There are many people who are finding out that the real estate business in New York is a very lucrative and satisfying business to be in as of late. This is partially due to the fact that the real estate market has shown some of its highest numbers in ten years. Investors are using this information to start looking at New York real estate again as a viable means of receiving a sizable return on their investment. Many of these investors got out of the real estate game in or around the 2007 real estate crash. A decade later, the market has seemed to bounce back which is allowing these individuals to reap the benefits of investing once again. Some areas of real estate that investors, Bayrock‘s Tevfik Arif Doyen in New York are currently interested in are:
Now that the market has stabilized there are a fair number of residential properties in the New York area that can be purchased for pennies on the dollar due to the properties being in foreclosure. Residential properties in New York are always a good investment because people grow weary of renting and they would like to own a house of their own. An investor that has been wise to conduct research about population and real estate trends in parts of New York could end up being very successful when it comes to investing in residential real estate.
As a growing number of millennial are taking it upon themselves to become entrepreneurs they are leaving the notion of a normal 9-5 job behind and are looking to start their own small businesses. These individuals will need retail space to conduct their businesses and that makes the market ripe for the picking for investors. There are many properties that are available in the New York area that, with a little bit of renovation, could serve well for office or retail space. This would allow investors to see a quicker return on their investment by either renting these spaces out to small business owners or to sell them outright to the customer.
New York is no stranger when it comes to industry and with the boom in the job market as of late new jobs are being created in all sectors. This includes the manufacturing and production sectors as well. As these markets expand the need for good commercial space in the New York area will be high. This idea of supply and demand will make investors that have taken out the time to conduct research on which areas are seeing the most business growth very happy when they find that they could, potentially, have multiple buyers for the same property. This can start a bidding war and can lead to increased profits for the investor.
Whether an investor is looking to invest in residential, commercial, or industrial real estate in New York, it is a safe bet that due to popular trends lately in the real estate market along with small business growth projections that now is the time to seriously consider getting in on the ground level of this new age of New York real estate investing. Doing so could yield the investors astonishing profits and can help them to build their own real estate empire for a fraction of the cost that it would have cost them a decade ago. Not only is real estate all about location, location, location but it is all about timing as well. It seems as if now is the time and the location is New York.