Multi-family units are greatly in demand in NYC Real Estate as per a recent article which indicated a sharp increase in the price of these homes. In September 2015, multi-family home sales were $1.7 billion which is over a 90% increase in the price from August 2015. This was at least partly as a result of seasonal variations in sales as prices had actually decreased by about 5% from the prior year with Manhattan leading the way. Some of the outer boroughs had a slower movement than in Manhattan with Queens and the Bronx having lower sales.
Overall, 60 transactions were made during September in which approximately 140 multi-family units were sold. This trend is expected to continue into the fourth quarter of 2015. Some larger sales skewed the marked in November, with a $90 billion transaction consisting of 24 buildings that was purchased by Blackstone Group and Fairstead Capital.
As we have seen there is a limit on the number of multi-family homes on the market in New York City and they are greatly in demand. While this can lead to higher overall prices, high real estate prices provide an advantage to those who can obtain financing and can rent out the property to others looking for rental properties. Finding one of these units is difficult but the right real estate broker can help you to find the right multi-family home in e borough of your choosing. Town Residential Real Estate is a trusted real estate agent with extensive experience in the New York City market and can help you to find a multi-family unit that meets your needs and can help to refer you to a lender who feels comfortable in providing loans for multi-family units.
Multi-family units are significantly more challenging than traditional homes for buyers, brokers, and lenders. Town Residential Real Estate can help a buyer understand the process of owning a multi-family home and to work out what is typically involved in the typical purchase of one. There are many nuances associated with the process such a understanding any existing leases or liens on the property, working through landlord insurance policies, and obtaining financing for the purchase of the multi-family unit. Having a real estate agent like Town Residential Real Estate that has a lot of experience in the industry can greatly streamline your process and ease many of the challenges that you have in owning a multi-family home.