From the rates in Brooklyn, where Jody Kriss and East River Partners commonly work, to the Brexit, there’s a lot going on and affecting New York City right now. Numerous economists and real estate experts say it’s the best possible time to make a purchase in the Big Apple, but it may also be a challenging time to get into the market for those who could benefit the most. Here’s a quick look from the Jody Kriss Blog at two big things affecting the market, and why you may want to grab a property now if you’re able.
1. Values are Expected to Climb, Especially in Brooklyn and Queens
Ingo Winzer recently put together a great piece for Forbes Magazine that highlights the changing market in NYC. While we all love Manhattan, it has become difficult people to enter. This one of the major reasons why Jody Kriss and East River partners routinely select development projects in Brooklyn. It’s no longer a fallback plan when Manhattan doesn’t work out. Rather, it’s a premier option, with business professionals and families seeking out iconic brownstones throughout the borough. Winzer points out that the healthcare industry is booming as well and drawing people into the area. He estimates that Queens, Brooklyn, and the Bronx will see a 20% population increase in the next three years alone. He’s advising people to invest in entire residential buildings and commercial spaces, but the population increases will raise the value of property as a whole, making now the ideal time to purchase.
2. Brexit May Bring More Foreign Investors In
Right now, it’s very difficult to say just how Brexit will affect the global economy. In the immediate aftermath of the announcement of Brexit, the British pound dropped 20% overnight and many experts think the economy will be slow to recover. This makes American properties all the more tempting to foreign buyers because of America’s stability. Primarily in NYC, where property values are increasing. It’s expected that many of those who might have otherwise invested in the UK will be looking to the US for more constancy. The caveat to this, however, is that many have their funds tied up in pounds, which will make purchasing more challenging now that their money doesn’t go as far. As Brexit continues, the demand for property will increase due to these foreign buyers, which will also drive the cost of NYC property up.
Whether you’re considering buying one of the homes that Jody Kriss and East River Partners has thoughtfully restored or are looking for property elsewhere in the Big Apple, it seems that all sources are saying now is the time to make a purchase. It’s ideal for investors, as property values are expected to drastically climb, and a great time for individuals to obtain a new home, simply because the prices may well be as low as they’re going to be for many years to come.