New York is not Known to be a city with affordable housing. However, there are quite a large number of foreclosed homes in the area and this has created a lucrative investment opportunity for many period if you are a first time home buyer, then you may be able to find a greatly reduced property across each of the five boroughs of New York City. This, according to Dan Purjes, is a great opportunity to get a bargain.
Dan Purjes on Foreclosed New York Properties
Finding properties that have been foreclosed in New York is reasonably easy. In fact, it is often the main story in the New York Times, and virtually every bank will publish there final list on a regular basis on which all their foreclosed properties are listed. This is a great way to find an excellent asset to add to your investment portfolio or to turn into a family home.
New York is an incredibly diverse city and there are five specific regions in which you could find a home. Those are Staten Island, Queens, Brooklyn, the Bronx, and Manhattan. In each of these five areas, foreclosed properties exist and they have all been reduced significantly in price. This means that, if you can find the funding for these properties, there is a fantastic opportunity for investment, whether you are a young professional, family, or an aspiring property tycoon.
There are numerous benefits to purchasing foreclosed property in New York since well. The biggest one is the fact that the entire region has seen a near constant appreciation of property values. This means that it is almost guaranteed that you will see a large return on your investment. The only reason why foreclosed properties are so affordable is because the banks want to get rid of them.
Furthermore, there are the amazing and unique residential benefits that you can enjoy. New York is one of the world’s most exciting places, where you can see things such as the Statue of Liberty, the Empire State Building, and more. Millions of people from all over the world visit New York all the time, which means the economy of the city is strong and that is also something to benefit from.
But perhaps the greatest benefit of all is the fact that New York is such a wonderful place to raise a family. In fact, it ranks as one of the best cities in the world to raise children as well as one of the best places in the world to educate young adults. Whether you are after Recreation or education, it is all there and available to you. You can go ice skating, visit the Radio City Music Hall, marvel at the Grand Central Terminal, visit the Rockefeller Center in Manhattan, and more.
Clearly, if you have the opportunity to find a foreclosed property in the city that never sleeps, then you should snap that up straight away.