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Travis Old's Blog

By Travis Old | Agent in New York, NY

Hard Sell: The conditions of investment property in NYC

Beggars cannot be choosers in today’s market, especially those looking to invest in the city’s commercial real estate.

Inventory levels are low and prices have hit an all-time high, as potential buyers scour the market and owners cling to property.

Post-recession, investors who weathered the storm are looking to expand portfolios. Foreign buyers are flooding the market, and first time buyers who missed out during the boom want in. But existing property owners have little incentive to sell!

Facts:

  • The average sale price for property citywide = $12.6 million
  • 10% decline in properties sold in 1st quarter 2012 compared to 4th quarter 2011.
  • Most buildings on the market are overmarketed, overpriced for what they offer.

Upper West Side is where it is at right now!

Comments

By Torang | Save $10,000's,  Wed Dec 12 2012, 11:34
Great Information & thanks for sharing it!

Happy Holiday

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