Try Before You Buy: New York Neighborhoods
It is important to do your homework when it comes to investing in New York properties. New York City is a very diverse place, and even adjacent neighborhoods can be drastically different, never mind those in different boroughs. Nothing is as it seems, and if you are looking for residential property that you plan on living in yourself, you might even want to arrange to spend a few nights on the premises to really know first-hand what it’s like. For example, many peaceful-looking places are actually not peaceful at all but deadly, ridden with crime and pollution and a host of other social ills. Even when it comes to commercial real estate, things may not be as they seem. Developers are plenty in this town, and to stand out from the crowd you need to be known for something more than just a hole in the ground of an empty lot.
New York property markets are unique in many categories, including population density. As an investor you want to thoroughly research them all before proceeding to a decision of any financial importance. It is often helpful to think of different neighborhoods as cities in themselves, which was actually the historical case. Such an artificial view of the city would not suffice long-term, but it can be usefully dabbled in from time to time for specific purposes. For example, it is not uncommon to find the direst poverty fairly close to some of the most opulent luxury. As an investor in New York property you want to be aware of this possibility so as to not miss any good opportunities simply on account of ignorance.
When looking for property in New York City, you must consider the people, especially when it comes to homes for yourself or potential tenants. Ultimately, the people are what will determine the quality of life. Will it be a noisy place? Full of trash? Or does the local community take some pride in itself, without any kids running around causing trouble?
Even when it comes to the commercial side of things such considerations are important. If you have space for rent but the neighbors are lower class people, you probably won’t get any upscale businesses looking to sign a lease with you, even with all the governmental encouragement there is such as tax breaks and the like.
It’s a delicate balance, which is part of the reason why rents are so high in the city. But what to do as an investor?
Watch. And learn. You can never learn enough about such an exciting, dynamic city, and you never can tell just when such knowledge may be put to good use. Why not bicycle around to get a good feel for a place? New York City has ambitions to become one of the most bicycle-friendly municipalities in the country, and this is one of the best ways to transport yourself through different places in order to get a first-hand feel for them.
Author Bio: Barbra I. Miller writes frequently on real estate topics for various online publications. Please visit TheoryOfRealEstate.com for more great articles from industry insiders such as Isaac Toussie and others!
Category: Real Estate
Keywords: real estate, new york, nyc, news, property, property markets, realty, advice
