The state of New York, often referred to as New York State, is most known for its famous New York City. New York City is the largest city and financial center of the country. With a total population of 8.2 million, the city represents two-thirds of the population of the state. The rest of the state, referred to as Upstate New York (NYC is referred to as Downstate), is a beautiful, rural landscape of forests, rivers and lakes. Most of Upstate is smaller rural towns, the largest being Buffalo with a population of 279, 745. Upstate New York represents many different small towns that have a lot of room for expansion. The housing market, which is generally more focused on the hustle and bustle of the big city, has begun trying creative ways to encourage buyers to start expanding out from the city.

New York State has a unique geography which separates Upstate from Downstate. New York City is located on Long Island, Manhattan Island, and Stratton Island; separated from the rest of the state. Upstate New York is a much larger land mass and borders: two Great Lakes (Erie and Ontario); Quebec and Ontario in the North; Vermont, Massachusetts, and Connecticut in the East; and Pennsylvania and New Jersey South. The state’s rural area is full of farming and agriculture as one of the top five producers of dairy, cabbage, and grapes. The State is actually the second largest producers of wine, second only to California. Read more »

New York City provides a much different atmosphere than the rest of the state. Known as the Big Apple, it is a huge mass of metropolitan area. Skyscrapers and high-rise apartment complexes cover the busy Manhattan Island. It is the financial capitol of the country with the New York Stock Exchange, the largest stock exchange in the world, and many of the nation’s largest corporations and banks centered there. A large increase in population has caused the city to become very crowded. With such a large population, New York is the second largest housing market in the county; second only to the Texas market.

Sales Trends
Something is to be said as far as the sheer volume of new houses being built in the State. A total of 39,899 homes were sold in the Long Island area alone in 2008. Much higher than other states in the same area, builders have definitely focused on continued expansion for New York City and Upstate New York. As more builders move in, the competition has gotten very tough. Market share is spread very thin in Long Island. The leading builder, Extell Development, has only a 1.4% market share. Following Extell is LCOR with 1%, Metro Homes with 1%, and AFI USA with a 0.8% share. Tough competition will benefit home buyers as builders look for new ways to differentiate themselves. Higher quality homes, greener technologies, and lower prices should all be expected as builders fight to survive in this market.  « Close »