We all know that gold and diamonds, oil, and even saffron have high-value commodities due to their rarity, desirability or the fact we depend on them for our daily lives. Property management for condos and co-ops located in New York City. Superior Local Law 11 services and the latest technology is designed to delight. Daisy is a building operating system that offers instant responses and is an excellent method of combining both. Apps for board members and residents members keep everyone updated and updated.
The delicate balance between supply-demand is what drives up the value. The illegal drug market is a perfect example of this. People will pay if they want it enough.
After all, size does matter.
The land on which a property is situated determines its value. Therefore, larger plots will have a higher value than smaller ones.
However, that’s just one aspect of the story. It really does matter where the land is located as not all land is the same.
Homes have character, style, and appeal.
Homes in the period, Federation, and art-deco styles are more rare than newer homes and much sought-after.
They are therefore more valuable than their surrounding properties.
A home with character, scarcity, or something unique is more desirable than a home. Homebuyers will often pay more.
Infrastructure
An improvement in infrastructure can make a property more accessible, liveable, and thus more valuable.
Freeways are a way to make it easier for people to get to the CBD, workplaces, and shopping centres.
Gentrification
Gentrification, the shift in the socioeconomic profile of a suburb, has been one of the most significant changes in New York City over the last 50 years.
Gentrification is a process in which more wealthy residents renovate older homes or build new ones, increasing the property value of nearby properties.
Solid returns on investments
It’s clear that prices have risen in many New York locations due to increased investor demand for prime properties.
With low returns in many asset classes, more investors are turning to property due to historic low interest rates.
As with most things in life, the value of a property is determined by its supply and demand.
Future population growth in New York, our growing wealth as a nation, and our desire for a few locations in our capital cities will all contribute to the future value of well located properties.
