New York Real Estate Market Essay example

New York Real Estate Market Essay example

Length: 1153 words (3.3 double-spaced pages)

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How would you react if someone had told you on the streets of Battery Park City, Lower Manhattan, “Make a wish, and your wish will turn into reality?” If luck by chance you had wished for owning a property at Gateway Plaza, a high-rise apartment complex on Battery Park City; your wish is just 1 millimeters apart. Inside the article, by Daniel Trotta, “Buyers rejoice: Manhattan home prices finally fall,” Trotta stated Manhattan brokers kept on stating prices are going up, while the prices were actually going down. Concurrently, as Manhattan brokers claimed the price of an average apartment to be near $1.5 million, New Yorkers were rejoicing the fact that their wish is soon becoming true. Whether it is located in Soho, Harlem, Upper East Side, 5th Ave, Battery Park City, exotic views; or simply in luxurious Lexington Ave, New Yorkers now can take pleasure of Manhattan’s picturesque skyscrapers for under $1.5 million dollars, even though brokers are revealing a heavily built sum of $1.5 million. What's more, people from other states also sparing thoughts of being the proprietor of their own private piece of property in the heart New York City, Manhattan.

$1.5 million dollars to possess a piece of land in Manhattan may seem like a vast ocean but if nuts and bolts are revealing in decreasing of price, then why wait for the sunrise, go for it today. Reports poring from all over the places are shouting that metropolitan areas knocked by almost by 24 percent (%) from their highest in May 2006 to October 2008, according to Standard and Poor's S&P/Case-Shiller Home Price Index, as it is stated on the article. If that is indeed the case, then 24% out of $1.5 million turns out to be approximately $ 1.1 million dollars. If one even negot...

... middle of paper ...’ dreams of possessing a home in Manhattan can now finally turns into veracity.
Now when all's said and done, great time has approached us at the end of the day. The decline of price fall in the Manhattan market has caught up to everyone’s attention lately, where percentage rates range from 20-25%. What’s more in store for us, the prices of few vacant Manhattan apartments actually dropped by double digits in the first quarter from out of the blue, according to several real estate brokerages. Nonetheless, it’s not just Manhattan, where you are distinguishing this affordable housing concept, but also this concept making its presence fall around the world as well. Hence, now we all have to take a flight out there and grab a bite of Manhattan, Soho, Harlem, Upper East and West Side, Columbus Circle, 5th Ave, and Lexington Ave before it all vanishes “into thin air.”

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