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Mentioned in this Article:
Ross Ellis

Ross Ellis
East Side Office

International Homes Magazine

New York United States

“If you can make in New York, you can make it anywhere!” as Frank Sinatra sang, and doubtless The Big Apple does offer plenty for aspiring investors to sink their teeth into – although you will need a fairly substantial kitty to even establish a foothold here, let alone ‘make it’.

We asked Ross Ellis of Manhattan Real Estate Brokers Halstead Property to tell us about the charms of this, the largest city in the States. “The benefits of living in New York City are numerous. It has an incredibly diverse metropolitan area with over eight million residents and is the world centre for commerce and finance. In addition, the city is also a global force in the arenas of fashion and the arts. Culture is in the New York air! The city is the second largest centre for the film industry in the U.S, and there are more than 2,000 arts and cultural organizations and 500 art galleries.”

Ms Ellis continues, “Surrounded mostly by water, the city’s residential density ensures high real estate values, and it boasts around 6,000 skyscrapers. One can choose from every type of restaurant imaginable, as well as endless shopping, museum, jazz, opera and ballet options. Broadway Theater, free plays and music in Central Park, the various neighbourhoods, the people – this is New York City. It’s a wonderful place to live, and you don’t need a car because everything is easily accessible by public transport.”

With so much on offer, real estate values are predictably high. Ms Ellis informs us that during the second quarter of 2008, Manhattan apartment prices averaged $1,663,533 (£875,000).We also asked her about the scope for capital appreciation. “It’s difficult to comment, as Manhattan real estate is a unique market, but the greatest price appreciation is gained on larger units with three or for bedrooms, although smaller homes will also see increases. If you purchase an apartment here, keep it for approximately five years and set the right price for a sale – then you’re sure to see a healthy return on your investment.”

Monday, September 01, 2008

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