Manhattan Market Monday's :…Observations on Opportunity
I am fortunate enough to be able contribute to several blogs about real estate,technology and social media,in addition to keeping up my own personal blog about NYC life and its real estate. (Yes,this means I don’t always get a lot of sleep) Weekly I publish reflections on what I am seeing in the Manhattan Market for RealEstateandWomen.net, this week,I reflect on what may be hidden opportunities for those considering alternative long term investments given the recent turmoil with the stock market.
Much is written (and lamented) about how this time of year things slow down here in New York City.
An excellent post this week,from my friend Noah Rosenblatt @ Urban Digs , ( The Slowest Part of the Calendar Year for Manhattan ) takes a look at the ‘hard data’,in as much as our data issues exist here in Manhattan,as to the how and why.I can’t say that I agree or disagree wholeheartedly,but there are some finer points ….
That said,what I am noticing is that this is also a time of year,where because *maybe* its a bit slower,its a good time to regroup,refocus and explore opportunities. Working on new business for the fall,but not checking out entirely,there are people to help with their real estate needs year round,even in the doldrums of summer.
My observations thus far,to say that the rental market,is sizzling this summer,far beyond the record heat waves we’ve had,is an understatement.
I had a rental exclusive in Kips Bay Towers,that literally had a dozen appointments within the first day it came onto the market,and one of the first applicants,is now the happy tenant and my clients the owners are thrilled.
People are moving to NYC,for all sorts of reasons, school,new employment. There are new companies opening in NYC,and there are companies moving TO NYC. They need places to live- its not a OH maybe I’ll look and see if I can find something,its ,I’m arriving on x day,at y time ,and need to find a home ,like yesterday.
There are properties for sale that perhaps may be languishing on the market in certain areas of town,whether its because there are too many similar types of properties,or its not the current ‘in’ spot,or of course,how could one overlook the Second Avenue Subway.But for someone looking as a long term buy or hold,or considering the possibility of leasing out apartments,there’s amazing potential.
As a native New Yorker,I am biased,and blessed-having had the opportunity not only to grow up in one of the best cities in the world-but to live here as an adult. Rarely a day goes by where I fail to have this conversation with someone who is visiting NYC (yes, there are many nice New Yorkers, many of us enjoy meeting many of the tourists around town,and giving them tips on what things are musts),or who is contemplating moving here.
With all the market turmoil,and if you’re thinking what might be a good thing to do,as a long term investment.You may want to seriously consider New York City.
I am glad to share with you what I am seeing personally,as well as what my colleagues around town are seeing-yes we aren’t all on vacation. There’s work to be done,there are people arriving everyday,looking for a place to live-whether they be buyers or tenants.
Is it an opportunity for you ? Contact me for a consultation and discussion about your goals,and let’s hit the ground running !
Sometimes…opportunity only knocks once. Are you at the door ?