As the weather heats up, so does Harlem real estate. Since the first quarter of 2011, Harlem -- particularly Central Harlem -- has seen a 6.6 percent increase in median closing price, according to StreetEasy.com. This is the highest of any neighborhood in the city. Of particular note is One Museum Mile with condos above the Museum for African Art at 1280 Fifth Avenue. Some apartment units have been selling for as much as $3.1 million! A mere few blocks away is 1214 Fifth Avenue, which is boasting as the tallest residential building on Manhattan's Upper East Side with 50 floors (of which 30 are designated for rentals) and the amenities of a luxury condo such as a pool, fitness center and a screening room. As parts of Central Harlem is becoming akin to its sexy neighbor -- Upper East Side, we'll want to keep a sharp eye on this burgeoning neighborhood.
Meanwhile, summer tourists are heating up Manhattan's retail sector. While New Yorkers flock to the Hamptons for the summer to stay cool, tourists from around the world are flocking to New York City and driving a retail spending surge in the Big Apple -- which in turn is boosting the retail real estate industry, as reported by the Wall Street Journal. Retail sales have increased by 42 percent since 2007, and a total of $52.4 billion is expected to pour into the cash registers of clothing stores, electronic shops and other outlets by the end of this year. Since the recession, the retail sector has become an important source of revenue for brokerages. Retail surge in Manhattan is not just good news for the local real estate market and the retail industry, but also for the average New Yorker.
Across the pond, affluent citizens from France, Britain and other European nations who are increasingly concerned บ้านมือสอง about their assets due to the deepening euro zone's sovereign debt crisis are flying to buy one of the world's most stable investments: Manhattan real estate. As a result of the demand from overseas, New York's condo values are expected to increase, enabling the foreign investor to use cash to generate returns with a resale and avoid high taxes at home. To further entice foreign buyers, Senators Chuck Schumer of New York and Mike Lee of Utah introduced a bill last fall that would give foreign buyers three-year visas if they invested at least $500,000 in cash in U.S. residential real estate.
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