Long Island Real Estate – Latest Trends and Deals
We have been seeing a rising trend in some areas of New York City real estate over the past several years, mainly in Manhattan – affluent buyers from China purchasing investment properties and luxurious pieds-à-terre.
Lately, though, another trend is emerging, as some of those wealthy foreign buyers are exploring exclusive areas of Long Island.
The reasons for purchasing real estate in Long Island vary – some Chinese buyers are investing in what seems to be a low-risk asset, some are seeking a trophy home, while others plan to live in these homes while their children attend the area’s high-performing schools.
One thing is certain: high-end real estate on Long Island is quickly becoming more and more popular.
According to a recent search on Nassau County’s multiple listing service, 27 percent of the 136 deals that closed between January 1, 2013 and January 30, 2015, for $3 million or more, were to Chinese buyers. This excludes several deals that have yet to close.
So, what does Long Island have to offer that’s making it so trendy?
Long Island has fresh air, the waterfront, good public schools, and convenience that comes with its position.
For many buyers not just from China but also from Russia and Brazil, owning a big house or condominium in Long Island, with a lot of land or a waterfront view, represents a real status symbol.
Maybe the majority of the larger real estate purchases tend to be land buys, meaning the buyer tears down the house and rebuilds it to his or her particular style.
Recently Laffey Fine Homes on Long Island sold to Chinese buyers three trophy estates, ranging from $13.28 million to $36.5 million.
Luxury housing prices in Long Island have increased at a faster rate than the overall market.
Some buyers do not even see the property prior to purchasing it; instead they let their agent and their real estate attorney in Long Island handle the transaction and come only to the closing.
Long Island’s real estate market is blossoming, and it seems like now is a great time to buy or sell a property.
If you are in the market for a new house or a commercial property, take steps to safeguard your rights and interests by having a trustworthy real estate lawyer in Long Island by your side.
A real estate attorney in Long Island specializing in real estate can help ensure that a deal or transaction proceeds smoothly.
The Levin Law Group’s experienced, competent real estate lawyers of Long Island can assist individuals and business entities in a broad spectrum of residential and commercial real estate transactions throughout New York State.
Contact our real estate attorneys in Long Island today:
*The contents of this document are not legal advice and are not to be treated as such. Before making any decision or taking any action, Contact Levin Law Group for actual legal advice.