Thursday, July 2, 2009

Latest property trends and furnished apartment in New York

A list of the top 10 places in the world for real estate investment was recently published by Forbes magazine. The Association of Foreign Investors in Real Estate (AFIRE) surveyed its 200 members, who own about $700 billion worth of property around the globe, to figure out where they are finding the best investment opportunities.
The list includes some of the most expensive cities in the world. Prime property in London and New York costs slightly more than $15,000 per square meter, according to Global Property Guide

New York is still going strong but parts of the property market will experience a slowdown, according to a New York Times article. While Wall Street makes up only 5 percent of the total jobs in the city, it produces 23 percent of the city’s total salary. The spending pattern of Wall Street workers is a good economic indication for the city as well as the real estate market.

Traditionally, financial workers tend to spend their bonus money on property. Bonuses from 2007 should remain flat; this would help the housing market remain afloat in 2008. The effects of the credit crisis will be felt in 2009, as workers begin to see their bonuses disappear.

New York, which is also the base city for the Mercer study, comes in at 22nd place on the cost of living list. The city has one of the most expensive prices for apartment buyers, with property in prime locations costing about $15,933 per square meter, according to Global Property Guide

Biggest price cut of the day

The unit with the biggest price cut in Manhattan today, according to, is a four-bedroom, five-bath penthouse at 161 West 61st Street, between Amsterdam and Columbus avenues. The price of penthouse A was cut by $2 million, and it is now on the market for $9.5 million. This is the fourth time the 6,136-square-foot home's price was lowered since it went on the market in January. The apartment is now listed for almost 30 percent less than its original price of $13.5 million. The Corcoran Group's Carrie Chiang and Janet Wang have the listing.

Manhattan is getting an unwanted taste of South Florida. Developers of new condominiums are finding that furnished apartments they thought had sold are unexpectedly coming back into their hands as buyers — not just layoff victims, but some who are wealthy and employed — default on contracts. In some cases, these supposed buyers are having to walk away from five- and six-figure deposits. This phenomenon, common in Florida and other real estate markets decimated by the housing slump, was virtually unheard of in New York City until recently.

Short Term Rentals in NYC

Many travelers and families find that staying in an apartment while visiting New York City can save them money. An apartment often accommodates more guests than a hotel room and staying in an apartment can mean saving money by preparing some meals in the apartment. For longer visits, staying in an apartment can give you the sense of living in New York City instead of just visiting. If you're interested in short-term apartment rentals in New York City, these agencies and websites are the best way to find a short-term rental.

By Remesh

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