The Current Real Estate Dynamic
The New York City real estate market is always changing, creating new trends, and setting real estate industry standards. Between new brokerages on the rise and different techniques for selling in the marketplace, New York City real estate has seen some changes in the past couple of months.
Sellers Agents, also known as listing brokers, are using new more personalized ways to sell properties. As a listing broker in New York City real estate, the job isn’t to present the apartment but to tailor the experience for every potential buyer who walks in to take a look at the apartment. Since “not all flaws are equal in the eyes of buyers, savvy sellers can turn some of those quirks into positives, with the right spin – and the right price” (1).
Christie’s will soon be launching its New York City offices. Christie’s is known for it’s vast international address book. However, when most people invest in real estate they seek out the local expert. Real Estate as a whole is very location sensitive and specific, so having an agent who knows the industry and a particular niche market well is advantageous to the buyer. Local firms like Corcoran will likely continue to dominate the market, despite Christie’s reputation (2).
While the Manhattan market always sees a lot of activity, especially when it comes to residential properties, most if not all of the existing land has been developed. This leaves for most new developments to take place in the outer boroughs (3). The Real Deal has reported that 9 out of 10 of the largest developments taking place over the next few months and year are located in Brooklyn, Queens, The Bronx, & Staten Island (3).
Since the last quarter, many developers have been focusing on mixed-use property, in both new developments and in older, more historic properties. Residents want to have the convenience of and access to other amenities like community facilities, parking garages, as well as retail space. Many companies are also taking historic buildings, preserving the character and the facade, and turning them into mixed used buildings. Lois Weiss of the New York Post writes “Gerard Longo, principal of Mettle Property Group, is building a five-unit apartment building with a retail space at 70 Henry St., where the Brooklyn Heights Cinema used to be. Designed by Morris Adjmi, 70 Henry actually restores the brick facade of the old cinema, which dates back to 1896; because it’s in a historic district, Adjmi’s design was approved by the LPC in 2015” (4).
The past couple of months have proved that once again, New York continues to be the dominant market in real estate investments. As the market shifts and grows in popularity, there will likely be a rise in demand in this upcoming fourth quarter. And with a rise in demand, comes a rise in price.