New York is the financial center of the world. Therefore, the real estate market in the city was badly damaged during the crisis, quickly went back up. Now it is one of the most popular cities to live in the world.
market History
The real estate market - a thing quite unpredictable. However, you can get an idea of the approximate behavior of the market, referring to its history. Over the past 40 years, housing prices in New York have experienced two periods of rapid growth - 1980-1989 and 1996-2006 - and two periods of recession - 1974-1980 and 1989-1996. Both boom accompanied by a substantial increase, and both the crisis were relatively minor. Overall, prices rose by 250% from 1974 to 2006.
During the crisis of the 1970s prices throughout the city decreased by 12.4%. Manhattan was the only area unaffected by the crisis, the prices are even increased by 28.6%. After at least six years of declining prices throughout the city grew from 1980 to 1989 by 152%, while in Manhattan - 155%. Prices in 18 quarters increased by more than 200%, and only in one area of growth was less than 100%. This boom ended when entered into recession in 1989.
From 1989 to 1996, prices fell by 29.3%. However, in the top ten areas prices have fallen by only 4%. In 1996, the New York market has entered a period of ten boom. Selling prices increased by 189% in the ten areas of agglomeration, including the city itself. In Manhattan, the average price increased by 185%, but in some quarters of the increase was almost 500%.
Since the onset of the crisis in 2006, real estate prices in New York fell to -24.8%. Prices hit bottom in August 2009, when the average price for sale of $ 461 000. After that, the market began to rise, but at the beginning of 2010, prices began to fall again, reaching the bottom for the second time in February 2012. Further, prices rose steadily.
For 2013, prices rose by 10.4% and Zillow predicts growth of 3.7% over 2014. The average price per square meter in New York is $ 5347.7. The average price of objects for sale - $ 528,888, while the average transaction price - $ 519 813. According to forecasts, the price of real estate in New York will continue to grow, although not as rapidly as it was during the boom of 1996- 2006. One of the key factors for growth, which is celebrated professionals, is a chronic lack of supply in the market.
Areas of New York
New York is divided into five main areas (boroughs): the Bronx, Queens, Staten Island, Brooklyn and Manhattan.
Bronx - the northernmost of the five boroughs of New York. Located north of Manhattan and Queens, and south of Westchester County, the Bronx is the only area which is mainly on the mainland. According to the last census of 2010, the population of the Bronx has 1.3 million people (according to some estimates, in 2014 the population of the area has more than 1.4 million).
Although the Bronx is the third most populous county in the United States, about a quarter of its area is not populated. Unsettled territory includes Vudloun Cemetery, Van Cortlandt Park, Pelham Bay Park, New York Botanical Garden and the Bronx Zoo. These areas were deliberately protected from development in the 19th century, urban development and spread to the north and east of Manhattan.
According to the portal Trulia.com, the average selling price in the Bronco in the third quarter was $ 370 000. In comparison with the previous quarter, prices rose by 14%, or $ 45 500. In comparison with the same period in the previous year, prices rose by 5.7% . Over the past 5 years, prices here rose by 17.5%.
The most popular areas in the Bronx - Riverdale, Trogs-Neck, Eydzhuoter Park Ueyksfild, Dzheroms Park, Parkchester and North Riverdale.
Staten Island - the southernmost district of the city. The area is separated from the rest of the City of New York bay. The population of the district has about 470,000 people. Since 2000, the area has grown significantly Russian communities, particularly in neighborhoods Rossvill, Saudbich and Great CILSS.
The average sale price in Staten Island in the third quarter 2014 was $ 384 500. This represents an increase of 9.9%, or $ 34,500, compared with the previous quarter and by 1.2% compared with the previous year. Prices are up 4.1% over the past 5 years. The most popular areas in Staten Island include Arden Heights Tettenvill, Great CILSS, Dongan Hills Rossvill and Eltingvill.
Queens is located in the east of the city, adjacent to Brooklyn. It is the largest in area district of New York. Population Queens has about 2.3 million people. In addition, Queens - also the most ethnically diverse city.
Over the past 5 years, the prices in this area increased by 17.5%. Now the average price is $ 499 000. The most popular neighborhoods - Jackson Heights, Astoria, Kew Gardens, Bayside, Rego Park and Ridgewood.
Brooklyn is the most populous of the five boroughs of New York City, with about 2.6 million people. It is geographically adjacent to the Queens on the west side of Long Island. Located not far from Manhattan, Brooklyn over the past 15 years has begun to attract residents who work in Manhattan, but can not afford to rent or buy property on the island.
Recently, due to the slowdown in the market of Manhattan, Brooklyn began to rapidly gain momentum, becoming the most sought after area of Manhattan. Prospects for further price increases, largely associated with the market of Manhattan, most likely quite positive. Over the past six quarters due to the rapid population growth property prices here have increased almost fivefold.
