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Finance  »  Real Estate
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New York Real Estate is Affordable!

By: Elika SEO
Date Added : August 24, 2011 Views : 16
Rate Author : Current : 2.67 /5
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It has always been stated that New York real estate is not affordable. Not only are the prices sky high, but the properties tend to be targeted at people earning higher incomes than the middle class. However, this is becoming a gross misconception each year. With the recent credit crunch, real estate has become more affordable thus providing numerous opportunities for home ownership for the people other than the upper class.

What people now need to wrap their heads around is the fact that it is the young people that are fuelling New York real estate. Granted, Manhattan is still a haven for people who have quite a substantial amount of disposable income but there are now many more opportunities for young professionals as well as blue collar workers to own some New York real estate. There has been a trend nationwide; this is inclusive of the boroughs, where the prices of New York real estate have been steadily declining since as far back as the year 2007. This has been due to several reasons:

1. Delinquencies that have occurred in mortgages made in the past several years

2. Lack of income verification borrowers

3. An increasing number of foreclosures

4. Tighter standards for mortgage underwriting

All these reasons have drastically increased the inventory of the homes that are currently in the market. In addition to this, the recent meltdown in the mortgage industry has made it quite difficult for people to be able to secure jumbo loans. Typically, a jumbo mortgage is one that is significantly larger than regular loan limits which tend to be just above four hundred thousand dollars. Putting all these factors together has subsequently led to the bubble known as New York real estate bursting. But this is not all bad news. With this bursting of the bubble, people can now buy affordable NYC apartments instead of looking for NYC apartments for rent. Being able to live within your means in New York City is now making a come-back. Developers who have noticed this trend are now making wise decisions when it comes to New York real estate. Instead of developing New York City apartments in the middle class areas, they are now developing affordable New York City condos for sale in the boroughs. One can now find studio to three bedroom New York condos for sale from between a hundred thousand dollars to three hundred thousand dollars.

One will also find that most of the New York real estate in the market now has been developed from renovated buildings. Although there is a fair share of New York City apartments for sale that have been built from the ground up. One of the hottest things in the New York real estate market is the New York condos for sale. These are a better option for developers who used to develop three family houses. Instead they now develop the complexes into condominiums since it is much more profitable for them as well as the buyers.




Elika SEO is the author of this article on Nyc apartments. Find more information on Nyc apartments for rent here

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