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admin 02.08.2015

The New York City real estate market is one of the hottest in the country, if not the hottest.
The second quarter of this year saw an unprecedented increase in all residential home sales in the New York City real estate market.
Not surprisingly, the average sales price in the New York City real estate market increased significantly in one year’s time. In continuing with the trend, Manhattan condos again had the largest impact on overall sales prices in the greater New York City real estate market. The New York City real estate market is so massive, and covers such a wide spectrum of demographics, that we have decided to cover each borough individually.
No more than a few months removed from the first quarter of this year, prices in the Manhattan housing market have resumed their upward trend after a short period of stagnation.
The Manhattan real estate market has benefited immensely from several key indicators: a strong local economy, employment gains, a booming tech center, tight credit conditions, low inventory and low mortgage rates.
Buyers continue to be challenged by a distinct lack of inventory and the speed in which the market is moving.
The Brooklyn real estate market, much like its neighboring boroughs, saw housing prices surpass previous records. It wouldn’t be right to discuss the state of the New York City real estate market without crediting Queens for its most recent contributions. If you haven’t noticed the trend by now, New York City is one of the hottest housing markets in the country.
Despite being separated from the rest of New York by a sizeable bay, Staten Island has seen an uptick in real estate activity on par with the other boroughs. Small-Town Feel:While Staten Island is itself a big city, it has inherited a small-town feel. Affordability: Rental prices on Staten Island are noticeably less than in other popular areas of the city, which would explain the recent influx of young renters. Location: There is no denying that Staten Island’s close proximity to Manhattan has made it a desirable place to live. Selective Development: Staten Island real estate investing has seen a renewed interest in selective areas. The boroughs of New York have experienced a real estate boom as of lately, and the Bronx is no exception. The Bronx has captured the attention of the entire New York City real estate investing community, as both commercial and real estate investors have taken a keen interest in the area. Today, the Bronx is hot on the heels of Brooklyn and Queens in today’s real estate boom, and shows no signs of slowing down.
Actively investing in real estate, FortuneBuilders is uniquely built to provide investors with the right education and systems for success. The National Weather Service confirmed that a weak tornado crossed the thin spit of land at the end of the Rockaway Peninsula this morning, cutting a small swath of damage across the Breezy Point, Queens, neighborhood, and leaving residents shell-shocked by the highly unusual event. The tornado then reformed near Canarsie, Brooklyn, and damaged several homes and knocked down trees with winds of up to 110 mph. New Jersey largely escaped the wrath of today’s severe weather, as a powerful line of storms lost much of its punch as it raced across the Garden State during the afternoon. The storms briefly knocked out power to about 20,000 customers across northern New Jersey, downed tree limbs and sent nearly 40,000 fans watching college football at MetLife Stadium running for cover. In Queens, the community of seaside bungalows was littered with broken flower pots, knocked-down fences and smashed windows.
At the Breezy Point Surf Club, the tornado ripped the roofs off rows of cabanas, scattered deck chairs and left a heavy metal barbecue and propane tank sitting in the middle a softball field, at least 100 yards from any nearby home. The twister was powerful enough to take down a portion of the 4-foot high cinder block wall that surrounds the club’s Olympic-size pool, the first time the pool had been damaged so much, even though the club has had its share of visits from hurricanes and tropical storms, said Dan Kelsch, a supervisor at the club. Although no injuries were reported, the bizarre event left an indelible mark on the minds of baffled Queens residents.
A colleague at the club, Tim Crockett, said he was home, about three blocks away on 219th Street, when the tornado hit. At least 46 tornadoes have affected New Jersey since 1950, according to National Weather Service records, including one that occurred on Tuesday in Mount Ephraim in Camden County, damaging roofs and tearing down trees and power lines during its brief time on the ground.


