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Article: Residential real estate market still booming.(Spotlight on Residential Real Estate)(New York City)(Industry Overview)
- Article from:
- Real Estate Weekly
- Article date:
- February 24, 1999
- Author:
CopyrightCOPYRIGHT 1999 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The economic boom in New York City and the United States has drastically improved the state of residential real estate in New York City and the Tri-State region. With corporations moving into and expanding in New York City, employees transferring here by the thousands, and with commercial real estate surging, residential real estate is soaring to new heights.
For the past eight months, residential vacancy rates have stayed at an all-time low of less than one percent, with no signs of change on the horizon. Average asking rents experienced tremendous growth in 1997 and the beginning of 1998, rising as much as 30 percent in some neighborhoods. Although we will ...