Manhattan is the Place to Buy – We’ve Got the Deets!
The final stop in our All-American road trip: hot and happening New York!
Things are looking up for the Big Apple. Here’s why buyers should take advantage.
On the last stop of our Everest tour, we’re heading back to where it all began: to the magnificent skylines of NYC. Just a drive away from the stunning natural scenery of Niagara Falls, a breezy hike in the Adirondack Mountains, and the charming appeal of historical towns, New York has something to offer everyone.?
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The Big Apple herself is making headlines this month with new housing policies triggering a massive boom in development. With affordable rentals, a wide array of luxury housing, and plentiful career opportunities to boot, New York City is promising to be the real estate hotspot of the summer.?
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Known for its soaring skyscrapers, bustling streets, and cultural landmarks, Manhattan has long been a coveted address for those seeking the quintessential urban experience. However, the city’s real estate market, often characterized by sky-high prices and fierce competition, is in its buyer glow-up era. Everest expert Rita Horowitz is giving us all the juicy details on this promising trend:
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“In the second half of 2022, the region entered a buyer’s market and has been there through all of 2023. Our experts expected a little more pickup in the spring of 2024, and when it didn’t happen, our buyers were concerned about their investments.? Thankfully, Manhattan supply has now ticked back up 7.7% from the previous month as Fall '24 supply gain reverts back to trend. Plus, sale volume was up 48% from quarter one to quarter two this year, which indicates a strong upward trend.”
At this point, some buyers are wondering what that means. How did the market get to this point? And what evidence is there that things will continue to improve? Our Everest expert had the details on that too:
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“This improvement is probably triggered by the expectations of the impending interest rate cut,” Rita explains. ?“The economy is doing really well, so people are feeling really optimistic about that. Recently, the MBS advised that agents should prepare for an upcoming refinance boom. Inflation is falling, the labor market is balancing out, and the feds are getting ready to cut rates. Analysts estimate that mortgage rates will match that trend, which will really go over well with buyers!”
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But what about people who aren’t planning to purchase just yet? Will they still have the opportunity to cash in on the many perks in this buyer’s market? Our experts say yes!
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Hey renters: affordable housing is on the rise.?
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If you’re getting your ducks in a row before you buy, there are still some perks to cash in on in this rising market. Earlier this year, the governor of New York announced a proposed financial plan for 2025. This proposal included policies designed to boost the supply of affordable housing by offering incentives to developers for creating more affordable rental units – plus process adjustments that make the approval process for new buildings more streamlined. The result? More and more investors are putting their money into new rental properties that will be accessible to residents at different phases of life.?
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For those who have always dreamed of living in Manhattan, but were deterred by the higher costs, this is a golden opportunity. The availability of affordable rentals means that you can get your first glimpse of the vibrant lifestyle the city has to offer – from world-class dining and entertainment to unparalleled cultural institutions like the Metropolitan Museum of Art to Broadway theaters. In short: your own personal lifestyle glow-up!
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Rita spoke to this beautifully by saying:
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“Manhattan’s skyline is a testament to human ingenuity and architectural brilliance. The Empire State Building and the One World Trade Century not only define the city’s silhouette, but also the spirit of the region. I always like to think of New York City as the city of ambition. It’s a place where people reach for the stars and move toward greater achievements.”
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Many aspiring owners get their start in the Manhattan rental market – then save up for their next big move. This is a great time to start building connections in the area, grow your professional aspirations, and – don’t forget – take in all the sights that the city has to offer.?
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High-Tier Buyers: we’ve got options for you too!
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So, yes: the affordable rental market is expanding – but that’s not the end of this magic trick! Manhattan continues to be a playground for those seeking luxury living. For decades, the city has been well-known for its opulent penthouses, historic brownstones, and cutting-edge condos. Today, buyers can still cash in on those breathtaking views while enjoying top-of-the-line, modern amenities.?
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On your next buying tour, be sure to check out the sleek towers of Hudson Yards and make a stop to view the historic charm of the Upper East Side. To local residents, these properties are not just homes; they are statements of style and status. And, with the latest in smart home technology, private terraces, and access to exclusive services and facilities – buyers can treat themselves like New York Royalty.?
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Plus, with all the professional opportunities in the NYC scene (more on that in a minute), you’ll earn your luxury home – and then some – in no time!
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“The professional network in New York City is one of the best in the world.” Rita elaborates. “It’s a great place to exchange best practice knowledge, learn about the business techniques of peers, and stay abreast of the latest industry developments. This allows aspiring professionals to grow significantly faster than they do in other regions. And, as many of our clients say, why not reward all that hard work with a living experience to match?”
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Housing options in the area range from historic brownstones to modern upcycles – capturing the immense versatility that living in this area can offer you.?
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Entrepreneurs: how about a change of scenery??
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Let’s step away from the housing talk for a minute and talk about another reason you’ll love living in New York City: career opportunities. Let’s face it, this place has remained in the top spot for business for generations, gradually transitioning into the global hub we know today. The city’s robust economy, driven by sectors in finance, technology, media, and healthcare, attracts professionals from around the world. Major corporations and innovative startups both call Manhattan home, providing a dynamic job market that offers both stability and growth potential.?
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If you plan to take your work with you, Rita says that the city offers unparalleled networking opportunities and easier access to industry leaders that can help you elevate your career. Plus, the area’s prestigious universities and research institutions give ample opportunity for continuing education.?
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“One of the main benefits of living in NYC is that it’s a great place to work – whether you’re seeking that big break or a high profile office job. Financial services is a major industry in Manhattan, so there are a lot of job opportunities on Wall Street for example. The city’s retail market is also booming right now – so a lot of commerce entrepreneurs are flocking to the city to take advantage of the many opportunities.”
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We know how crazy it can be to make a move – especially when you’re relocating to a new area. Our experts recommend taking stock of all of the benefits of that decision; you might find that, despite the costs, adjustments, and general stress of moving, the results are well worth the effort.?
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And, of course, with Everest mortgage professionals on your side, you can take a whole lot of stress out of that equation – since we manage the entire process every step of the way. Until then, you can count on us to get you the info you need to make your next real estate decision.
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Everest says: Make the most of your next big purchase.
The next time you decide to broaden your horizons, trust our pros?
to help you maximize your mortgage for long-term success.