In a prior post, we highlighted the difficulties seen in the high end luxury apartment and condo market in New York City. Essentially, the mass building and renovations that were seen in 2014 through 2015 has resulted in a glut of available properties today. But just how the beauty and optimism of spring takes over from the drab and gloom of winter, the real estate market in the city is once again showing signs of improvement.
According to a forecast report provided by Cushman & Wakeman, the gains in the real estate market are being driven by diminishing volatility in financial markets, and continual improvement with traditional economic drivers (i.e. job growth, stabilizing energy prices) political harmony.
To that end, forecasters believe that demand for living spaces will remain strong, so vacancy rates will tighten and that rental prices may see an uptick as a result. Additionally, as long as consumer spending remains strong, landlords and property owners will continue to see growth.
For those who are looking for properties in New York City, this forecast exemplifies the need for experienced legal counsel for the process. A skilled real estate lawyer can advise home-seekers on the nuances of the market so that they know all the risks involved in a purchase, and they can make informed decisions before signing off.
If you have additional questions about the real estate market and how a seasoned lawyer can make the homebuying process easier, give our office a call.
The preceding is not legal advice,