Category: New York City

New York City boasts one of the most recognizable housing markets in the world. Fueled by a vibrant economy and iconic status, it consistently attracts a wave of residents seeking a piece of the Big Apple dream. However, before diving into this dynamic market, understanding current trends and price points is crucial. Renowned for its high cost of living, New York City requires a substantial investment in housing. This article unpacks everything you need to know, including median home values, market tendencies, and valuable insights for navigating this competitive housing…

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Market showing little sign of recovery as foreclosures and reduced sales prices dominate the scene.   June 24, 2024 By Dave Lubach, Executive Editor The commercial real estate market in New York City has not been great since the COVID-19 pandemic and is not done struggling yet, a recent New York Times article indicated.  “If we think it’s bad now, it’s going to get a lot worse,” were the ominous words from an attorney who works in the commercial mortgage industry.   Property values have dropped significantly in the last four…

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One word is on the lips of every broker in NYC, and they’ve all got an opinion. “The elections always bring uncertainty into the equation,” says Douglas Elliman star Fredrik Eklund.  Agrees fellow Elliman broker Steven Cohen, “The real estate market is averse to volatility and historically slows down as we approach the elections. “I think activity will remain low until at least later this year, after the election,” concurs Nobel Black, also of Elliman. But says Compass’ Matt Breitenbach, “The Hamptons real estate market will be fine despite macroeconomic…

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One word is on the lips of every broker in NYC, and they’ve all got an opinion. “The elections always bring uncertainty into the equation,” says Douglas Elliman star Fredrik Eklund.  Agrees fellow Elliman broker Steven Cohen, “The real estate market is averse to volatility and historically slows down as we approach the elections. “I think activity will remain low until at least later this year, after the election,” concurs Nobel Black, also of Elliman. But says Compass’ Matt Breitenbach, “The Hamptons real estate market will be fine despite macroeconomic…

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When it comes to the national housing market, it all goes back to the rule of supply and demand. When there is a huge demand and low supply, prices are going to rise. And throw in the high mortgage rates as of late, and you’ll find some areas of the country where homes are being “overvalued.” In fact, Buffalo, N.Y. ranked in the top five locations where the Real House Price Index (RHPI) said the greatest year-over-year home price hikes have been experienced. “Whether affordability drifts over or under in…

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San Francisco home hits market for $488K but buyers have to wait 30 years to move in Breaking News

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SYRACUSE — The normalization of hybrid work and a “flight to quality” by commercial-office tenants are two major issues currently affecting the office leasing environment, according to findings presented at CBRE Upstate NY’s Syracuse Market Outlook Midyear Review. The commercial real-estate firm held a review session to go over the findings on June 6 at […] .restricted-content { mask-image: linear-gradient(to bottom, black -7%, transparent 100%); -webkit-mask-image: linear-gradient(to bottom, black -7%, transparent 100%); overflow-y: hidden; } .paywall-container { background-color: var(–e-global-color-accent); padding: 5px; -webkit-box-shadow: 0px 0px 24px 0px rgb(0,0, 0, 0.5); -moz-box-shadow:…

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The James A. Bailey residence at St. Nicholas Place and 150th Street in Harlem, built in 1888 for the less flamboyant partner of the Barnum & Bailey team, is a three-ring circus of architectural elements: a Romanesque Revival tower, curvilinear Flemish gables, a high chimney adorned with Tudor roses, even a heraldic carving of a medieval knight’s helmet over the front door. One of the Bailey mansion’s two tourelles.Tony Cenicola/The New York Times The owners replaced modern aluminum windows in the Romanesque Revival-style tower with wooden sash windows faithful to…

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High home prices and stubborn mortgage rates make the current housing market seemingly difficult to navigate—particularly for underserved populations. Several grim numbers tell the story: The gap between Black and white homeownership is worse today than in 1968, when the Fair Housing Act was passed. Lower-income families are 22% more likely to be denied a home loan, according to the Homeownership Council of America. And only 3 in 10 veterans know they can qualify for a loan without a down payment. “With high home prices and mortgage rates, the housing market is…

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The Housing Market Is Weird and Ugly. These 5 Charts Explain Why. Home prices have held up better than expected amid high interest rates. But that doesn’t mean the housing market is healthy. When the Federal Reserve began raising interest rates in 2022, most economists thought the housing market would be the first to suffer the consequences: Higher borrowing costs would make it more expensive to buy and to build, leading to reduced demand, less construction and lower prices. They were right — at first. Construction slowed, but then picked…

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Wall Street’s Return-to-Office: Implications for NYC’s Real Estate Market – La Voce di New York Per fornire le migliori esperienze, utilizziamo tecnologie come i cookie per memorizzare e/o accedere alle informazioni del dispositivo. Il consenso a queste tecnologie ci permetterà di elaborare dati come il comportamento di navigazione o ID unici su questo sito. Non acconsentire o ritirare il consenso può influire negativamente su alcune caratteristiche e funzioni. L’archiviazione tecnica o l’accesso sono strettamente necessari al fine legittimo di consentire l’uso di un servizio specifico esplicitamente richiesto dall’abbonato o dall’utente,…

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Given the shifting fortunes of various commercial real estate asset classes, the relative strengths of both retail and hospitality have recently brought good news to those working in these sectors. That good news carries over into communities, too, a point driven home at Commercial Observer’s Retail & Hospitality Forum held June 13 at the City University of New York Graduate Center’s Elebash Recital Hall in Manhattan. “As urban centers across the country work to rebound from the rippling effects of the global shutdown and shifting dynamics and workplace trends, the…

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From pop-culture punchline to property mogul, Robert Van Winkle, better known as Vanilla Ice, has proven he’s no one-hit wonder when it comes to making money. He has turned his initial success into a multi-million-dollar business empire — all thanks to wise investments in the real estate market. Many predicted Van Winkle would join the list of bankrupt celebrities after his music career fizzled out. But, as divorce records from 2018 revealed, he was worth a cool $9 million then. Fast forward to now, and according to CelebrityNetWorth.com, he’s sitting…

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“With all those challenges, the fundamentals are steady,” she said. “New York is a unique market because it always finds a way to attract people and capital.”  Manhattan leads growth in transactions While the number of multifamily transactions in New York City was down year over year in Q1 2024, sales were up 23% year over year by dollar volume, according to the New York City Multifamily in Review Report by Ariel Property Advisors.   Whether it’s a good time to buy depends on investors’ unique strategies and goals.  Among New…

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