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The New York real estate market is really uneven right now being that the state boasts a combination of the largest city in the country as well as rural lands upstate. From farmland to skyscrapers, studio apartments to mansions, rustic honeymoon getaway motels in the Adirondacks to some of the most luxurious and world-famous hotels in Manhattan, New York really does offer every kind of real estate imaginable. The most sought-after area in New York is Manhattan, which represents all that is urban and uptown and where real estate prices are sky-high. New York’s 2006 gross state product was over $1 trillion: That is greater than the gross national product of most countries. Personal incomes in New York are some of the highest in the country. In 2005 the per capita income was over $40,000, which ranks fifth out of all the states. Although New York boasts a healthy agricultural market and manufacturing industry, the financial markets of Manhattan offer the economic engine that makes the state of New York so dominant. It’s home to New York City’s government, all forms of media, the New York Stock Exchange, and more. Wall Street and the financial sector are the engine of New York City, which in turn is the engine for the state of New York. Within Manhattan real estate there is one neighborhood that reigns supreme. The Upper East Side, which extends from approximately 59th Street to 96th Street, is among the costliest real estate in the world. Over 200,000 people live in this one neighborhood, and the per capita income was at $85,000 in 2000. If you want to buy property here, expect to pay up to $1200 per square foot. Prices of Manhattan real estate are expected to go up by a mere three percent in the foreseeable future; this is actually a sign of possible decline to come. The housing crisis that is wreaking havoc upon the nation partially originated from Wall Street itself, because of the lending practices that were instituted. This, in turn, has gotten them into so much trouble that thousands of jobs have been eliminated. In the short-term, prices may be remaining steady, but it looks like lower prices could be good investment opportunities for investors in the long-term. If you are in the market for Manhattan real estate, keep your eyes open for this.
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