NYC Real Estate Update 2019
New York City’s real estate market has been calming, and a side effect of that is the regular nudging down of rental prices in hot neighborhoods. In Brooklyn, which for years has seen growth and rising rents. Still, strong demand is keeping prices perched at high levels. Rapidly gentrifying neighborhoods are slowly transforming areas that were once dominated by working-class residents. That NYC real estate update has been inspired by certain factors, including the fact that living near Manhattan no longer means what it used to. As a result, places like Sheepshead Bay, Crown Heights, Downtown Brooklyn, and even Coney Island are now attracting interest from major developers.
Neighborhoods in NYC
Downtown Brooklyn has seen a wave of new high-end developments. They are mostly high-end rentals that come with loads of amenities, including restaurants and stores on the lower levels. Extell’s City Point is one of the standouts. Because it has an Alamo movie theater, a food hall, Target, Trader Joe’s, and other retailers. And when you decide to move here you can look for moving assistance options online to find the best company. This neighborhood is perfect for new renters. It is close to multiple subway lines, the borough’s business center, and its courthouses. You can get a new, two-bedroom apartment with great features for $4,000 or less—with no broker’s fee. Try finding that in Manhattan!
The Bronx is a place with many affordable rental buildings. In fact, the neighborhood ranked sixth in the city for new development in a New York Times. And the Lower East Side is one of the most underdeveloped areas in Manhattan. There are, however, thousands of condos in the pipeline for the neighborhood.
NYC real estate update
For New Yorkers, 2018 was a year in which buyers, sellers, and renters received some loud wake-up calls. That’s because certain long-held expectations about New York City real estate got turned upside down. 2018 shook assuming that buyers always show up, sellers always make money, and renters never have leverage. Sometimes New York City slipped into a buyers’ market, meaning that buyers are now calling the shots and have the bargaining power. But that doesn’t mean buyers are clamoring for apartments, in fact, it’s the opposite. Sales are falling in Manhattan and slipping in Brooklyn and Queens.
When it comes to a huge market like New York City the question is – should you invest in real estate or not? Because there is a lot to process. That’s why there are some things you need to know as a buyer, seller, or renter in order to navigate New York City real estate in 2019. And you need to know what to expect from the influx of new Amazon and Google employees, the L train shutdown, and neighborhoods to pay attention to in the new year.
NYC real estate update for buyers
Even in a buyer’s market, you need to think like an investor. In order to secure the highest return on your real estate investment. Neighborhood and property type, along with the timeline, budget, and negotiating skills yours and sellers can impact on all of that. The experts at real estate will help you make the most strategic real estate decision and negotiate for the best price. They can help with anything that you do. With their investment expertise, technology, and the network of relationships in both up-and-coming and established neighborhoods. They can identify the best opportunities for you. Also, they can suggest you a moving company who will help you with your relocation. That can be a moving company like – Verrazano Moving and Storage Staten Island.
NYC real estate update for sellers
In 2018, agents forced sellers to come to terms with decreasing prices. Because even though your neighbors may have done very well on a past sale. But you can’t expect a similar jackpot now that NYC is in a buyers’ market. But some sellers may still have visions of dollar signs dancing in their heads and find it hard to let go of hitting a certain price. That’s why sellers usually have trouble accepting that their home may just be worth less than they are trying to sell it for.
You as a seller need to understand that price on your property has to be like the current price on the market. And you need to make sure that your apartment is worth in a buyers’ market. Before you list your place publicly, test your price quietly among real-life, qualified buyers via the pre-marketing program. There’s no charge to participate, nor any obligation to enter a traditional listing agreement. And that’s if your place doesn’t sell during the pre-marketing period. Also, you can use some of these tips on how to evaluate a house before making an offer.
Renters are in the game too
If you considered rental listings for NYC in 2018, you were more likely than not to see “no fee” or contract terms that offer one or two months free. That’s because, with an oversupply of higher-end apartments, landlords are looking for ways to encourage you to sign a contract without actually lowering the rent. That is the case in 2019 as well. And for renters, that means either new or existing residents who have a contract coming up for rent renewal. Especially in larger, more expensive apartments. And for those in non-prime neighborhoods, you have some bargaining power.
If you are seeking an apartment and find one you like, if it doesn’t come with some kind of authorization, ask for one. If you are already renting an apartment and your contract is up for renewal, you should speak to the owner and see if you can get at the same price. And when you are moving its important to stay calm. And that’s when you can use these tips for how to stay organized during a move.