New York is the best place on Earth to invest in. Whether we are talking about a business or a home, it is suitable for all kinds of investing as it is one of the biggest and most famous cities in the world. It has a large population and an even larger number of tourists. This is what makes it suitable for business investments. But when it comes to buying a home, certain neighborhoods are better than the others. And as real estate in New York is very expensive, you definitely want to avoid making mistakes when investing such large amounts of money. We are here to tell you about the top NYC neighborhoods to invest in – real estate wise.
Upper East Side – UES
Upper East Side is a neighborhood that has been on top for many years. We can say that it is the best neighborhood to live in and to invest in. The prices of homes in this neighborhood are ridiculously high. The median sales price stands at $1.4 million in 2019. You can’t really buy big houses here even though this is the median sales price. Here is where you are going to find those New York City apartments and studios everyone dreams about. Those studio co-op apartments cost much less of course but their price still isn’t very accessible either. You can find them for around $300,000. You can also spend as much as $70 million on a seven-bedroom bedroom apartment in this neighborhood.
Why now is the perfect time for investing in this neighborhood are recent changes to the tax code. Because of them, the prices started to drop rapidly and homeowners started selling these apartments for much smaller amounts of money. Now you can find a great apartment for around $750,000. This was unimaginable a few years ago. This neighborhood is very clean and that is why going green is important even when moving to this neighborhood.
If you are seriously thinking about investing in real estate in the Upper East Side you have to know one more thing. Owning a home here is like owning a brand. When you see the quality of its amenities and attractions you will fully understand what we’re saying. This picture of exclusivity is usually what makes people think they can’t afford a home in this neighborhood. But with the right timing, steady finances, and the ability to buy and hold for a while you will be able to fulfill your dreams of living in the Upper East Side. This neighborhood is the perfect place to move to if you are moving to New York for work.
Tip for buying real estate in New York
A tip you must remember if you are going to invest in property in the Upper East Side or any of the neighborhoods that we are going to mention is to be quick. Once you find a good deal that you like, grab it as fast as possible. Property in New York sells fast. And if you aren’t fast enough, the perfect opportunity will slip between your fingers in a minute. You must also have in mind that even if the apartment has imperfections they can be fixes but then you must try to lower the price of the home.
Its real estate is some of the most expensive in the whole of Manhattan. You might have thought the Upper East Side was expensive but wait until you hear the prices in this neighborhood. Most of the properties in this neighborhood are simple two-bedroom apartments. The prices in this neighborhood have been rapidly growing for the last five years. A whopping 21% increase in the prices of homes in Chelsea. Some of the most beautiful brownstones in the city are located here which gives this whole neighborhood a very expensive vibe. The current median sales price in the neighborhood is $1,175,000 for a small apartment.
What makes now the perfect timing to invest is the possibility of home prices rising even though they just started dropping this year. They started dropping because of the nearby Hudson Yards project. And what makes this one of the top NYC neighborhoods? Here you can find a peaceful residential vibe and a suburban feel while still being very close to downtown. While walking in the streets of this neighborhood you will be surrounded by culinary and shopping delights. The best part about this neighborhood are the great schools for your child.
High Lane Park is where you can enjoy the beautiful weather of New York with your family. Here you can also find the Chelsea Market Emporium and the Chelsea Piers Sports Complex. If you love art, this neighborhood is the perfect place for you as it is the host of art galleries as well as high-class restaurants. Moving anywhere in Manhattan without hassle is possible but this particular neighborhood has ease of transportation.
Other top NYC neighborhoods worth investing in
We simply can’t talk about all of them in detail but we can at least try to help you by narrowing down the options. These are other top NYC neighborhoods you should consider investing in:
- Bushwick, Brooklyn
- East Village
- Greenwich Village
- Hudson Square
- West Village.
All of these neighborhoods have pretty high real estate prices. But investing in something like home in these neighborhoods isn’t a bad idea even though the prices are currently dropping in some of them. For a few months or a year, everything will be back to normal and home prices will start rising again in these neighborhoods.