“New York - State of Mind” Extends Beyond the City for Real Estate Investing

By BEREL News Team

While everyone agrees that you really cannot go wrong investing in property in New York City, other areas in the state have been experiencing “historic appreciation” as well, making the entire area rife with potential for terrific investments[1]. Areas around NYC like Westchester, New York, that are only a 20- or 30-minute drive from the city, “beautifully built” and “with excellent schools,” are drawing in real estate investors like flies to honey. Furthermore, with unemployment in many of these areas well below the national average – Westchester boasted 7.3 percent unemployment this past summer – these areas are growing while many other real estate markets struggle.

Analysts credit the rapid recovery of the New York City real estate market with much of the recovery of surrounding areas as well. In the city, high-paying jobs are still relatively abundant, but high-priced real estate and the “cosmopolitan lifestyle” often drive people slightly farther afield when they decide to start raising a family or establishing roots and a real home. So while “Manhattan is the pillar of capitalism as we know it” according to John  Flaherty, a commercial real estate investor who caters to international investors, that pillar is actually supplementing and supporting the health and growth of the market in surrounding areas as well, making the entire state something of a pillar — or a beacon — in a still-struggling market[2]. The fact that while NY is clearly making a recovery, property prices in many areas are still relatively low, adds further incentive to this type of investment.

For additional information or to see a fine selection of Warwcik homes for sale, please contact Kimberly at Warwick NY real estate.