However, with new projects and building renovations, the area of New York City that was once known for its high crime rate and terrible housing projects is now gaining the attention of not only investors within the city but those looking to invest on a global level. Home sales in this are of New York City have been now increasing over the last six months and have at least settled out.
A few years ago, many people that lived in the area known as South Harlem were forced to move out due to renovations being made to their respective buildings in which they could not afford. During this time, Harlem real estate home prices (townhouses and apartments included) shot up to almost one thousand dollars per square foot in some areas, which meant one would have to pay seven hundred thousand dollars for only seven hundred square feet. With the onset of the recession and as housing across the nation dropped to record low levels, this area so a drop in home prices as well although they would quickly recover based on the fact that new buildings and businesses were being added to the area to make it more liveable.
With these new businesses and added growth coupled with renovations to existing structures, home prices would settle in the mid six hundred dollar per square foot mark and even at this time are starting to show increased revenue and growth. Those that were forced to move out during the housing boom have been able to recover and re-establish themselves within the area now.
The area has also been adding new businesses with almost each passing month. Only a few decades earlier, one would find nothing but fast food chains and small mom and pop stores within the area with hardly any upscale restaurants and department stores. However, all of that has been changing over the last few years and now the southern part of Harlem is ever increasing. Harlem real estate is said to be one of the hottest areas in New York City as of this time and it’s still not too late to get in on some of the bargains. With some searching around the internet, one can find many Harlem real estate brokers to choose from. One should always do research on the many different real estate agencies available to make sure that he or she finds the right agency to represent them whether they are buying a house or selling the one in which they live.
About the Author:
By: Robart Alex
Dssserv.com is a website dedicated to bringing up to date information on Harlem Real Estate and Harlem Apartment Rentals. The website provides its visitors with many different options when it comes to looking for Harlem real estate deals.