YEAR IN REVIEW: MARCH 2018

YEAR IN REVIEW:

MARCH 2018

For ALL your Real Estate needs, and then some…

(International/ Commercial/ Residential/ Sale/ Purchase/ Rental) 
 Confidential/ Complimentary/ Consultation  REAL ESTATE ADVICE AVAILABLE

It’s All New…. The housing market across the nation has hit a high time low with regards to American applicants who can afford to buy houses. More than 80% of ‘former’ home owners are now mentally settled with the notion of living in a rental unit for the rest of their lives. This is mostly due to the increased rate of foreclosures. Hence, landlords and investors have a more competitive market and are now offering better packages for tenants. For instance, in NYC there has been an influx of new developments and 2018 has already began to experience more incentives to tenants such as 1-3 months free; even complimentary breakfast in some buildings. The heat is on, the new trend is rentals. This is also influenced by the improvement in public transportation. More train routes, bus and cab services, and ferrys have been introduced, and commute is becoming more and more feasible. The boundaries are expanding, and nowhere is off limits anymore. _________________________________________________________________________________

Laugh With Me:

Question: What do you call someone who speaks three or more languages? 

Answer: multi-lingual

Question: Wha do you call someone who speaks two languages?

Answer: Bi-lingual

Question: What do you call someone who speaks one language?

Answer: An American

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Newsflash:

Will Smith’s onetime Noho rental hits the market for $11.8M

https://ny.curbed.com/2018/3/8/17096314/noho-apartment-25-bond-street-for-sale-will-smith-nyc

One half of the former full-floor condo at 25 Bond Street in Noho, where actor Will Smith once rented, has made it’s way to the market, asking $11.8 million.

The three-bedroom, 3.5 bathroom apartment, known as unit 4E, spans 3,704 square feet and is highlighted by its loft-like layout that includes soaring ceilings, wide plank oak floors, walls lined with floor-to-ceiling windows, and a custom living room fireplace. The open chef’s kitchen is furnished with sleek custom cabinetry, built-in Miele appliances, two Subzero refrigerators, and a separate wine fridge.

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Da BOOGIEDOWN BRONX…

Creating New Metro North Stations
http://bronxboropres.nyc.gov/planning-development/

New Metro-North Railroad service between Co-Op City, Parkchester and Hunts Point in the Bronx and Penn Station is Borough President Diaz Jr.’s highest mass transportation priority. These stations, with a combined ridership base of over 250,000 Bronxites, would also afford reverse commuting opportunities to employment centers in Westchester and Lower Fairfield counties. Railroad service to Co-Op City, Parkchester and Hunts Point has been endorsed by Mayor Michael Bloomberg and MTA Chair Elliot Sander in the context of PLANNYC 2030.

Plans are in formation to redesign and reconstruct all the major interstate highways serving the Bronx by the year 2030. These efforts seek to increase vehicular capacity, reduce congestion by eliminating traffic weaving and sharp curves, and improve access to business centers across the borough.

Bronx, NY Housing Market
https://www.realtor.com/local/Bronx_NY

$465K Median Listing Price $273K Price per Square Foot $486K Median Closing Price

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A Few Current Listings

SALES

E20th St - Gramercy Manhattan NY - 2BD Condo - 1083sqft - $2,285,000.00
E62nd St - Upper Eastside Manhattan NY - 4BD Coop - $1,495,000.00
E 2nd St - Brooklyn NY 11218 - 2 Family 6BD 2BTH - 200sqft - $999,999.00
E 92nd St - Brooklyn NY - 3 Family LARGE HOUSE COMPLETELY RENOVATED - $690,000.00
E. 153rd. St - Melrose Bronx NY - 2 Family 7BD Large Semi-Attached Fully Renovated Home - $585,000.00
East 233rd St - NE Bronx NY - Renovated! Semi Attached 2 Family Brick Home - $599,000.00
148th Road Rosedale Queens NY - RENOVATED 1 FAM SEMI ATTACH! PRVT DRIVEWAY, CENTRAL HEAT - $549,000.00
173rd St - Forest Hills Queens NY - LUXURY HOME 2 FAMILY BRICK SEMI ATTACH - $1,250,000.00

RENTALS
SPRING STREET (Bowery and Elizabath Street) - Manhattan NY - 1BD - $2,950.00
EAST 19TH ST (2nd Ave and 1st Ave) - Gramercy -Manhattan NY - 2BD - $2,895.00
EAST 138TH STREET (Brown Pl and Brook Ave) - Bronx NY - 1BD - $1,800.00
46TH STREET (Queens Blvd/43rd Ave) - Queens NY - 1BD - $1,750.00
UNION TURNPIKE (Park Lane/Grenfell Street) - Queens NY - 3BD - $2,500.00

