Investing in New York

With a reputation for being a difficult destination to land a decent and affordable piece of real estate, New York City is becoming an increasingly popular market across the nation when it comes to offering a wide range of choices. While the recent boom in the foreclosure market has made it easier to land reasonably priced property, an overall spread of lowered prices throughout the area has also appeared in the New York City area.

Economists across the board believe that New York will profit from a renewed interest in the New York real estate market. Interest rates have become stable, consumers are slowing regaining their confidence in the market, and property bargains are popping up everywhere you turn. Due to ARM resets, a larger amount of foreclosures and pre-foreclosures are becoming the latest trend.

Higher-ups in the city have also lent a hand towards the housing effort. New government properties are being constructed throughout the area, which encourages a general increase in optimism that the once-declining real estate market will experience blossoming future results. HUD is also helping to create a boost in the New York City real estate market. The government agency, which is responsible for running the Federal Housing Administration, as well as accomplishing Fair Housing and Equal Opportunity goals, has announced plenty of helpful considerations for the near future.

This year, close to 2 ½ billion dollars has been set aside for the pushing of 38 grant programs that will aid many New York City residents in acquiring a piece of property of their own. It is advised that interested parties should make their moves in the registration department to avoid the last minute rush that tends to occur.

Renting Rules in New York City

Renting an apartment in the Manhattan rental market is like no other place in the world. You need to be educated about the NYC apartment rental market as well as the new york city apartment rental building requirements. Every NYC apartment rental building has rental requirements, below are the general requirements.

In general, requirements to rent in New York City are as follows:

1. There is an application fee for each person that rents a new york city rental apartment anywhere from $50 to $125 depending on the new york city rental building. If there are any guarantors, the same fee applies. The application fee is non-refundable and covers running of credit for all applicants and/or guarantors.

2. The income requirements are anywhere from 40 to 50 times the rent of the NYC rental apartment. For example - if the NYC apartment for rent was $2000 x 50 = $80,000 - the applicant would need to earn $80,000 to qualify for the apartment. If there are guarantors, the income requirements are anywhere from 75 up to 100 times the gross rent on the apartment. For example - if the NYC apartment for rent was $2000 x 75 = $150,000. If the applicant and/or guarantor are short on the income, additional security may be necessary.

3. In order to verify your income, many Manhattan rental landlords require your last few pay stubs and/or Letter of Employment on company letterhead which indicates the applicant's and guarantor's title, salary and length of employment with the company. If you are self-employed, a letter from your CPA may be necessary indicating your earnings for the previous year as well as your projected earnings for the current year.

4. In order to verify you have sufficient assets, some Manhattan rental landlords require your last few bank statements. Some Manhattan rental landlords require a certain amount to be in the bank account.

5. Some New York City rental buildings require your last year's tax return to verify your income.

6. If you rent, some new york city rental buildings require a landlord reference letter or last few canceled checks to verify that you've paid your rent on time.

7. All buildings require a form of identification which can be a driver's license, passport, etc.

Find Affordable Apartments in New York

The city of New York is an exiting place to live in because it is big and therefore offers many places to go, activities and many different people to meet. However, the rent of many apartments in New York is expensive and it can be frustrating experience to search for apartments. Nonetheless, you do not need to worry much about finding an apartment in this city for you can find one that you can afford without opting to live with a roommate or to sublet. The steps that you can follow in order to find inexpensive apartments in New York include the following.

• Look for an apartment in the outer boroughs. The areas inside New York with some form of local government such as Brooklyn, the Bronx and Queens offer apartments with lower rents. These areas are safe and notable neighborhoods that you can affordably live in are Cobble Hill Brooklyn and Caroll Garden. The other good alternative area is Staten Island despite the fact that you will have to catch the ferry. Visiting these areas is also important to ensure that the neighborhoods are safe. It will also help you make a decision on whether it is appropriate to live there.

• Search for an apartment in New York City. You can find affordable apartments in New Jersey, which are safe, pleasant and close to New York. An example of an ideal area to find apartments is Hoboken for you will not spend much time commuting to Hoboken and back to New York. New Jersey City offers many affordable apartments disregarding the fact that it is not in New York State.

• Search for listings of affordable New York apartments online. You can find many free online classifieds that list apartments available for rent in New York. These listings will enable you to compare prices and know the various neighborhoods where you can find apartments. You should then visit the neighborhoods to check out the area and apartments.

