Investors optimistic about Queens real estate
For years, the real estate markets in Manhattan and Brooklyn have seen better growth than the market in Queens. One recent report indicates, however, that the Queens real estate market saw significant gains in 2013 and should remain strong throughout 2014. Indeed, as prices in Manhattan and Brooklyn continue to increase, experts believe that buyers will continue to consider Queens an attractive option.
According to a study published recently by Ariel Property Advisors, investors paid approximately $1.36 billion in 2013 to purchase multifamily properties in Queens. This number is nearly twice the amount that investors spent in the borough in 2012. The rate of growth in Queens was greater than all other boroughs tracked by Ariel.
There were a total of 519 sales of investment properties in Queens last year. This number includes not only existing multifamily properties, but commercial properties and sites primed for development. These 519 sales came to a total value of about $2.8 billion, approximately $1 billion more than sales in 2012.
Under current conditions, it is clear that large real estate investors view Queens as an ideal opportunity for further development. For example, companies such as Taconic Investment Partners and Madison Marquette have set aside tens of millions of dollars specifically to take advantage of the real estate market outside of Manhattan. While real estate projects in areas such as Brooklyn have been highly profitable the past few years, current prices in Queens mean that many believe they can get more bang for their buck.
If you are considering purchasing real estate in Queens, either for personal use or as an investment, it is a good idea to work with an experienced Queens real estate attorney. No matter whether you are purchasing a single family home or multifamily home as an investment, these sorts of transactions are too complicated for an individual to handle without the assistance of an attorney.
An experienced real estate attorney can offer invaluable advice throughout the process of purchasing and selling a home and can help ensure that your closing goes smoothly. For most people, purchasing real estate is the largest investment they will ever make. Working with a real estate attorney can offer the peace of mind that comes with knowing that your transaction is being handled by a professional. For more information and to learn more about whether hiring an attorney is a good idea for you, schedule a meeting with a real estate lawyer today.