Buying a New York Apartment

For many years New York City has been home to some of the highest real estate prices on the planet. And though the economic recession took its sweet time reaching the Big Apple, it has finally arrived and has taken it toll on the ordinarily robust market.

Why New York has seen Better days; the city is home to countless global investment banks, Wall Street, as well as thousands of other companies and corporations who have been decimated by the meltdown in the markets and the failures and foreclosure of a number of top banks and brokerage houses.

This means billions of dollars worth of prime office space has been left empty while real estate companies wait and hope that businesses and investors will come flooding back into the market when prices are simply too attractive to pass up. At the same time, the average New York Apartments continues to experience declining monthly rents and landlords fight to find tenants for the more exclusive apartments.

In fact, according to recent reports, the New York City real estate market was off by 30 billion in 2008 and rent prices fell by ten to twenty per cent, which is expected to continue for the next year or two.

The good news for the liquid investor, however, is that this might just be a once in a lifetime opportunity to snatch up some of the most desirable real estate on the face of the earth at below market prices. This is due to the fact that many developers and owners bought up too many properties during the boom years and now they are desperately trying to unload their inventories at below market prices.