It has been some time since we wrote a post on real estate in New York City. Just as the economy appears to be continuing on a upward trend, so has the real estate market in our region. In fact, residential home sales enjoyed a record year in 2017.
According to a globest.com report, there was $50 billion worth of home sales in New York City. This record number was buoyed in part by $11 billion in residential sales in Brooklyn, which was also an all time record for that borough.
More homes were sold in the $1 million to $3 million range than highly touted luxury homes. In fact, the Real Estate Board of New York (REBNY) reported that fourth quarter sales activity surrounding co-ops, condominiums and one to three family multifamily units.
With the optimistic news comes struggles in other sectors of the real estate market. For instance, Manhattan saw declines in both sales volume and pricing in the fourth quarter of last year. Perhaps it is because Manhattan is home to more of the pricier new offerings or because cheaper options are being found in Queens or the Bronx.
Regardless, the story is yet another indicator that the housing market is poised for growth in 2018. Whether you are a developer, real estate investor or simply a buyer seeking a new home, a conversation with an experienced real estate attorney can put you on the path for making good decisions during your search.
The preceding is for informational purposes only and does not constitute personalized legal advice.