The real estate status of a place is said to be a reflector of its economic growth and Long Island, New York is not an exception. Long Island real estate has been flourishing over the past decade- many people are migrating, more jobs are being generated and more investors are continuously coming in with hopes of high investment return.
According to Multiple Listing Services of Long Island, Inc. (MLSLI), the pending median home list price for the second quarter of 2013 is $350,000 which contracted a 3.7% increase from last year’s $363,000 of the same quarter. Individual real estate review of each county- Nassau and Suffolk even suggested the same trend.
Suffolk County reached a 4.1% increase in its median price list. Over the past decade, the household population in HMA has grown from 916,686 in 2000 to 950,300 in 2013- 47% of which lives in Nassau and the 53% in Suffolk. Most of the residents prefer Suffolk County over Nassau because of lower living cost and more affordable housing options.
One reason that could be extracted from this development in Long Island real estate is the increase in job opportunities as more diverse jobs are being offered- from mining to agricultural to business-related jobs. Despite the rising prices of properties in the island, as a drawback of rising demands, more flexible payment terms do the magic of attracting buyers. Rents and mortgages have been lowered and more importantly, more time has been given to the consumers to pay them. American President Obama even made housing more affordable through his tax credit law.
Currently, residents of the western part of the island are moving to the eastern part because of more affordable housing and lower house taxes. The newly-developed Patchogue Village in the eastern end of Suffolk County is gaining popularity because of the same reasons. The redevelopment project included restoration of stores and building of more rental units for the younger market.
Transportation, food industry and businesses are also booming now that more people are coming in.
If people are looking for affordable houses that are near the beaches, they can have it for less than $500,000 in certain areas of the island like Nautical Mile and Great South Bay. These areas are about 30 to 40 minutes away from the city using public transportation.
Investments also keep coming in as more projects are being implemented and more establishments are being built. In Hicksville, a negotiation to reconstruct old establishments into home rental units, offices and laboratories is being discussed. In Suffolk County, plans to redevelop small communities are also gaining approval from the government and its residents. This will improve living conditions, housing and transportation around the area.
Long island real estate is making its way to the top with all of the new housing projects and reconstruction strategies that are coming its way. And the hope for its continuous growth will always be held dear by its people.
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