Future looks bright for residential market.We are in a very long term and powerful bull market in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. real estate and New York City will keep growing. Every area of Manhattan will be prime real estate. We are seeing that right now as Harlem townhouse town·house or town house n. 1. A residence in a city. 2. A row house, especially a fashionable one. are selling for two million dollars plus, Washington Heights is flooded with buyers and Hell's Kitchen Hell’s Kitchen section of midtown Manhattan; notorious for slums and high crime rate. [Am. Usage: Misc.] See : Poverty is becoming a chic address. There will be no such thing as a secondary Manhattan neighborhood, only different neighborhoods with different styles. Keeping pace with demand will be difficult, as there are very few parcels available for development. The costs to develop are high, so prices will hold steady and rise over time. All of the outer Boroughs are experiencing huge growth. Staten Island Staten Island (1990 pop. 378,977), 59 sq mi (160 sq km), SE N.Y., in New York Bay, SW of Manhattan, forming Richmond co. of New York state and the borough of Staten Island of New York City. is booming and will continue. The Bronx is being totally revitalized and it is only a quarter of the way through its renaissance. Brooklyn Heights, Park Slope and Prospect Park are already very expensive chic neighborhoods. Williamsburg has gone crazy over the past few years. Astoria, Long Island City, Flatbush are all experiencing tremendous growth. This will continue and if New York City gets the Olympics in 2012, all those outer Boroughs will have millions of visitors in subsequent years, you will see enormous growth. Manhattan will become even richer than it already is. But the wealth will spread around much more than in the past. This has already become evident with the wealthy center having moved beyond Park Avenue, Fifth Avenue and Central Park West to Downtown where lofts sell for $2million dollars. Luminaries such as Calvin Klein Noun 1. Calvin Klein - United States fashion designer noted for understated fashions (born in 1942) Calvin Richard Klein, Klein and Martha Stewart have bought apartments on 12th Street and the Hudson River. The Ritz Carlton in Battery Park City is across from what was built as middle income housing and Brooklyn Heights is a minimum one million dollar market now. The Baby Boomers wealth will spread all over the city. The City will experience growth from aging Boomers but it will also feel growth from young people. A recent survey done by Princeton showed that more kids want to attend NYU NYU New York University NYU New York Undercover (TV show) than Harvard, Yale or Princeton. Kids want to enjoy the urban lifestyle of the world's greatest city and that is fueling the boom that will continue over the next few decades. Finally, you have the Dollar. The dollar has fallen about 35% against the Euro and it is likely to fall farther over the next few years as we incur massive deficit spending Deficit spending When government spending overwhelms government revenue resulting in government borrowing. deficit spending Expenditures that are in excess of revenues during a given period of time. . That means that New York City is today 35% cheaper for a European than it was only 18 months ago. Imagine that? New York City is on sale for Europeans! On top of that, New York City is one of the least expensive international cities in the world. Only rarely does it even make it into the Top Ten of the most expensive. It is cheap compared to London or Paris or Tokyo or Moscow. So you have a situation of a cheap market by international standards, even cheaper now because of the fall of the dollar. That means that any drop in domestic demand due to rising interest rates or unemployment or a recession is likely to be well covered by internationals buying in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . All of these factors point towards a positive and continued growth pattern for New York. It all means that 20 years from now NYC NYC abbr. New York City NYC New York City will be more vibrant, more diverse, and even more exciting than it is today. It is a great time to be part of that overall growth. BY DAVID David, in the Bible David, d. c.970 B.C., king of ancient Israel (c.1010–970 B.C.), successor of Saul. The Book of First Samuel introduces him as the youngest of eight sons who is anointed king by Samuel to replace Saul, who had been deemed a failure. MICHONSKI, CHIEF EXECUTIVE OFFICER, COLDWELL BANKER HUNT KENNEDY |
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