In New York City, tornadoes are even rarer, but they have occurred with increasing frequency in recent years.
Coastal communities in New Jersey and Long Island have also had to deal with another weather-related headache in the past week, this one hundreds of miles away.
Tropical Storm Leslie has been slowly swirling toward Bermuda for the past several days, and while it is not a direct threat to the United States, energy from the storm has kicked up surf up and down the East Coast, greatly increasing the risk of rip currents.
Leslie is expected to accelerate out of the area this week, but forecasters at the National Weather Service said the high rip current risk will persist through at least midweek.
The forecast for the metropolitan area for the next several days is sunny with highs in the mid-70s. While the water may not have been fit for swimming in Queens today, skies cleared and allowed cleanup efforts to begin. By late today, Mure said her 16-year-old son, Joey, and his friends were enjoying their weekend like nothing had happened earlier that day. Star-Ledger staff writer Stephen Stirling and the Associated Press contributed to this report. Below is a map showing the track of every confirmed tornado in New Jersey and the surrounding areas from 1950 to 2011, using data from the National Weather Service. From local news to politics to entertainment and sports, the twice daily Right Now eNewsletter has all of the New Jersey news you need! An affordable haven for immigrant families, with more green space than most parts of Queens; lacks some of the restaurants and shopping of Jackson Heights and Flushing. Although it ranks second population wise, Queens is the largest geographic area of the city, covering 178 square miles. It has been said that Astoria, a charming neighborhood desired for its proximity to Manhattan, is the largest population of Greeks outside of Greece. Supported by a strong economy and even stronger fundamentals, New York continues to make improvements to its housing sector. At $10.4 billion, home sales in all five boroughs increased an impressive 17 percent over the course of a year.
As recently as the second quarter of 2014, the average sales price in all the five boroughs was $826,000. Over the course of one year, the sales price of the average Manhattan condo increased 31 percent to $2,353,000. The increase may be attributed to a stall in inventory growth, as bidding wars have raised prices. For these reasons, and many more, Manhattan saw increases in every housing indicator over the previous year. Today’s sales price represents the highest it has been since the market peaked in the second quarter of 2008, when sales prices reached $1,025,000. Nonetheless, sales activity is higher than the long-term average, and experts expect conditions to improve for buyers in the coming months.
The rate in which prices have appreciated served to place more homes on the market, as owners were more inclined to sell for higher profits. However, that record was short lived, as this last quarter saw sales prices raise even higher. During the second quarter, 2,539 homes were sold, which represents a 1.1 percent decrease from the previous quarter.
The northeast section of Staten Island has seen a lot of money put into development of waterfront neighborhoods.
Younger generations, in particular have begun to move to Staten Island for many of the reasons listed above. Not to be outdone by its neighboring boroughs, the Bronx has positioned itself to receive a steady flow of commercial and residential activity.
Individual investors and huge developers have migrated their attention towards the Bronx and its promising future.
1 and the Citigroup building—Long Island City has one foot planted in Queens (excellent diversity) and the other in Manhattan (very favorable commute times to midtown). Of the at least eight tornadoes confirmed in New York City’s five boroughs since the 1890s, six have occurred in the past 25 years.


All rights reserved (About Us).The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of New Jersey On-Line LLC. Divided into many neighborhoods, residents often share tight knit community spaces and strong relationships with their neighbors. Howard Beach and Middle Village are largely populated by Italian-Americans, Rockaway beach by Irish-Americans, and Maspeth with a growing Polish crowd. Positive gains were seen in all five of New York’s boroughs, and it looks as if the trend will continue. Sales in Manhattan saw the biggest increase, as they proceeded to surge 20 percent in the last year to $5.96 billion. Even in the face of steep gains, the number of sales in the same area increased a modest 2 percent. As a result, there are few markets across the country that can rival the housing activity witnessed in Manhattan.
The average price per square foot went up 5.7 percent from the previous quarter, and is now about $1,340. At this point, Manhattan should contribute immensely to New York City real estate investing, or at least to those looking at higher-end flips. Increases in the Brooklyn real estate market are directly correlated to improving economic conditions and low, but ever-increasing inventory numbers. No more than four months ago, homes were on the market for an average of 112 days, or 34.8 percent longer. Perhaps even more importantly, however, are the proactive steps towards building a better housing sector the new mayor has taken. Over the course of a year, home values in the Bronx real estate market increased by as much as 7 percent. Over the last decade, the Bronx has experienced increasing demand for housing but unfortunately did not have the supply to meet it.
Still, the seams sometimes show, as the neighborhood has a fairly high crime rate and poor public schools. Other areas, such as Ozone Park, Bayside, and Kew Gardens, are home to strong communities of Israelis, Tibetans, and African Americans.
New York City real estate investing, both commercial and residential, looks as if it will see a lot of activity in the coming months. Total considerations for residential sales in Brooklyn jumped 10 percent, and are now approximately $2.16 billion. Recent data suggests that sales prices recently rose an additional 0.7 percent to $788,529. Over the course of a year, the amount of time a home spent on the market declined by 36 days. Perhaps even more importantly, sales volume continued to rise in the face of falling inventory. Bill de Blasio has launched a massive affordable housing construction campaign to contribute to the growth of New York City. Home sales in the Bronx are highlighted by several promising areas: Riverdale, Fieldston, Parkchester, Westchester Square, and Castle Hill, Soundview. Data highlighted by the Real Estate Board of New York’s (REBNY) Second Quarter Residential Sales Report suggests that all five boroughs saw increases in total consideration, sales volume, and average sales prices in the second quarter of 2015.
Not surprisingly, larger apartments saw prices increase at a faster rate, outpacing their smaller counterparts. However, the number of sales remains 2.1 percent above the 2,619 ten-year quarterly average. Demand in Brooklyn should catch the attention of the New York City real estate investing community. The Queens borough is just one example of why New York City real estate investing is such an attractive option for investors.



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