New York City hosted its first Annual Real Estate Career Expo on Thursday, March 14. Many top real estate firms and agents came under one roof to discuss and share valuable real estate information and advice with newcomers. The event was held at the NYC Bar Association, 42 W. 44th Street. The program had many interesting sessions including discussions on the importance of social media and its effective usage, career alternatives, franchising, future trend discussions and coping with competition.
The keynote address was delivered by the chairman of Massey Knakal Realty, Robert Knakal, who asserted that the "sales market" of NYC was "phenomenal". He also highlighted the fact that land prices in the city had shot up tremendously and anyone in the real estate sales business was bound to reap profits now.
However, some other experts urged investors to look beyond the local market as investment opportunities in other states were as good as the markets in NYC.
Concerns involving a prevalent asset bubble were also discussed.
"Things right now look great, but are we in another period of asset bubbles? History tells us that sustained periods of low interest rates create asset bubbles," Knakal said in the forum.
He also added that if the interest rates are driven up by the government, the threat of an asset bubble will be much lesser, reports Commercial Property Executive.
The real estate market of America is currently "red hot". There has been an influx of investors from various countries into the U.S., especially from China, Russia and the Middle East.
Commenting on the broader view of foreign investors rushing into the market, Patrick Healy, founder of Phacient, a leading marketing and technology consultancy, said:
"I would recommend renting for a while I would not just try to jump in and buy something, but really figure out where you want to be, because let's assume it's a Chinese investor you don't want to just assume Chinatown is the place for you. You might think Queens or Brooklyn or Uptown or the Village. You have to find out where you fit in as an individual. Find out what works best for you."
