Shoe-String Business Magazine - Issue V-11706

 

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Current Issue of 08/04/2020

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56


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New York Real Estate – The Empire State

From Niagara Falls to the Catskills to a little city with the Big Apple nickname, New York is truly the Empire State. New York real estate prices reflect this lofty nickname.

New York

While New York City gets a lot of publicity, New York is a state with a lot more to offer. Go upstate and you’ll find spas, horse farms and resorts in the green, towering Catskills and Adirondacks. Lakes and springs present throughout the state are also popular places to live and visit. Of course, if city life is your thing, there’s a little, unassuming place called New York City.

New York City

Where does one even begin to describe New York City? I’m not even going to try other than to say it is perhaps the dominant “big city” in the world. Space is at a premium and so are real estate prices. This is one of those situations where if you have to ask about the price of a home, you can’t afford it.

Buffalo

The second largest city in New York, Buffalo is a misunderstood city. Known for getting massive amounts of snow in the winter, Buffalo actually has a lot to offer. A very wealthy town during the industrial revolution, the town has beautiful art-deco architecture and historic Victorian homes in the downtown area. A bit sprawling in the suburbs, Buffalo offers reasonably priced real estate compared to the rest of Niagara Falls. Lake Erie to the west of Buffalo makes a great setting for summer fun.

Rochester

A sprawling city, Rochester is dominated by some of the best-known brands in the world. Home to such companies as Xerox, Kodak and Bausch & Lomb, the city offers plenty of jobs and a distinct well-healed atmosphere. This is particularly true in the downtown area, which reflects the economic strength of these companies.

New York Real Estate

New York real estate prices are entirely dependent upon the specific location. If you’re looking for a home in New York City proper, a bank robbery may be in your future as an absolute closet is going to run you close to a million if not more. Things aren’t as bad elsewhere.

A single family home in Buffalo will set you back roughly $225,000 on average, while the same home in Rochester will run an additional $30,000. Appreciation rates for New York real estate were a little more than 13 percent in 2005, but differ greatly by location.




    


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