New York has always been a desirable place to own property. Even with political uncertainty and rising costs due to a stronger dollar, the city’s prime real estate is still highly sought-after. According to research from TheMoveChannel.com, New York accounted for one in four (24.6 per cent) of all US property enquiries in 2016, behind only Florida (24.8 per cent).
These figures highlight the USA’s general appeal, because property investors look for security and stability. Global consultancy AT Kearney ranks the US as the number one target market for overseas buyers, thanks to its clear and well-established legal system. New York sits comfortably in this bracket, due to its status as a global economic hub.
The USA’s strong appeal to major markets is increasingly fuelled by interest from China. Chinese buyers invested $27.3 billion in US residential real estate between April 2015 and March 2016, according to the National Association of Realtors (NAR). In the USA, the option to own a property on a freehold basis is a major attraction to Chinese investors, because China only allows a leasehold of 70 years. With the US home to the largest metropolitan Chinese population outside Asia, especially in New York, the city is particularly appealing to Chinese expats.
The potential for capital growth is also key to the city’s attraction. New York home values have gone up 11 per cent over the past year and Zillow predicts they will rise 4.7 per cent in 2017. The median price of homes currently listed in New York on the portal is $729,000.
According to Knight Frank, New York’s luxury sector has faced notable headwinds in recent months. The strong US dollar has made property more expensive, while the delivery of a large number of new luxury projects has inflated supply. But while sales slowed, prices still proved resilient.
With this in mind, we present five prime properties that show The Big Apple is still home to big deals in property:
1. Wakefield, New York – 7 Bed House
Asking Price: From $529,999
A spacious, sunny, and renovated house with two indoor car garages. The interior features hardwood floors, stainless steel appliances and recessed lighting. The house also comes with a large private yard.
2. North Riverdale, New York – 6 Bed Townhouse
Asking Price: $881,499
This two-family detached brick house enjoys a tranquil setting and has great income-producing potential. It has been completely renovated, including: a new roof, new bathrooms, kitchens, floors and windows. Each unit has a separate entrance and both include three bedrooms and two bathrooms.
3. Riverdale, New York – 3 Bed Condo
Asking Price: $1,465,000
This spectacular corner home is spacious with floor-to-ceiling sound proof windows that allow for an enormous amount of sunlight. The building has a range of luxury amenities, including an indoor swimming pool with retractable roof, cinema, children’s play room, fitness centre with changing rooms, sauna and steam showers, as well as a rooftop terrace with magnificent Hudson River views.
4. Hudson Hill, New York – 5 Bed House
Asking Price: From $1,685,000
Located on a tree-lined street in a historic neighbourhood, this beautiful house features a dramatic two-storey living room with expansive windows, original woodwork and carved stone fireplace. The lower level could function as a separate apartment and there is a spacious and scenic garden behind the house.
5. Spuyten Duyvil, New York – 7 unit investment property
Asking Price: From $2,595,0000
A rare 7-unit investment property located in the desirable section of Spuyten Duyvil. The property comprises a large cottage with distinct apartments offering breathtaking views of the river. The property was originally built in 1924 and is close to Spuyten Duyvil Metro North train station.