Posted on September 30, 2016
Investments, Not Affordability, Will Be More Accessible for Buyers
With monumental costs straining the entire New York City real estate market, reports show that this fall, investments, not affordability, will be more accessible for buyers. Those in search of a home will have to effectively search neighborhoods and deals in the face of median sales prices that are as high as $1,088,000; up from $990,000 (throughout the duration of 2015).
Manhattan’s median price resting at more than $1 million is an issue for the market because may of these ultra-luxury homes and properties are struggling to sell. These expensive units are difficult to move, leading sellers to loosen conservative pricing for their properties. It’s not only difficult to sell a ultra-luxury apartment in Manhattan, but across the nation. Whether New York, San Francisco, Miami, or Los Angeles are concerned, it’s quite difficult for the high-end market to find its footing. By Manhattan’s standards, the market below $3million is considered fairly affordable, and those apartments are experiencing better sales.
Autumn and winter will mark a time for better deals, though this doesn’t apply to every building in every neighborhood. Through research and working with those well-versed with the ins and outs of the market, it’s possible to find incredible offers. The opening of new mid-market buildings, including the 31-unit boutique condo at 48 E. 132nd St, will mean more listings on real estate sites. In Harlem and beyond, members of the public are finding more affordable options for buyers. As of August 17, the median sales prices in the borough of Brooklyn was $685,000. Real estate and business booms throughout Brooklyn, particularly in areas such as Clinton Hill and Bedford-Stuyvesant, demonstrates that Brooklyn is a place worthy of being invested into. Two-story brick homes are being converted into a four-story condo that’s slated for completion next year. Multiple condos are being erected at fairly affordable price points, demonstrating that Brooklyn is a good place to buy property. Median sales in Downtown Brooklyn have increased, likely due to zoning in the area.
Brooklyn seems primed for growth, so it’s a good time to get into real estate investment in the area.