2017 was a killer year for the Staten Island real estate market! With increasing activity and property values continuing to rise, we saw some very strong results for our clients.
Over the past five years we have seen values of property on Staten Island increase up to 50% in some parts, namely New Brighton. Other particularly strong areas of growth were Rosebank (42% over the five year period) and a 44% rise in median prices in Port Richmond.
The Staten Island real estate market is a buzz at the moment, with a hive of activity in the construction field. Although major projects such as the NY Wheel and Empire outlets have seen some delays in construction, we remain optimistic that their impending openings will be a strong magnet for tourists and New Yorkers alike to visit the island and continue to support the strong growth we have seen in recent years. There are also several condominiums under construction which will help alleviate supply pressures that we are seeing currently in the apartment space.
In broad terms the economy has been strong this past year, which may lead to the Federal Reserve raising interest rates between three and four times this coming year. We are predicting continued strong demand and competition for real estate on the island this year across all market segments.
Whether you are a real estate investor, or wishing to purchase your own home, you’re sure to find something to suit your taste, budget and lifestyle in Staten Island. The area is constantly evolving and developing, including the opening of a large 258 acre park in late December of 2017. Brookfield Park will continue to evolve and change along with the city, and promises to be a wonderful place to relax, exercise or socialize well into the future. This project has been years in the making, and like a good wine, will just get better with time.
To conclude, we thought we might leave you with a video entitled This, is Staten Island – well worth a watch!
- Curbed NY
- SI Live – 10 reasons Staten Island real estate values soared in 2017
- SI Live – The 8 most expensive homes for sale on Staten Island
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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.