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A new trend in New York City homeowners has then purchasing large roomy apartments, renting them out and then moving into smaller, more modest quarters, reports The New York Times.
Currently, property values are under pressure across the nation, so savvy homeowners are planning accordingly. A national survey by RE/MAX recently revealed that homes have gotten more affordable during November as median sales price of properties across the country fell 5.4 percent.
"People are willing to pay astronomical rents, especially for elegant New York City properties," president of Citi Habitats Gary Malin, told the Times. "There's a huge demand for luxury rentals, but also a lack of inventory, especially because there's so little new construction."
One particular case of a savvy homeowner taking advantage of the new trend can be found in Michael and Christine Belotz, who recently purchased a 3,000-square-foot home in SoHo. The couple subsequently put the property on the rental market for $12,500 per month and moved into a smaller, 1,000-square-foot home where they pay $4,200, netting them a healthy profit.
For potential buyers looking at homes for sale in New York City, there are a plethora of opportunities to make the investment worthwhile.
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