AGENT MLS HOME FINDER

The New York State (and City) real estate market is in something of a tumultuous situation. The majority of the Empire State’s housing market, at least in terms of financial worth, is situated  in the metropolitan area and city core of New York City. New York City is extremely crowded, leading to extremely high rates of rental and sale in both the commercial and residential sectors. The economic downturn had the effect of leading to decidedly higher rates of vacancy in the commercial portion of the real estate market, and of inflating foreclosure rates for residential properties. It has also had some less formal ramifications, such as a student housing shortage for local college students.

For example, the New York Times reported on September 11, 2009 that “Finding a place to live near the 19 colleges and universities on Long Island can be a challenge. The schools are in suburbia, and lack ample affordable student-targeted off-campus housing. An informal survey of campuses on the Island as the annual fall scramble begins found students clamoring for dormitory space and more likely to commute from home than to rent off campus.” A September 14, 2009 article in the New York Daily News offered the following outlook for real estate in New York, courtesy of expert Jonathan Miller: “We have a lot of unwinding to go. We will continue to slide but the rate of the slide will continue to slow. Technically, we might be coming out of the recession. But unemployment may continue to rise through 2010. Housing comes after employment.”

Homes in New York continue to face a number of challenges, despite some positive news on foreclosure rates. A September 10, 2009 article in the New York Daily News reported that “Fewer New Yorkers were hit with foreclosure notices last month compared with July, but the city’s housing woes are far from over. The number of city homeowners in some stage of the foreclosure process totaled 2,223 in August – down nearly 12% from July, but up about 3% compared with August 2008, according to stats due out today from foreclosure listing firm RealtyTrac.”