Investors in the market are always looking for the most advantageous deals. Sellers are looking for the optimal time to cash out on their property. A new study by StreetEasy indicates that the deals are spread out more throughout the City while the sellers' have more power in Brooklyn. The Buyer/Seller survey looked into several factors in determining what is the best to both categories. The factors included on what they call the Buyer/Seller index included factors as:
- Time on market
- Price cuts
- Sold price in relation to asking price
Based on the criteria it was found that Brooklyn maintained its lead for sellers looking to cash out. The best neighborhoods for sellers along with the median sales prices according to the index were:
Kensington- Brooklyn $515,000
Prospect Heights- Brooklyn $735,000
Fort Greene-Brooklyn $ 682,720
Cobble Hill-Brooklyn $1,330,000
Lower East Side in Manhattan $775,000
The neighborhoods that are tougher to sell are spread throughout the boroughs. These are areas that units are harder to sell and prices are reduced in order to close transactions:
Kew Gardens Hills - $248,000
Canarsie - $380,000
Sheepshead Bay - $390,250
Midtown - $1.45 million
SoHo - $3.29 million
This information should assist he investor make informative decisions in determining where to purchase their next property. There is much more wiggle room when it comes to negotiating prices in the Buyer’s index. The index can assist you prepare your finances accordingly in order to get into these markets. Determining what the market and future rents can be are will also help in determining whether this will potentially be an overall profitable investment for your real estate portfolio.
If you are in need of management of your property or properties in NYC then Blue Harbour Property Management is the company for you. We can help you determine what is the value of your investment and cater to it so you can maximize the revenue potential.
Visit us at www.blueharbourpropertymanagement.com
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