Brooklyn became the first New York City area, recover from the crisis. The average price for all types of real estate rose by 4% compared to the same period in 2013. Thus, the level of prices in the third quarter was at 8.8% above the peak 2008 levels.
The average sales price in Brooklyn was $ 676 000. The cost of real estate increased by 5.1%, or $ 33,000, compared with the previous quarter and by 14.1% compared with the previous year. In general, prices are up 42.3% over the past 5 years. Among the most popular neighborhoods in Brooklyn Bedfort stand-Stuyvesant, Ribdzh Bay, Fort Galmilton, Sheepshead Bay, Park Slope, East Flatbush and Bushwick.
Manhattan
Manhattan - the historic core of the city. The population as of 2012 was about 1.6 million people. In Manhattan, located the highest and most famous skyscrapers of the city, among them - the Empire State Building, Chrysler Building, Woolworth Building, Met Life Tower, 40 Wall Street, Rockefeller Center.
Geographically, the area is an island located near the confluence of the Hudson River, washing it from the west, the Bay Upper New York Bay. From the mainland, which is located on the area of the Bronx, in the north-east of Manhattan Harlem river separated from Long Island to the east and south-east - the East River.
The average sale price in Manhattan is $ 225 000. compared with the previous quarter, prices rose by 2.3%, or $ 5,000, and 25% compared with the previous year. Over the past 5 years, prices rose only 3.3%.
The area is divided into separate parts: Downtown (or Lower Manhattan), Midtown, the Upper East Side and Upper West Side.
Downtown is located in the south of the island. It is the commercial center of Manhattan, as well as his most popular piece in terms of tourism and commerce. Financial center concentrated around Chambers Street. It includes Wall Street and the territory of the former World Trade Center. To the north of around Chambers Street and the Brooklyn Bridge and south of Canal Street is one of the oldest neighborhoods of New York City's Chinatown.
According to the second quarter of 2014 the average selling price in the downtown was $ 1 114 817. The ratio offers premium and low-budget price range is constantly decreasing in favor of the former. So in the second quarter 3 of 5 objects were priced above $ 1.3 mL.
Downtown at the moment - the fastest growing market in New York. The catalyst for the growth were tax incentives, aimed at stimulating the activity of entrepreneurs and developers after the tragedy of September 11, 2001.
Midtown - a district of the most iconic buildings in the city, including the Empire State Building, the Chrysler Building, the headquarters of the United Nations, as well as such well-known shopping and tourist centers such as Rockefeller Center, Broadway and Times Square. The average selling price in this part of Manhattan, recorded in the second quarter of 2014 was $ 770,000.
Since the beginning of the XX century Upper East Side called "the Silk Stocking", as it is considered one of the most expensive in New York. There were building housing the wealthy American industrialists since the end of the XIX century.
Also, the Upper East Side is known for an abundance of museums. The highest concentration of them falls on the so-called "Museum Mile" section of 5th Avenue from 82nd to 104th streets. There are the famous Metropolitan Museum and the Guggenheim.
Upper West Side - an area between Central Park and the Hudson River bounded by the 59th and 110th streets. Like the Upper East Side, Upper West Side is traditionally considered a place of luxury housing, home workers the commercial sphere in Midtown and Downtown. Also Upper West Side is home to many cultural znamemityh.
Apartment on the Upper East Side and Upper West Side are worth an average of $ 12 000 to $ 24 000 per sq.m. In lower Manhattan - Chelsea, Greenwich Village, Sho and Tribeca, apartments, usually more expensive, and the price per square meter. m. in the range from about $ 17,000 to $ 27,000.
In Upper and Lower Manhattan large flats usually cost more. For example, in Upper Manhattan apartment of 120 sq.m. costs about $ 15,000 per square meter. m., while the apartment of 175 square meters. m. The costs an average of $ 18,000 per square meter. m. Lower Manhattan apartment of 120 sq.m. costs about $ 18, 000 per sq.m. The cost of apartments with an area of 200 square meters. m. will be approximately $ 23, 000 per sq.m.
The average rent in Manhattan grew by 3.3% in June 2014 compared with a year earlier, to $ 3,300, according to a report Douglas Elliman Real Estate. According to others brokerage Citi Habitats, the average rent reached this month $ 3,470 - the highest figure since 2002. Rental rates continue to rise, many people in Manhattan zastalyaya migrate to other areas of the city.
