New York City is one of the world’s most aspirational cities. People dream of owning a home there. The nationwide recession, however, hit the real estate market in New York and beyond. For a time it seemed that houses were no longer being built, and property was sitting empty and unwanted. The pneumatic tools were silent, and the construction fasteners of NYC were going unused. Recent studies, however, show that the good times are returning to this magnificent city, so let’s have a look at what these figures could mean for the construction industry.
House Prices Are Rising
The real estate market is driven by supply and demand. During the economic downturn, workers were worried about the security of their own jobs and the reliability of any investments they had. For this reason, they were reluctant to create an extra financial burden on themselves by taking out a mortgage. Construction slowed down significantly, meaning less demand for everything from pneumatic drills to construction fasteners in NYC and beyond, and house prices stagnated or fell.
The signs of recovery are now well and truly visible, and New York City is at the forefront. The latest figures show that New York has seen rises in home prices for four consecutive months, including a rise of 1.2% in July and a further 0.2% in August.
The Second Fastest Growing City in The USA
Some US cities are showing more improvements than others. The Californian real estate market, for example, is still in a state of flux with sharp rises in some months being followed by significant falls in the next. New York, however, is showing continued and sustainable growth. Official figures show its housing market is the second fastest growing in the United States, with only Washington DC ahead of it. That’s great news for people who want to buy their own homes, construction workers, and manufacturers of bricks, glass, cement, furnishings and construction fasteners in NYC.
Manhattan Real Estate Returns To Pre-Recession Levels
Manhattan real estate prices reached their zenith in 2008, shortly before the recession struck. At this point, the average price of a property in Manhattan was $1.6 million. A recent report by a leading real estate firm shows that these levels have finally been reached and exceeded. The average price of a Manhattan co-op was now $1.2 million, whilst the average price of a condo was nearly $2.4 million, creating a record overall average of $1.7 million. East Upper Manhattan property is especially in demand, with large rises in the prices paid.
Another sign that the New York real estate market is hotting up again, is that sellers gained, on average, 98% of the original asking price. That’s great news for property sellers, and it’s great news for the city and country as a whole. To meet the growing need for high quality and affordable homes, house building will soon be booming again. Where New York is leading, the rest of America will follow. It seems that construction fasteners in NYC and elsewhere will soon be in more demand than ever. Visit the website
