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When looking into New York real estate, you’re most likely thinking about the biggest city of all there, New York, New York, says Isaac Toussie.  Even if you should desire residential property for yourself somewhere quiet and bucolic, New York City has got it all.  Indeed, most of the Borough of Staten Island seem so suburban, if not almost rural, that it hardly feels like New York the city but rather like New York State.  Other boroughs can offer a vague suburban experience, too, and yet with many of the amenities that can only be found in great world-class cities; keep an eye out for the boroughs of Queens and Brooklyn.

The history of real estate in New York really concerns New York, New York.  That is to say, the real estate market of New York City outweighs that of the rest of the state combined.  And while New York City has always been a boomtown, even before there was a New York State proper, in the 1970s the economic situation was so bad that municipal coffers were literally empty and bankruptcy was declared.  Due to the social phenomenon of White Flight, real estate prices actually dropped, oftentimes so precipitously that landlords found it much more profitable to torch their own properties for the insurance money rather than deal with abusive tenants and demanding governments.

Supply and oversupply in New York State pertain mostly to New York City, as throughout the state a normal variation exists which is not to be found anywhere in the city.  The city is inarguably undersupplied in terms of low and middle-income housing, but even where high incomes are concerned attractive housing can often be difficult to secure.  Commercial real estate is rather more varied, but follows this same pattern in its broadest outlines: a dearth of availability, with almost no vacancies.  The current economic malaise has done much to improve things from a buyer’s perspective where commercial real estate is concerned, however, but there can be no doubt that New York will always be one high-priced town.

There is nothing like New York City property markets- the density of people, Wall Street, the marqis names of Madison and 5^th avenue, and world attraction to it will always in my view act as a floor and springboard for NYC real estate, says Isaac Toussie.

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