Last updated June, 2017.
- 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.
- Properties in the $4 to $6 million market have enjoyed a strong start to 2017 after a weaker-than-usual 2016.
- There is a glut of new construction in the $10+ million range. This segment of the market is moving slowly… but picking up steam after an even slower 2016.
- Downtown Manhattan is a popular choice among buyers who once would have only considered the Upper East Side or Upper West Side.
- Supply of new inventory has caused 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.
- In particular, buyers who meet requirements for Upper East Side co-ops can find a steal. Many of these do not come to market renovated.
- Other neighborhoods where buyers can find great value include: the East Village (east of Avenue A), the Lower East Side (below Delancey), and East End (east of 2nd Avenue on the Upper East Side).
- With the Manhattan townhouse market out of reach for many would-be buyers, co-op and condo apartments within townhouses are desired for offering a similar lifestyle. They are also rare.
- Upper Manhattan (above 96th Street) has seen much more appreciation than the rest of the borough in recent years, but many buyers still do not see it as a destination.
- This won’t last forever. Harlem between 96th and 125th Streets in particular is full of character and excellent transportation.
- With Brooklyn townhouse values soaring, Harlem is a relatively affordable option for townhouse buyers.
- Brooklyn’s condo market reached a new high in 2017 with a record $15,273,750 sale at 1 Main Street.
- Demand for Brooklyn condos is higher than the incoming supply of new construction.
- Developers are beginning to catch on, 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.
- Greenpoint is experiencing a construction boom, but most of the 5,000+ new apartments will be rentals with only a handful of condos.
- 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 Park Slope’s 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 than historic BedStuy and Crown Heights. Look here for affordable new construction.