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Commercial Spaces For Rent

Commercial Space - 625 8th Avenue - Manhattan

https://mdrnresidential.com/midtown-west/commercial-for-sale/8th-ave/44428

Commercial Space - 161 Gramatan Avenue - Mount Vernon https://mdrnresidential.com/other/commercial-for-sale/gramatan-avenue/49583

Office Spaces - Middletown Road - Bronx

Shared office Space/ 100 - 500 sqft/ $700 - $2500

Office Spaces - Midtown West - Manhattan

Doorman building/ Elevator 200 - 5000sqft/ $1800 - $30,000.00

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NYC Highlights

Here now is a look at the top 10 neighborhoods to look out for in 2018:
https://ny.curbed.com/2017/12/21/16802882/nyc-neighborhoods-to-watch-2018-west-harlem


US Real Estate: Should you buy or sell in 2018?
https://realestateforecast2018.com/us-real-estate-should-you-buy-or-sell-in-2018/

Despite talks of housing bubbles, expert forecasts of markets like Los Angeles, San Diego, and New York are promising. Freddie Mac’s 2018 forecast predicts a strong year ahead with a solid 5% growth in prices. For several years, the US has seen moderate economic growth of about 2% annually, job gains, and low mortgage interest rates, and these conditions are predicted to continue into 2018.

In spite of ample talk of a real estate market crash in New York, it’s not happening. Prices in Manhattan, Brooklyn, and Queens have continued to rise slowly, likely because housing availability is weak. NAR chief economist Lawrence Yun says younger buyers are likely to drive growth in residential markets in coming years as interest rates stay relatively low.

Bronx The Orchid Show
Saturday, March 3, 2018 – Sunday, April 22, 2018
https://www.nybg.org/event/the-orchid-show/

Installations by Belgian Floral Artist Daniel Ost

Now in its 16th year, The Orchid Show showcases thousands of dramatically displayed orchids in the Enid A. Haupt Conservatory featuring a series of installations crafted by Daniel Ost. Each living sculpture celebrates the complex beauty of these stunning flowers, highlighting individual orchids attached in such a way that each flower and form can be seen and appreciated. One of the world’s leading floral artists, Ost uses flowers as a means of expression. His large-scale artworks have been tailored to the unique environment of the landmark Victorian-style Conservatory, complementing the architecture of the building while creating a transformative, dazzling spectacle of color, form, and texture.

Manhattan 

Has the retail-condo market bottomed out?
https://therealdeal.com/issues_articles/has-the-retail-condo-market-bottomed-out/

“Retail” was a four-letter word in the industry last year. But a recent spate of retail-condo sales in early 2018 might reflect changing attitudes.

Investors bought or put into contract a total of $276 million worth of retail condo properties in the first eight weeks of 2018, a review of Real Capital Analytics data by The Real Deal shows. That’s already more than half of 2017’s total of $523 million.

Brooklyn and Queens NYC Real Estate Experts Offer Their 2018 Predictions

https://www.cityrealty.com/nyc/market-insight/features/future-nyc/nyc-real-estate-experts-offer-their-2018-predictions/15094

Brooklyn won’t be the only rapidly-growing market outside Manhattan.

“With pricing for both rentals and condos near all-time highs, people are going to continue to look for more affordable housing deeper in the boroughs. In Brooklyn, neighborhoods like Midwood, Flatbush and Prospect-Lefferts Gardens, which are currently off the radar for new arrivals to our city, may see an influx of new transplants. But I believe the big story in 2018 will be Queens. The evolution of already-booming areas like Long Island City and Astoria will continue unabated, and communities like Jackson Heights, Sunnyside and Woodside will see a lot of interest from apartment hunters and developers alike.

Queens Real Estate Market Report, January 2018

Average Home Price in Queens NY

http://www.queenshometeam.com/blog/queens-real-estate-market-2018-forecast/

In December, the average home prices for Queens real Estate were as follows:

Average sale price for a 1 family home in Queens was: $724K
Average sale price for a 2 family home in Queens was: $865K
Average sale price for a 3 family home in Queens was: $1.15M
Average sale price for a 1 bedroom condo in Queens was: $458K
Average sale price for a 2 bedroom condo in Queens was: $590K

Average sale price for a 1 bedroom coop in Queens was: $254K
Average sale price for a 2 bedroom coop in Queens was: $341

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