New York is a metropolis in the United States, located in the southeastern part of the state of the same name, on the Atlantic coast. According to many experts, the incredible scale of the economy and energy power make it possible to assert that there are no more such cities on the planet. It is necessary to single out such industries as: international trade, tourism, media services, audit, advertising, law, insurance, fashion, education, medicine, art is most diversely represented, venture investments are in the area of constant interest, the real estate market is dynamic and constantly growing. Only Silicon Valley is ahead of New York in terms of the number of startups. Many well-known international companies are headquartered here. The city has three international passenger airports, the public transport system includes a metro network, buses, ferries, and a cable car.
The climate of the city is between subtropical and temperate continental. Summers are hot with an ocean breeze; in winter, the temperature does not drop below minus five degrees Celsius.
Advantages of living in the city:
- a strong economy,
- tourist attractions,
- high tech healthcare,
- high profit payment,
- variety of leisure
- perfect public transport system (metro works around the clock),
- the proximity of the ocean
- tolerance of local residents.
Buying apartments in New York from owners is profitable
Resale apartments in New York are always desirable for investors, because there is a dynamic and liquid real estate market, a friendly attitude towards visitors. For foreigners, investing in real estate in the city is seen as a safe and secure investment. The prices for second homes in New York are constantly rising, which allows you to receive passive income from renting out second-hand housing, in addition, you can use housing in New York for permanent residence, this allows you to be in the center of the city's events.
Of course, in the elite parts of the city, such as Brooklyn and Manhattan, it is almost impossible to find inexpensive apartments. But even in lesser-known locations, the cost of housing in New York will not be significantly lower. If there is an intention to buy a comfortable secondary apartment at the lowest price, you will have to be patient.
The type of apartment also significantly affects the cost of the apartment. In this sense, we should highlight studio apartments, duplexes, apartments in condominiums, cooperative apartments that are often found in this city. Apartments in condominiums or "condos" are located in multi-unit buildings where the tenants own the apartment and jointly own the house, maintenance of the house and the adjacent territory is carried out by the management company. They cost more than cooperatives. Investors often rent apartments in condominiums. Since about 75% of Manhattan residents are renters and only 25% are owners, there is a lot of potential for owners to rent out apartments. Secondary apartments, depending on the area, can bring more than 5% per annum.
In a cooperative, the right of ownership is retained by the legal entity that owns the land. The cooperative issues shares proportionally between all apartments in the facility. The larger the area of the apartment and the better the living conditions, the more shares the owner receives. The owner of the apartment is the owner only nominally, since in fact he owns only shares. According to the contract, he rents apartments from the cooperative. The cooperative has its own board of tenants, which has great influence. For example, before buying apartments in New York, a potential owner needs to go through an interview with the board. The conclusion of a deal with a new owner may be delayed due to the long decision of the board, so the cost of apartments in cooperatives is lower than in condominiums.
The GEOLN.COM real estate website with a convenient search interface helps investors to purchase secondary apartments without intermediaries. You can quickly find an option according to the necessary quality characteristics (a wide selection of offers of verified objects with photos) and get expert advice. Owners of investment objects expose their options on the site on their own. The purchase procedure is transparent, regulated in detail by law, which is confirmed by customer reviews.
The price of an apartment in New York on the secondary market
The average cost per 1 square meter of living space in the city center - 9,790 USD. The average cost of an apartment in New York on the outskirts is $5,120 per sq.m.
In the catalog of real estate search engine GEOLN.COM, a 100 sq.m apartment in an elite residential complex in Manhattan is offered for sale at a price of $2,621,300.
Buying a resale apartment in New York is an investment with a high and stable passive rental income. Living in the city makes it possible to be in the center of many significant events in world culture and business, and allows you to find useful connections.
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