An old adage of the real estate game speaks of the importance of "location, location, location," meaning that value goes up (or down) depending on where a property for sale is located. The hot 'location' in New York is constantly moving. Also moving is the overall real estate landscape of a shifting economy and the changing needs of new demographics.
How did 2006 look for the co-op/condo real estate market based on the above factors?
According to the experts, the economy in New York City in 2006 was strong and helped to support a successful real estate market. The city enjoyed low unemployment and a robust economy—two factors that will inexorably help to ensure a stable real estate market.
"The economy has remained strong, and the underlying factors of residential real estate still remain very strong. This has helped add fuel to the fire for residential sales pricing," says Daren Hornig, managing partner for SAXA Inc., a real estate development company based in Arizona, with offices in New York City.
And according to Kirk Henckels, executive vice president, director of private brokerage, and the author of Stribling's Private Brokerage Luxury Residential report, the higher end of the co-op/condo market continued to perform well, although sales were not at the pace seen in previous years.