Summer is here, and that’s always a good time to take the pulse of the local real estate market. Unlike winter weather-related ups and downs, during the summer a truer picture of the market emerges.
Throughout New York City, real estate has never been more valuable. The average sale price of a home surpassed $1 million for the first time in the most recent quarter ending in June. This was in large part driven by the most expensive properties in Manhattan, but growth has been considerable in all five boroughs.
The total consideration (monetary value for completed transactions) for all residential sales in New York City featured an 8 percent increase from the second quarter of last year.
- 12.1 percent to $456 million on Staten Island
- 9.4 percent to $6.52 billion in Manhattan
- Less than 1 percent to $2.17 billion in Brooklyn
- 9 percent to $1.74 billion in Queens
- 28.4 percent to $340 million in the Bronx
The 12.1 percent above translates into a 6 percent increase in the average home price of homes on Staten Island. (The higher 12.1 percent number simply means more Staten Island homes were sold than the previous year.) Values of Staten Island properties are now near their all-time high at the pinnacle of the pre-crash market in 2006.
Rents are also expanding quickly in our borough, driven by the burgeoning perception that Staten Island has become “cool” and now noticed for its popular small business, coffee shops, and hangouts.
Where are renters looking most often?:
- The North Shore, due to thoughtful new development projects and attractions such as the New York Observational Wheel, Staten Island Yankees, and the Empire Outlet Mall
- Neighborhoods near the Verrazano Bridge
- Neighborhoods near public transportation (along Hylan Blvd. near the express bus, for instance).
As I outlined in an article at the beginning of the year, many factors in the greater world have the ability to derail Staten Island real estate. But overall the trend is in the right direction and things are looking up. Home sellers in Staten Island can take advantage of a hot market; many sellers are currently receiving multiple offers that are meeting or exceeding their listings – great news for sellers! Home buyers in Staten Island can take solace in a rebounded economy and a real estate market that is trending in an upward direction. And while still relatively low, rents in Staten Island are increasing while they are rising elsewhere in the New York City real estate market. Especially if you plan on renting part or all of your property, now might be the time buy.
Do you have questions about Staten Island real estate? Please visit our FAQ section. Or to talk with a Staten Island attorney who can help you navigate the complex real estate market, contact my Staten Island law office today.
References
- Staten Island Advance
- AM New York
- Mortgage Professional America Magazine
- Early 2016 Real Estate Forecast
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This information, based on New York law, was provided courtesy of The Law Office of Christopher J. Arrigali, P.C. It is intended to inform, not to advise. No one should try to interpret or apply any law without the assistance of legal counsel.
