The headlines have been everywhere: “New York City real estate is experiencing a downturn.” That may be so, but buyers have the advantage in 2019 to purchase a new home because inventory is up, and they have the bargaining power. NYC is already saturated with for sale signs, so the seller is going to have to make some decent-sized cuts to move their home. Brokers, however, are telling their clients to play hardball, and wait on the sidelines for prices to tumble even further.
Market trends are showing that the borough of Brooklyn is slumping like Manhattan, but the real gems appear to be located in Queens. It’s more affordable, and folks are heading there to set down roots. For instance, StreetEasy numbers are showing that despite prices on the rise in Queens, it’s still a lot cheaper than the other boroughs. The average listing price for a place in Queens is $657,000, compared to Manhattan’s $1.39 million and Brooklyn’s $950,000.
Renting has become another option because of rising interest rates and the expenses of buying. Downtown Manhattan is once again proving to be a chic neighborhood like it was back in the 1990s and early 2000s as apartment dwellers move in. Market experts predict competition for rental units will ignite during the summer.
New York’s rent stabilization laws are also up for renewal in June. That means major changes could occur now that Democrats have seized control of the state senate for the first time in a decade.
Developers are also trying to seduce new buyers into plunking down big bucks to reside in their luxury condos. High-end building amenities are the new thing, and super pet-friendly is the latest trend. Large new buildings are going the extra mile for Fido by offering not only grooming but sitting, walking or even daycare facilities. Pet vendors are designing unique ways to collaborate with developers to create advanced pet services.
Megaprojects are also making huge strides in NYC, namely at 35 Hudson Yards. The majestic mixed-use tower will premiere 143 new condos in 2019, and the building’s Equinox Hotel will also open its doors. The western hemisphere’s tallest observation deck at 30 Hudson Yards will put out the welcome mat for visitors late in the year.