You can find the ideal New York apartment in the area you want by following the steps above in addition to having some patience.

Real Estate Tycoons 2010

Forbes has announced its 400 richest Americans for 2009, and as expected, real estate tycoons still enjoy many of the top spots. Real estate fortunes have declined in recent years, so these millionaires represent the canniest financial minds in the industry. Here, without further ado, we present the top ten real estate tycoons.

Donald Bren

With a net worth of $12 billion, Donald Bren has earned his place as the top real estate tycoon for 2010. A native of Newport Beach, California, Bren is credited with developing the central Orange County area, and currently owns 475 commercial buildings, 115 apartment complexes and over 40 retail centers. Despite recent real estate industry difficulties, Bren's net worth has remained stable over the past year.

Richard LeFrak

New York City's real estate billionaire Richard LeFrak follows in his father's footsteps in land development in this prestigious and competitive real market. Investments include a combined residential, retail, and commercial development in Newport, New Jersey and 5,000 apartments in Queens. LeFrak's portfolio has lost value in the last year, but still weighs in at a cool $4 billion.

Paul Milstein

The last year has seen significant losses in Paul Milstein's financial investments, down from last year to $3.8 billion this year. Milstein Properties owns a number of apartment towers and commercial developments throughout Manhattan that were hard hit by recent economic events; additionally, the acquisition of New York's Emigrant Bank paid huge dividends in the past, but now may seem like a liability for Milstein's shrinking portfolio.

New York Real Estate Now Affordable

The credit crunch and subprime meltdown creates affordable ownership opportunities for the middle class

Young professionals and blue class workers are fueling what's left of the real estate market in New York City (with the exception of Manhattan). Nationwide (including the boroughs) real estate prices have been declining for most of the year. This is primarily caused by delinquencies in mortgages made over the past 4 years to subprime and no income verification borrowers. Increased foreclosures combined with tightening mortgage underwriting standards have drastically increased the inventory of homes currently on the market.

In addition, this past mortgage meltdown has made securing a Jumbo mortgage much more difficult. A Jumbo mortgage is one that is larger than the conforming loan limit of $417,000. Since New York City real estate prices are in many cases higher than $417,000, sales have lagged due to buyers having difficulty qualifying for Jumbo mortgages. All of these factors have contributed to "the bubble finally bursting".

There has been however, one sweet spot in the New York City real estate market. Affordable living is making a comeback. Smart developers have stopped over building million dollar houses in middle class areas and instead begun developing affordable condo apartments throughout the boroughs. Studio to 3 bedroom apartments can now be bought from the high 100,000's to the mid 300,000's.

Living in Brooklyn Heights

Brooklyn Heights is a neighborhood in, well, Brooklyn that has been home to many famous people including Bob Dylan and Truman Capote. It's boundaries are Old Fulton Street near the Brooklyn Bridge south to Atlantic Avenue and east-west between the river and Court Street. Residents are a mix of people who have lived there their whole lives to young yuppies and families who have more recently arrived. It is a culturally and religiously diverse area with many different people living in Brooklyn Heights.

The neighborhood is made up almost completely of brownstone buildings some which have been turned into mansions and others that still contain a single family. Housing here is expensive with brownstones costing up to 2.5 million. Because much of the suburb is a historical area, there are few high rises. But apartments are still available and renting one here will cost much less than in a similar Manhattan neighborhood

Brooklyn Heights is a safe place to live and one of the nicest areas in Brooklyn. The streets are well lit and many shops in the area are open late or even all night which makes walking at night less risky that in other areas of New York. Still exercise caution, but you don't need to be ultra-paranoid.

Atlantic Avenue is home to a great stretch of bars including Last Exit, a hipster bar, Floyd's where you can play bocci ball inside and Pete's which has an excellent selection of beers. There are two theatres in the area too, Brooklyn Heights Cinema which shows mostly art movies and United Artists Court Street Stadium which shows the new releases on its 12 screens. In September Atlantic Avenue is also home to a street fair that brings out plenty of local food sellers and a book fair which includes readings and lectures throughout the weekend. Brooklyn Heights is a great neighborhood for eating with a huge selection of local restaurants. The Wine Bar is a great place to bring a date, Mazzat is a relatively affordable tapas place and Noodle Pudding is an upscale Italian restaurant.