The Fourth of July Independence Day Weekend marks American summer in full swing.
And this year the weather isn’t the only thing heating up. Residential real estate across the country continues to pick up pace towards pre-recession levels. The news is especially good in the Staten Island real estate market.
Two complementary sparks are firing up the market: 1) an increase in apartment rents in Staten Island; and 2) an increase in home sales and prices.
Perhaps counter-intuitively, home ownership in our borough has decreased by around 3% since 2011. Elsewhere in New York City, home ownership has risen since 2011 (during which the housing market bottomed out in many places). One explanation is an influx of new residents. Many people are choosing to move here rather than Brooklyn or Jersey City, for instance, where real estate prices have become prohibitive for all but the wealthiest.
Where are renters looking most often?:
- The North Shore, due to exciting new development projects I discuss below
- Neighborhoods near the Verrazano Bridge
- Neighborhoods near public transportation (along Hylan Blvd near the express bus, for instance).
But the point is that new renters are looking across Staten Island, and rental prices are correspondingly rising.
So what does this mean for real estate sales here? You want to buy or sell a home – so what does this mean for you? Well, it may depend on your perspective.
Nationally and locally, the real estate market has fallen in line with historic norms, which means if you’re buying you don’t need to be concerned about a housing bubble and if you’re selling you don’t need to be concerned with selling too soon and missing out on a jackpot. 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.
Right now, both sides of the fence – buying a home and selling a home – are looking good.
References:
- Staten Island Advance – Apartment Market Getting Red Hot in Staten Island
- Staten Island Advance – Staten Island Summer Housing Market Heating Up
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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.
