“ The times, they are a changin” (Bob Dylan)
When it comes to real estate investing, two key factors lead to success: finding the right location and timing the market.
Lifestyle Asset group got both right with the NYC acquisition for their LifestyleOne shareholders. After months of searching, the team toured 14 apartments in NYC and rejected every one due to lack of charm, undesirable location, and many other factors. Then, in October of 2104, they found the perfect apartment in the right location and knew the time was right to buy. And good thing, because after our full price, all-cash offer was accepted, four other offers came in within the next 24 hours. This decision proved to be a very good one, as evidenced by the increases in the Manhattan real estate market in 2015.
Prices are up. Supply is down. It's the classic formula and the time to invest in real estate is right now. In this case, we're talking about record demand and record prices combined with record low inventory. Where, and what? The Manhattan apartment market.
When most people think of investing, traditional vehicles like stocks are typically the first thing that comes to mind. But, the stock market is not the only way to increase your net worth, and may not even be the best way. Many investors are finding greater success adding luxury real estate to their portfolios.
New York is a wonderful city - there's no doubt about it! But, if you've never been up the Hudson to West Point, sailed on Long Island Sound, or seen the green farms and vineyards of Long Island, you owe it to yourself to get out of the city for a day, or for a weekend. Once you're out of the shadow of the skyscrapers, life is slower-paced, people seem more approachable, and the charm of the countryside becomes palpable.
There are a number of ways to plan an excursion, including train, bus and private car. If you're adventurous, hop a train from Grand Central to West Point, or head out to Long Island with the commuters. There are other options, however.
There are many clues that investors consider when determining whether a particular area is likely to be a sound investment or not. One of those factors is the behavior of other investors in the area. Not only does a gathering of investors mean that others have determined the area to be safe, but it also means that their influx of cash is likely to keep the area stable. According to an article on Yahoo Finance, New York City is turning out to be a haven for real estate investors around the world.
One of the best reasons to visit New York City is the food, right? Whether you're looking for street food in Little Italy, dim sum in Chinatown, the newest classically elegant restaurants, or taste treats from the latest darlings of the celebrity chef circuit, you can be sure to find it in New York. And, when you schedule a visit to your second home in the city, part of the excitement is "eating around."