New York Neighborhoods that Yield a Good Return on Your Investment in 2017
Buying a real estate property in Manhattan can come with a hefty price tag as well as a substantial down payment. If you are thinking of making an investment in New York real estate, it is best to do your homework and determine which neighborhoods will get you the best return on your investment.
If you are currently renting and not considering buying a place in New York, it may be surprising that in certain neighborhoods it is actually better to rent than buy.
As of August 2017, the average price per square foot in Manhattan currently sits at $1,773 (according to NeighborhoodX analysis); which is even higher than San Francisco or Los Angeles. This can make it difficult for many people to invest in a property in Manhattan, however, doing your research first may expand your search into surrounding communities that may be more affordable.
Insights on New York Neighborhoods
A real estate platform called Sharestates had some valuable insights based on return on investment (ROI), after repair value (ARV), the increase in demand over the past year (based on real estate loans in the area), and the area’s median sales price.
They found that Richmond Hill, a neighborhood in Queens, provides buyers with an average return on investment of 12%. Furthermore, the average sales price was $542,500.
In Brooklyn, the Bed-Stuy neighborhood followed with an average return on investment of 11% and an average sales price of $745,000.
Harlem is another neighborhood worth looking into if you are seeking a high return on investment. In Harlem, townhouse prices have increased 171 percent since 2009 according to a study published by PropertyShark. They also found that the average price per square foot increased from $237 in 2009 to $642 in 2017.
Consult a Manhattan Real Estate Lawyer Who Can Guide You
In addition to the sales price of a property in New York, you will also need to plan for closing costs and other fees associated with buying property in New York. It is best to consult an experienced Manhattan real estate lawyer who can guide you in the right direction.
If you need assistance with real estate transactions, contact Sabra Law Group today at (646) 472-7971 for a confidential consultation.