As you may have heard either from local media outlets or the updates on my Facebook page, the real estate housing market in Staten Island is experiencing a number of changing dynamics.
One especially important indicator that has formed many Staten Island real estate predictions has been the influx of Manhattan realty firms that now want a piece of the pie. Since more and more people are getting priced out of other boroughs, we’re not so forgotten anymore.
One of the things that has made Staten Island relatively affordable has been a lack of interest from these Manhattan realty firms and their international counterparts. But we have their attention now! As a result, rent prices have spiked. In fact, the average sales price for homes in the entire city of New York rose by three percent in the second quarter alone this year. This includes Staten Island where the average home price is now at $498,000.
Staten Island Real Estate Predictions
With average home prices now on the rise, there is also a growing concern of gentrification. In the East Shore, a new $180 million shopping center is slated to replace Hylan Plaza. On the West Shore, Amazon is planning to build its first New York distribution center. And of course, a number of projects are transforming the North Shore, including Empire Outlets and a $3 million dollar renovation of St. George’s Theater.With the development of the New York Wheel indefinitely delayed, and new trends in telecommuting making proximity to Manhattan less desirable, prices probably won’t level off anytime soon.
What can you do about it if you're in the Staten Island real estate housing market for the rest of 2017?
If you’re a seller, now is a solid time to sell your home. If you’re a buyer, then figure out what your budget is, give yourself a timeline to find that home and if you don’t find it, move on. Since it's a seller’s market in Staten Island, and that doesn't seem to be likely to change anytime soon, it no longer makes sense to wait.
If you love having extra space and being near all the Manhattan action, then Staten Island is for you.
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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.