New York Financial District real estate agents are the primary advocates of a property market currently regarded as one of the most lucrative in the entire East Coast. Despite the name which denotes the area as a major hub of monetary activity, the Financial District is also known for providing ample opportunities for living space and property ownership. It is easily accessible from anywhere within the city, thanks to it falling within the routes of six different commuter train lines, and the narrow streets make for a comparatively safe living environment. Roughly 56,000 people have made it their home, and supply has been stepped up to accommodate the additional residents that developers expect will move in by the thousands within the next couple of years.
The New York Dist. only became the residential area many people know today in the aftermath the terrorist attacks of September 11, 2001. The city government under Mayor Michael Bloomberg encouraged people, particularly Manhattan residents who were displaced by the tragic events that occurred that day, to relocate to the Financial District and make it their new home. The government also pushed for increased construction of residential structures by offering tax subsidies of up to 15 years to property developers. Commercial structures like groceries and retail shops were also developed alongside apartment buildings. In just over a decade, the Financial District evolved from being a pure hub of business activity into what has been termed an 18-hour neighborhood, an area where people can live and work for the long-term and everything they need is within easy reach.
However, New York Financial District real estate agents face a significant challenge in marketing residential properties in the area. The Financial District's comparative infancy as a residential area is evidenced by the lack of low-cost neighborhood retailers to provide most of the basic needs of its citizens. The district doesn't even have a single school where some of the residents can send their children instead of having them study elsewhere in the city. It is firmly believed that an increase in the number of retailers selling more affordable commodities and in the number of schools, as opposed to lower housing costs due to tax subsidies, will drive up the demand for residential property in the Financial District. An oversupply in living space therefore exists and not even lower rental rates can generate a viable return on investment in less than 5 years.
New York real estate agents suggest that potential buyers first consider their long-term plans and determine whether or not there is anything within the Financial District that will suit those plans. If you buy property that you plan on selling later on, give it at least 5 years before you relinquish it because there is still no indication that prevailing prices will go up anytime soon. If you plan to invest in rental property, you can expect instances of income deficit to regularly occur, especially during the first few years. An investment horizon of 5-10 years is recommended if you truly want to explore the possibilities offered by the Financial District
The New York Dist. only became the residential area many people know today in the aftermath the terrorist attacks of September 11, 2001. The city government under Mayor Michael Bloomberg encouraged people, particularly Manhattan residents who were displaced by the tragic events that occurred that day, to relocate to the Financial District and make it their new home. The government also pushed for increased construction of residential structures by offering tax subsidies of up to 15 years to property developers. Commercial structures like groceries and retail shops were also developed alongside apartment buildings. In just over a decade, the Financial District evolved from being a pure hub of business activity into what has been termed an 18-hour neighborhood, an area where people can live and work for the long-term and everything they need is within easy reach.
However, New York Financial District real estate agents face a significant challenge in marketing residential properties in the area. The Financial District's comparative infancy as a residential area is evidenced by the lack of low-cost neighborhood retailers to provide most of the basic needs of its citizens. The district doesn't even have a single school where some of the residents can send their children instead of having them study elsewhere in the city. It is firmly believed that an increase in the number of retailers selling more affordable commodities and in the number of schools, as opposed to lower housing costs due to tax subsidies, will drive up the demand for residential property in the Financial District. An oversupply in living space therefore exists and not even lower rental rates can generate a viable return on investment in less than 5 years.
New York real estate agents suggest that potential buyers first consider their long-term plans and determine whether or not there is anything within the Financial District that will suit those plans. If you buy property that you plan on selling later on, give it at least 5 years before you relinquish it because there is still no indication that prevailing prices will go up anytime soon. If you plan to invest in rental property, you can expect instances of income deficit to regularly occur, especially during the first few years. An investment horizon of 5-10 years is recommended if you truly want to explore the possibilities offered by the Financial District
SHARE
