Real estate sales may have been precarious in many parts of the country, but according to experts, in New York it was a different story. In spite of the state of the economy, things proceeded in a steady fashion. The market for rentals saw an increase.
As economies in countries like Russia and China grew less stable, investors from other parts of the world viewed New York as an attractive alternative place to make their investments. It was due to this and a reduced number of available properties that there was not a drastic reduction in prices.
Negotiations are continuing for lengthy periods of time. Offers don’t mean quick sales. But, the United States is considered a safe place to invest with New York the leading area. Buyers may be getting a better price than in the past, but the important thing is the sellers are doing business.
When it comes to rentals, business is booming. There were applicants bidding on apartments that rent for $25,000 a month. Lower priced properties were also renting faster. All rentals picked up in 2011.
Now local realtors see a good market for 2012. It is somewhat dependent on it being an election year and banks relaxing the overly cautious mortgage loan standards. The outlook for stability is good and the possibility of appreciation in the real estate market does exist.