Welcome to my 2018 round-up and 2019 predictions of the Staten Island Real Estate Market.
First, a quick recap of my predictions as shared in my blog Staten Island Real Estate Forecast for 2018.
Now, regarding the elephant wheel in the room, the New York Wheel project has been axed. After years of going back and forth with the wheel project fate was sealed recently with the developers’ last-ditch attempt rejected. An auction date has been set for the parts of the construction that have been able to be reused. While this is undoubtedly a blow to the North Shore, there has still been significant investment in infrastructure surrounding the wheel site, and I feel confident that this trend will continue moving into 2019.
The Empire Outlets, which I also mentioned in my previous blog has a grand opening scheduled for April 17, 2019. The opening of this outlet mall, I believe, will be a great source of economic activity for our borough and will hopefully be an engine for jobs growth in the area and for local and international businesses to thrive. There is no shortage of both local and international brands that will have a presence at the mall, including as far afield as Australia with the addition of a Cotton On store at the site.
In 2018, the Federal Reserve has raised interest rates, and I anticipate the same movement upwards in 2019 assuming our strong economic position continues.
The housing market here in Staten Island has been relatively stable, starting out with some hesitation, but as the year went on there proved to be more buyers than sellers in the market. This led to fewer days on market and strong sales prices throughout the year. Talk of the housing bubble didn’t do too much to quash buyer enthusiasm, although looking forward, it may have some impact on the 2019 outlook. With wages going up, but not at the same pace as housing prices, something will give eventually. Housing Affordability for our borough is at a 10-year low, but with the competition we have seen for properties, housing prices remain stable,– or trending slightly upwards, it will be interesting to see what 2019 brings.
Across the United States, and in Staten Island as well, we have seen a general movement towards homebuyers moving to smaller spaces, and this is no more evident than in Staten Island’s own Urby development. Home buyers, especially younger ones, are happy to have an apartment with a smaller footprint but with great amenities like a swimming pool, gym and even a community garden, rather than a larger, oftentimes older apartment with only the most basic of amenities. For those looking to invest, these smaller properties can oftentimes yield much better returns on your investment than their larger counterparts, too. Something to keep in mind. You can read a recent article on the phenomenon here.
Looking to 2019, I remain cautiously optimistic on the Staten Island real estate market. I believe we will continue to see investment in new housing developments, and with the some of the best value real estate in New York I believe Staten Island will continue to see if priced correctly, strong property results well into 2019.
As always, please don’t hesitate to contact my office with any queries. I’ve been assisting both buyers and sellers with the legal aspects of buying and selling homes in Staten Island for over ten years now and would be more than happy to help guide you through the sometimes complicated process.
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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.