In my previous post, I went into detail on the basics of new development in New York City. With the basic information provided, here are some suggestions on how to put that information and knowledge to good use.
When to buy
There are two types of buyers in new development: investors and end users. If you are an investor, the best thing for you to do is work with a highly specialized broker who can get you in on the ground floor of a new development. For end users, any time is a good time to buy as you should look at the purchase from a long term perspective. In fact, the most important aspect for an end user is quality of life, so picking the right unit is much more important. Again, you need to be guided by an expert as you are typically buying off of floorplans and may not physically see the property before committing to it.
What that means for you as an owner
As an owner of this commodity, you need to have an expert on your side that can help you differentiate your property and substantiate its value to consumers. Each property stands alone in the market, but by being in a new development you have an asset that tends to be valued higher than other properties. If you are interested in selling, make sure you work with someone who can sell each of the factors and benefits that make new developments so valuable.
The new development market is slowly coming back to New York City and further changing the landscape. With each new development there is an opportunity to own a “new” piece of the rock. It is satiating the need for more housing, but also creating a great opportunity to invest in a product that will appreciate in value. I stay on top of all new developments coming to market and I’m seeing that developers are creating higher quality boutique buildings with ample amenities, making a purchase in a new development a smart decision. Now is the time to jump into the market for those ready to buy, sell, or just see what’s out there.
Good luck on your real estate adventures!
Jarrod Guy Randolph