non-residents assume that Manhattan is New York, unsurprisingly, $250,000 homes in this part of town are a rarity.
Here are some of our top picks from across the city.
This charming Midtown studio is located on Billionaire’s Row. It’s fully renovated, so no need to worry about updating your space. At $119K, this is quite a rarity.
In the heart of Manhattan, this pet-friendly apartment provides a modern full kitchen with high-quality stainless steel appliances, quartz counters, new cabinets, ceramic tiled walls and floors. It’s just two blocks to Central Park and within walking distance to Lincoln Center, the Theater District and the Time Warner Center.
Residents will also reap the benefits of a valet, bike room, storage, and an on-site garage with a 25% discount.
Boasting three bedrooms and a top floor unit, this apartment features high ceilings, wooden flooring and windows in every room for much-needed light and space away from the hustle and bustle of the city over in Queens.
It features an upgraded kitchen and bathroom, full-sized bedrooms and an enviable amount of space for clothes with six closets!
A smart-looking kitchen Trulia.com
That’s not all. The potential owner will have access to the on-site laundry, outdoor courtyard, parking and 16-hour security.
Outside, they will be inundated with nearby stores, restaurants, shopping facilities and entertainment bases. It’s just one block to Northern Blvd and provides easy access to Grand Central Pkwy and Whitestone Expy. Near Citi Field, Flushing Meadows-Corona Park, Queens Museum, Queens Zoo, and the new Laguardia Airport.
Why live conventionally, when you could own your very own houseboat for a bargain of $170K.
Wake up to views of the waterfront every morning from a property that boasts three bedrooms and a jacuzzi bath. The kitchen is decked out with granite countertops, oak cabinets and new windows all around.