You always wanted to be in New York City or maybe you lived there 30-plus years ago when prices were single digits and still have that yearning desire to be or go back to the “Big Apple.”
So you are now an empty nester and are seriously thinking and contemplating of moving into the city from Long Island (or from anywhere else)?
One must consider and choose from the 325 neighborhoods, which area might suit one’s needs and wants.
However, first you must decide what your budget will be and how much money you can and really want to spend, (or in the city, they say price per square foot), then determine what you can buy and where you will find your price point to satisfy that equation.
How much will you net from the sale of your home, high-priced homeowner association or townhouse or whatever you are selling.
The following link will provide some insight into the price per square foot(as of 1/9/15) in those areas. Prices have mostly increased over the last year.
Prices range from a reasonable, $430+ per sq. ft in Inwood to the high end of $3393+ per sq. ft on Central Park South:
I know of someone purchasing in DUMBO, Brooklyn (Down under the Manhattan Bridge Overpass), which they see as a location for excellent price appreciation.
So, after a bit of research I do concur; it is an amazing area that is receiving a lot of attention from developers who are creating and planning new developments and superior environmentally friendly outdoor spaces along the waterfront. The area has been performing extremely well in increasing the median price for residential apartment space year over year.
The future looks exceptionally positive for increased price appreciation.
The median price in 2003 was $768,769 and as of January 2016 was $1, 450,000.
This trend will continue with the increase in demand for that specific location.
Much is going on in DUMBO and I call it a sleeper area that people are discovering and prices are still lower than most areas in Manhattan, but are escalating as new waterfront developments are raising the bar in pricing.
However, you may have a desire for a different location and that’s fine. You need to go through your own analysis and go travel around Downtown and Uptown New York City, Brooklyn etc. to see where you feel most comfortable.
What types of cultural and entertainment venues occur within the area that you choose. Since you might do away with your car, transportation will be a necessity and usually train and buses are nearby for ease of movement around the city.
I could write many, many pages on New York City and the adventure of living there, and in the future, I will periodically pick one area to focus upon and maybe it will help some want to move to that particular neighborhood.
Philip A. Raices is the owner of Turn Key Real Estate in Great Neck. He can be reached by email: Phil@TurnKeyRealEstate.Com or by Cell, (516) 647-4289 to answer any of your questions. To search for property, see what your home is worth or homes that have sold in your area, go to: www.Li-RealEstate.com
