Real Estate’s Next Big Thing Is This Upstate New York City
The housing market is in a frenzy and a sea of real estate investors are about to descend upon one Central New York city.
Home prices continue to skyrocket and it seems conditions aren't about to cool off anytime soon.
The National Association of Realtors (NAR) says the median sales price of homes jumped 2.8% since this time last year. This comes amid a 15.4% reduction in existing home sales since last year, which means inventory keeps shrinking.
The Race for Empty Plots
With dwindling inventory since homeowners are hesitant to sell or move, real estate developers are looking into areas that have undeveloped land ripe for the taking.
Moving Feedback asked 3,000 developers to share which cities and towns they are planning on breaking ground.
Read More: NY Has the Smallest Hiring Struggle in America
The question was: "Which city would you stake your savings on an undeveloped one-acre plot?"
Multiple cities in New York were among the most mentioned and one of them is already undergoing a renaissance of sorts.
Changing skylines
While Tampa, Florida, topped the list - New York enjoyed a strong showing with five entries.
The seventh-most desired area was Hempstead, NY. It was the lone northern town in the top 10, which tracks since a growing number of Americans are seeking residence in the warmer states.
Still. Hempstead was highlighted because of how close it was to New York City and that it is focusing on innovative real estate projects.
The next NY city to make the list was Buffalo, which came in 87th place. The feedback from realtors was:
Buffalo, situated in western New York along the Great Lakes, has been in the midst of a transformation with substantial investments in infrastructure, public spaces, and community development. The city's economy is well-diversified, with strengths in healthcare, education, manufacturing, and logistics, providing a stable economic foundation and a range of job opportunities. Buffalo boasts a mix of historic architecture, cultural attractions, and natural beauty. It has been focusing on revitalizing neighborhoods, enhancing its waterfront, and fostering a lively arts and dining scene. Investing in land in Buffalo opens doors to various development prospects, including residential projects in revitalized neighborhoods, commercial spaces to support local businesses and startups, and recreational facilities to leverage the city's scenic location along Lake Erie.
The next city was a Central New York hotspot that is embracing a bright future in medicine and technology - Utica! Utica was 107th on the list.
Said investors:
Investing in a 1-acre vacant lot in Utica offers a promising opportunity due to the city's affordability, potential for revitalization, and strategic location in Central New York. Utica, situated in the Mohawk Valley, has been actively working on revitalizing its economy and urban areas. Its diverse economy, with strengths in healthcare, education, manufacturing, and technology, provides a stable foundation and employment opportunities. Compared to larger cities in New York State, Utica boasts a lower cost of living, making it appealing to residents seeking affordability. The city's investments in infrastructure, public services, and community development enhance its overall appeal to residents and businesses.
Considering the arrival of Wolfspeed, the new Wynn Hospital, and the constant expansions at the Griffiss Business & Technology Park, my bet is developers are realizing that this is bringing more workers into the area - and they will need a place to live.
The other two cities in New York were Mount Vernon, in 114th place, and Schenectady, in 123rd place.
Read More: NY Among States Where Country's Worst Tippers Live
That being said, it looks like the housing market is about to get a whole lot tougher in New York and we'll soon be seeing less and less vacant plots in the coming years.
Top 25 Most Popular Jobs In Utica and Rome NY
Gallery Credit: Dave Wheeler
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Gallery Credit: Will Phillips
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