Why Real Estate Appraisals Matter

New York City is one of the most expensive cities in the country, and the bar to enter the residential real estate market is set very high.

MANHATTAN According to this week’s market reports, 651 residential contracts were signed in Manhattan and Manhattan investment sales fell by 41 percent in 2017. Residential Between Jan. 15 and Feb. 11, there were 651 contracts that were signed in Manhattan. Out of that total, 327 contracts were for co-op units, followed by 288 condos and 21 condops. The most active price segments was the $1 million to $2 million range, which accounted for 169 deals. The $2 million to $5 million segment, was less robust, accounting for just 129 transactions Commercial In 2017, Manhattan investment sales dropped 41 percent year-on-year to $23 billion. The decline is attributed to the retreat of foreign buyers. U.K. buyers led the exodus, with investments dropping 87 percent to $188 million. However, the weakening of Chinese interest had the most impact. During the year, investments from the country dropped 62 percent to $2.5 billion. BRONX Foxy Management will bring another large senior building to the Bronx on a three-lot assemblage at the corner of Arthur Avenue and East 179th Street. The developer is planning a nine-story, 177-unit building spanning more than 120,000 square feet on sites at 2016 Arthur Avenue, 612 East 179th Street and 2010 Arthur Avenue. The company is purchasing the sites for about $4 million, according to the Highcap Group’s Guy Vardi, who brokered the assemblage deals along with Jonathan Bichoupan. Jeff Fox, principal of Foxy Development, said his company hopes to close on financing in the late fall and break ground at the end of 2018 or the beginning of 2019.

This may be the time to consider living in the Yorkville area of the UPPER EAST SIDE. The newly opened SECOND AVENUE subway extends the Q line through this neighborhood. For years buildings east of THIRD AVENUE were a more affordable option for apartments on the UPPER EAST SIDE but the price difference between west and east of THIRD AVENUE is narrowing. The new extension of the Q line has contributed to this change.

If you are looking for a suburban vibe but don't want to leave New York City you may be able to find a home without moving to suburbia. Brooklyn may have just the neighborhood where you will find that house and a yard for the outdoor grill. Enjoy the suburban perks and be just a subway ride from the office. REF: New York Times, 6/25/17 REAL ESTATE SECTION, The Hunt - Joyce Cohen

Developers in Flushing, Queens are focusing on office condo sales in response to a sizable concentration of Asian professionals in the neighborhood who usually prefer to purchase rather than rent office space. It is interesting to note that new commercial and residential condominiums here are selling for close to the same average per square foot price. This would indicate that Flushing is a neighborhood to watch. SOURCE: The Real Deal - June 2017, "Flushing's Other Condo Boom", Rich Bockmann