Rent luxury apartments in Manhattan, located in the upper bracket of 10%, it is worth an average of $ 8,848 per month. Among the neighborhoods of Manhattan maximum cost of rent - in Soho and Tribeca, ranging from an average of $ 2,620 per month for studios and up to $ 7906 for a three-bedroom apartments.
market History
The real estate market - a thing quite unpredictable. However, you can get an idea of the approximate behavior of the market, referring to its history. Over the past 40 years, housing prices in New York have experienced two periods of rapid growth - 1980-1989 and 1996-2006 - and two periods of recession - 1974-1980 and 1989-1996. Both boom accompanied by a substantial increase, and both the crisis were relatively minor. Overall, prices rose by 250% from 1974 to 2006.
During the crisis of the 1970s prices throughout the city decreased by 12.4%. Manhattan was the only area unaffected by the crisis, the prices are even increased by 28.6%. After at least six years of declining prices throughout the city grew from 1980 to 1989 by 152%, while in Manhattan - 155%. Prices in 18 quarters increased by more than 200%, and only in one area of growth was less than 100%. This boom ended when entered into recession in 1989.
From 1989 to 1996, prices fell by 29.3%. However, in the top ten areas prices have fallen by only 4%. In 1996, the New York market has entered a period of ten boom. Selling prices increased by 189% in the ten areas of agglomeration, including the city itself. In Manhattan, the average price increased by 185%, but in some quarters of the increase was almost 500%.
Since the onset of the crisis in 2006, real estate prices in New York fell to -24.8%. Prices hit bottom in August 2009, when the average price for sale of $ 461 000. After that, the market began to rise, but at the beginning of 2010, prices began to fall again, reaching the bottom for the second time in February 2012. Further, prices rose steadily.
For 2013, prices rose by 10.4% and Zillow predicts growth of 3.7% over 2014. The average price per square meter in New York is $ 5347.7. The average price of objects for sale - $ 528,888, while the average transaction price - $ 519 813. According to forecasts, the price of real estate in New York will continue to grow, although not as rapidly as it was during the boom of 1996- 2006. One of the key factors for growth, which is celebrated professionals, is a chronic lack of supply in the market.
Areas of New York
New York is divided into five main areas (boroughs): the Bronx, Queens, Staten Island, Brooklyn and Manhattan.
Bronx - the northernmost of the five boroughs of New York. Located north of Manhattan and Queens, and south of Westchester County, the Bronx is the only area which is mainly on the mainland. According to the last census of 2010, the population of the Bronx has 1.3 million people (according to some estimates, in 2014 the population of the area has more than 1.4 million).
Although the Bronx is the third most populous county in the United States, about a quarter of its area is not populated. Unsettled territory includes Vudloun Cemetery, Van Cortlandt Park, Pelham Bay Park, New York Botanical Garden and the Bronx Zoo. These areas were deliberately protected from development in the 19th century, urban development and spread to the north and east of Manhattan.
According to the portal Trulia.com, the average selling price in the Bronco in the third quarter was $ 370 000. In comparison with the previous quarter, prices rose by 14%, or $ 45 500. In comparison with the same period in the previous year, prices rose by 5.7% . Over the past 5 years, prices here rose by 17.5%.
The most popular areas in the Bronx - Riverdale, Trogs-Neck, Eydzhuoter Park Ueyksfild, Dzheroms Park, Parkchester and North Riverdale.
Staten Island - the southernmost district of the city. The area is separated from the rest of the City of New York bay. The population of the district has about 470,000 people. Since 2000, the area has grown significantly Russian communities, particularly in neighborhoods Rossvill, Saudbich and Great CILSS.
The average sale price in Staten Island in the third quarter 2014 was $ 384 500. This represents an increase of 9.9%, or $ 34,500, compared with the previous quarter and by 1.2% compared with the previous year. Prices are up 4.1% over the past 5 years. The most popular areas in Staten Island include Arden Heights Tettenvill, Great CILSS, Dongan Hills Rossvill and Eltingvill.
Queens is located in the east of the city, adjacent to Brooklyn. It is the largest in area district of New York. Population Queens has about 2.3 million people. In addition, Queens - also the most ethnically diverse city.
Over the past 5 years, the prices in this area increased by 17.5%. Now the average price is $ 499 000. The most popular neighborhoods - Jackson Heights, Astoria, Kew Gardens, Bayside, Rego Park and Ridgewood.
Brooklyn is the most populous of the five boroughs of New York City, with about 2.6 million people. It is geographically adjacent to the Queens on the west side of Long Island. Located not far from Manhattan, Brooklyn over the past 15 years has begun to attract residents who work in Manhattan, but can not afford to rent or buy property on the island.
Recently, due to the slowdown in the market of Manhattan, Brooklyn began to rapidly gain momentum, becoming the most sought after area of Manhattan. Prospects for further price increases, largely associated with the market of Manhattan, most likely quite positive. Over the past six quarters due to the rapid population growth property prices here have increased almost fivefold.
