Whether you are looking for an investment opportunity, a new home, or a new project, prime real estate for sale in Manhattan is selling fast. The demand for real estate in New York City continues to rise as it is limited. Unlike most areas of the United States, there are few to no areas of NYC that have not already been developed. Real estate investors continue to buy and flip pieces of property and buildings, knowing the area is profitable due to the demand. When you are ready to move to NYC, you must be prepared to compete with not only other potential home buyers but also an entire ocean of real estate investors.
What Does Prime Mean?
In the expression “prime real estate,” prime refers to the newest and highest assets in a specific location. The asking or selling price reflects the newest and highest assets in that specified location. For example, condos sold at Fifteen Hudson Yards are prime real estate for sale in Manhattan. The recently redesigned real estate is new and listed as high in assets, therefore, making it prime real estate. As time has passed, they have only increased in value.
Why Does Location Matter?
Location is essential to demand. If you purchase real estate in an area without jobs, stores, or public forms of transportation, many potential buyers will look elsewhere. On the other hand, if you purchase real estate in an urban area known for crime, the potential buyer demographic also shifts to a lower-end market. Manhattan is a prime location because it has relatively low crime rates, better schools, and a booming job market in comparison to other urban areas.
