This page is updated periodically. For weekly updates and the latest news, read New York Notice by Nick El-Tawil.
- Luxury buyers are most likely to be domestic buyers in 2017.
- The strong U.S. dollar has played a part in this.
- Foreigners have less purchasing power today than in recent years.
- The market for properties valued below $3 million is stronger than ever.
- This is mostly re-sales.
- New construction in this segment of the market is in high demand if priced around $2,000 per square foot.
- There is a glut of new construction in the $10+ million range.
- Re-sales must be priced appropriately to compete with new inventory.
- Deals in this price range are getting done… but sellers must be patient.
- Downtown Manhattan is a popular choice among buyers who once would have only considered the Upper East or Upper West Sides.
- Supply of new inventory has led buyers to expect new. Fully-renovated homes are selling for a significant premium.
- On the other hand, homes that are not renovated make great value plays.
- Buyers who meet requirements for Upper East Side co-ops can find a steal. Many hit the market in estate condition.
- Other neighborhoods where buyers can find great value include: the East Village, the Lower East Side, and East End (“Yorkville”).
- Upper Manhattan (above 96th Street) home values have skyrocketed in recent years.
- Unfortunately, many buyers still do not see it as a destination.
- This won’t last forever. Harlem between 96th and 125th Streets has everything today’s buyers are looking for.
- Brooklyn’s condo market reached a new high in 2017 with a record $15,273,750 sale at 1 Main Street in Dumbo.
- This record sale was a re-sale. Not new construction (which can inflate values).
- Sky-high re-sale prices are an excellent sign for the future of Brooklyn’s market.
- Most of Brooklyn’s new construction is happening in Downtown Brooklyn.
- Downtown Brooklyn has an oversupply of luxury rentals as a result.
- Downtown’s condo market is still strong, however.
- Brooklyn Heights and Dumbo offer excellent value for would-be Manhattan buyers of the West Village and Tribeca, respectively.
- The market in Northwest Brooklyn is flooded with renovated townhouses. That hasn’t stopped them from selling at record prices.
- The L train shutdown, which begins in 2019, has hurt sales prices along the L… but not as much as rents.
- Buyers and tenants can take advantage of this.
- Retail along the L is taking the hardest hit. Many retail businesses can’t survive without foot traffic from the L.
- Greenpoint is experiencing a major construction boom.
- However, most of the 5,000+ new apartments will be rentals with only a handful of condos.
- Retail values in Greenpoint have skyrocketed thanks to the new residential construction.
- In Park Slope: condos along 4th Ave are selling and setting a new boundary for the neighborhood.
- Developers are now building condos in South Slope, outside of the Park Slope Historic District.
- Historic townhouses in BedStuy and Crown Heights are relatively affordable and in high demand.
- Bushwick is selling too, but to a much different type of buyer. Look here for affordable new construction.
Last updated September, 2017.