New York real estate predictions for 2018

New York real estate predictions for 2018

In January 3, 2018
New-York-real-estate-predictions-for-2018

As the round up of highlights from the real estate in New York from last year (2017) fade away, experts and real estate consultants have been sharing their views and predictions on real estate trends to expect in 2018. We’ve put together the most relevant predictions that you must care about. Among these are also market forecasts and

Transportation plans will affect rents and prices

According to Street Easy, transportation plans of New Yorkers will immensely influence their choice of renting a residential space. 2018 will bring two changes in transportation in the city: the NYC ferry service will up its capacity and extend its reach to Manhattan, and the L train shutdown is scheduled for 2019. Both these factors affected rents and prices in 2017 and will have a greater effect in 2018.Street Easy reported that rents within a 10-minute walk to the Atlantic Avenue, Greenpoint and Astoria stops of the NYC Ferry had sailed up 1.5 percent faster than the broader area of those neighborhoods towards the end of last year.

Source: https://streeteasy.com/blog/2018-nyc-housing-predictions/

Value of luxury condos will drop

The Real Deal reports that the supply of luxury condos has overshot its demand. The result? Decrease in value. Not only will the super rich have to decrease the value of their properties; the effect of this will trickle down to those who are normal-rich. Prices of all properties will decrease a bit because of this effect. The report suggested that citywide luxury home sales are expected to hit new lows in 2018.

Source: https://therealdeal.com/2017/12/10/new-york-resi-predictions-for-2018/

Property owners will offer extra amenities and facilities

As the number of new constructions increases in the city, property owners and real estate consultants will offer amenities and recreational facilities in apartments at added costs. Although, experts predict that those looking to rent spaces will not get lured for these recreational amenities, owing to the costs attached.

Source: https://streeteasy.com/blog/2018-nyc-housing-predictions/

Fierce competition in the real estate industry

New York is and will remain a hot spot for professionals and businesses. And hence, an influx of new comers to the city will lead to increased competition between real estate consultants and firms. The Real Deal reports that competition for homes under $ 1 million will continue as always.

Source: https://therealdeal.com/2017/12/10/new-york-resi-predictions-for-2018/

Residential properties under 1 million will see competition

As more people move to New York owing to more jobs, an increased number of professionals with higher paying capacities will mean that prices of residential properties will rise. People have the capacity to pay and house owners will make the most of it. But the reverse effect of this will be on people who cannot afford these residential places anymore. They will be forced to search for affordable houses.

Source: https://streeteasy.com/blog/2018-nyc-housing-predictions/

Negotiations in rent and concessions will rise

2018 is the year of renters in New York City. The Metro USA reports that landlord’s concessions and slow growing rents will mean that renters stand a better chance of negotiating and getting concessions. The report also suggests that renters should also negotiate before renewing their lease to avail of some concessions because of decrease in rents.

Source: https://www.metro.us/news/local-news/new-york/streeteasys-2018-new-york-real-estate-predictions

The new tax reform will lead to some uncertainty in the real estate sector

City Realty reported that a new uncertainty is likely in New York due to a new tax reform. Experts – brokers, architects, market analyzers, and developers – are of the opinion that the new tax bill will affect New York’s real estate business. Experts, although, are not sure about the new adjustments that the new tax reform will cause and are waiting to see what changes it will bring.

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

With highs and lows, adjustments and uncertainties, over all, the real estate scenario in New York is showing positive signs and will remain vibrant and energetic throughout the beginning of the year. The trends may continue to the second half of the year too.