And so the spillover to Queens, where prices in “all neighborhoods rose sharply,” says Miller, especially in neighborhoods like Long Island City, Sunnyside, Astoria, and Woodside. Buyers who can’t afford in prime areas are expanding their options sharply, trying to divine where the heat is headed next. “People want to be part of something developing,” adds Burke. … [Read more...] about Brooklyn Real Estate to Manhattan: ‘What’s Good?’
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But behind all the headline-grabbing numbers — the Corcoran Group’s survey also saw the median-price-per-square-foot set a new peak at $1,231 — is a developing stalemate between buyers and sellers that’s hampering the market. “There’s a kind of clash [between them]. They’re just not in sync,” says Bess Freedman, managing director of sales at Brown Harris Stevens. “Sellers have these unrealistic expectations. They refuse to reduce their prices and they won’t negotiate and buyers are unwilling to pay these really expensive prices and … they’re frustrated and are opting out of the market sometimes.” … [Read more...] about Manhattan’s Real-Estate Stalemate
Right now, we work this angle almost backward, spending money to spur development. The 7-train extension has vastly increased the price of real estate on the far West Side, and will continue to do so. Surely the speculators and developers who bought up all of that land, and are planning the building that’s going to take place in and around Hudson Yards, ought to have helped build the train line that serves their interests. It’s too late to get them in on the financing of that project, but let’s not make that same bad agreement again.Addendum: Although I was thinking about residential development, office towers present similar opportunities, and a representative of the Department of City Planning has written to note that the builders of One Vanderbilt, the very tall building going up next to Grand Central Terminal, have entered into a promising arrangement along these lines. They’re involved in $220 million worth of improvements to Grand Central’s subway … [Read more...] about Should Real-Estate Developers Fix the Subway?
The lesson here? “We’ve seen rising prices and there comes a point when the buyer just says it’s gone a little higher than [they] want to pay,” Ramirez says. “So they’re going to look to see if prices flatten a bit.” But temper your expectations: The lower end of the market’s still pretty spirited. Per the Corcoran Group’s survey, “buyer competition, especially for lower-priced units, is significant,” with median prices for studios up 2 percent from last year to $450,000, one-bedrooms by 4 percent to $729,000, and two-bedrooms up 2 percent to $1.45 million. (In comparison, the median price for three-plus bedrooms dropped 13 percent.) … [Read more...] about Manhattan’s Real-Estate Market Is Finally Cooling Off
All of which makes Miller wonder if New Yorkers will be giving the suburbs another look. Though there’s been plenty of talk about the death of the suburbs, thanks to cities becoming safer and more family-friendly, take one look at real-estate values a short train ride from the city and the appeal becomes clear. For instance, the median price of a Westchester County property, per Elliman’s report for the region, is $463,000 — almost half of Manhattan’s and $142,000 less than Brooklyn. (The number of transactions this past quarter, in fact, jumped 5.5 percent from 2014.) … [Read more...] about It’s Getting Harder and Harder to Tell Brooklyn’s and Manhattan’s Real-Estate Markets Apart