Property for sale in New York State
The State of New York is located in the north-eastern of United States and borders in the north with the Canadian provinces of Quebec and Ontario, in the east with Vermont, Massachusetts and Connecticut, in the south with New Jersey and Pennsylvania. Rhode Island also shares a sea border with New York.
The most important urban centres where looking for property for sale in New York state are Albany, the capital of the New York state. Binghamton, the world capital of the carousel, from which it takes its nickname, Carousel Capital. Buffalo which is the largest city in the State of New York. Cooperstown is a historic city that houses the national baseball museum, the "National Baseball Hall of Fame". Then there is Ithaca, a small city of character and home of Cornell University and of Ithaca College. New York, one of the most famous cities in the world. Its skyline line, dotted with skyscrapers, is one of the symbols of the United States. Among its features are ethnic diversity, the presence of international companies and an incomparable culture.
Other cities to consider are Rochester an old industrial city with a rich history of innovation and progress; now with numerous universities. Saratoga Springs, the "spa town" famous for its horse racing, but also worth a stop for its unusual artistic performances. And Syracuse that is the "salt city", known for its industry, and where it is based the Syracuse University and the Great New York State Fair.
The sales of property for sale in New York state changed, in Manhattan, where some of the most expensive properties in the United States are concentrated, have suffered the biggest drop since 2009. In the first quarter of 2018 the number of home sales in the exclusive New York neighbourhood has decreased by almost 25% to 2,180 units compared to the same period last year. This is the biggest drop since the second quarter of 2009, when the real estate market froze in the wake of Lehman Brothers bankruptcy and the financial crisis that followed.
The average price for the purchase of a property for sale in New York state decreased by 8.1% compared to the first quarter of 2017. The average price per square foot also fell significantly, from 18.5% to $ 1.697. Trend that is also confirmed in the luxury apartment market. In this case, the price of an apartment fell by 15.1% and the number of sales decreased by 24.1% between January and March compared to the same period of 2017.
The uncertainty of potential buyers is mainly due to the tax reform approved in the US before Christmas, which limits the deduction of state and municipal taxes from federal taxes.
In addition to the measures contained in the tax reform, it would also be interest rates to frighten buyers. According to a study, in the next two years there will be a correction of prices to the downside.
In New York the futuristic skyscrapers with super-luxury apartments have always been the call for "billionaires" from all over the world and have always been the visiting card of New York. The rush to build new towers has dominated the scene in recent years to undergo, however, a sharp stop in 2017. However, less and less international buyers are chasing after high-altitude houses in the Big Apple.
Properties for sale prices in New York state are also being revised by the data. December 2017 the average price in Manhattan fell 5.6% from the two million dollars of the third quarter of 2017 and 10.6% from the 2.12 million of the same period of 2016. Those who buy today spend an average of 1.897 million dollars. Above all the trades fall: -25.4% in the fourth quarter from the previous three months and -12.3% from a year before, the lowest level in the last six years.
The luxury segment in Manhattan is experiencing a downturn also because prices have risen too quickly after the crisis.
The market trend has led many manufacturers to delay the start date of sales for some new residential developments. Next to skyscrapers that have been successful and attracted buyers there are, in fact, towers that have not met the hoped-for demand.Of course, those who want to resell their property for sale in New York state today certainly have difficulties. Especially in Midtown, a neighbourhood where it has built a lot but the quality of life is not the best.
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