Brooklyn became the first New York City area, recover from the crisis. The average price for all types of real estate rose by 4% compared to the same period in 2013. Thus, the level of prices in the third quarter was at 8.8% above the peak 2008 levels.
The average sales price in Brooklyn was $ 676 000. The cost of real estate increased by 5.1%, or $ 33,000, compared with the previous quarter and by 14.1% compared with the previous year. In general, prices are up 42.3% over the past 5 years. Among the most popular neighborhoods in Brooklyn Bedfort stand-Stuyvesant, Ribdzh Bay, Fort Galmilton, Sheepshead Bay, Park Slope, East Flatbush and Bushwick.
Manhattan
Manhattan - the historic core of the city. The population as of 2012 was about 1.6 million people. In Manhattan, located the highest and most famous skyscrapers of the city, among them - the Empire State Building, Chrysler Building, Woolworth Building, Met Life Tower, 40 Wall Street, Rockefeller Center.
Geographically, the area is an island located near the confluence of the Hudson River, washing it from the west, the Bay Upper New York Bay. From the mainland, which is located on the area of the Bronx, in the north-east of Manhattan Harlem river separated from Long Island to the east and south-east - the East River.
The average sale price in Manhattan is $ 225 000. compared with the previous quarter, prices rose by 2.3%, or $ 5,000, and 25% compared with the previous year. Over the past 5 years, prices rose only 3.3%.
The area is divided into separate parts: Downtown (or Lower Manhattan), Midtown, the Upper East Side and Upper West Side.
Downtown is located in the south of the island. It is the commercial center of Manhattan, as well as his most popular piece in terms of tourism and commerce. Financial center concentrated around Chambers Street. It includes Wall Street and the territory of the former World Trade Center. To the north of around Chambers Street and the Brooklyn Bridge and south of Canal Street is one of the oldest neighborhoods of New York City's Chinatown.
According to the second quarter of 2014 the average selling price in the downtown was $ 1 114 817. The ratio offers premium and low-budget price range is constantly decreasing in favor of the former. So in the second quarter 3 of 5 objects were priced above $ 1.3 mL.
Downtown at the moment - the fastest growing market in New York. The catalyst for the growth were tax incentives, aimed at stimulating the activity of entrepreneurs and developers after the tragedy of September 11, 2001.
Midtown - a district of the most iconic buildings in the city, including the Empire State Building, the Chrysler Building, the headquarters of the United Nations, as well as such well-known shopping and tourist centers such as Rockefeller Center, Broadway and Times Square. The average selling price in this part of Manhattan, recorded in the second quarter of 2014 was $ 770,000.
Since the beginning of the XX century Upper East Side called "the Silk Stocking", as it is considered one of the most expensive in New York. There were building housing the wealthy American industrialists since the end of the XIX century.
Also, the Upper East Side is known for an abundance of museums. The highest concentration of them falls on the so-called "Museum Mile" section of 5th Avenue from 82nd to 104th streets. There are the famous Metropolitan Museum and the Guggenheim.
Upper West Side - an area between Central Park and the Hudson River bounded by the 59th and 110th streets. Like the Upper East Side, Upper West Side is traditionally considered a place of luxury housing, home workers the commercial sphere in Midtown and Downtown. Also Upper West Side is home to many cultural znamemityh.
Apartment on the Upper East Side and Upper West Side are worth an average of $ 12 000 to $ 24 000 per sq.m. In lower Manhattan - Chelsea, Greenwich Village, Sho and Tribeca, apartments, usually more expensive, and the price per square meter. m. in the range from about $ 17,000 to $ 27,000.
In Upper and Lower Manhattan large flats usually cost more. For example, in Upper Manhattan apartment of 120 sq.m. costs about $ 15,000 per square meter. m., while the apartment of 175 square meters. m. The costs an average of $ 18,000 per square meter. m. Lower Manhattan apartment of 120 sq.m. costs about $ 18, 000 per sq.m. The cost of apartments with an area of 200 square meters. m. will be approximately $ 23, 000 per sq.m.
The average rent in Manhattan grew by 3.3% in June 2014 compared with a year earlier, to $ 3,300, according to a report Douglas Elliman Real Estate. According to others brokerage Citi Habitats, the average rent reached this month $ 3,470 - the highest figure since 2002. Rental rates continue to rise, many people in Manhattan zastalyaya migrate to other areas of the city.
Rent luxury apartments in Manhattan, located in the upper bracket of 10%, it is worth an average of $ 8,848 per month. Among the neighborhoods of Manhattan maximum cost of rent - in Soho and Tribeca, ranging from an average of $ 2,620 per month for studios and up to $ 7906 for a three-bedroom apartments.
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