PropertyShark Report for 2nd Quarter Shows TriBeca Remain As NYC's Most Priciest Neighborhood, Queens Has 2 Neighborhoods Hit $1 Million Dollar Mark

PropertyShark, an online resource provide in-depth data information for over 90 million properties nationwide produced their 2nd quarter of 2018 report of the 50 most priciest neighborhoods in New York City.  The report indicates that although there was a 26% year over year drop, Tribeca remained as the most priciest neighborhood in New York City.  Also around the city, Queens saw two neighborhoods hit the #1 million dollar mark and Homecrest in Brooklyn saw the most significant change in the median price change in the top 50 most priciest neighborhoods.  Manhattan had 9 out of the top 10 priciest neighborhoods throughout New York City.

In Manhattan, Tribeca is overwhelmingly the priciest neighborhood in the city with median sales prices for the quarter at $3,812,500.  As states prices dropped 26% year over year with a total of 62 transactions for the quarter.  SoHo remained at #2 with pricing at $2,925,00 which was an increase of 17% with 27 transactions.  The highest quantity of transactions in the top 50 were also in Manhattan.  The Upper East Side is tops on the list with 600 transactions followed by the Upper West Side with 579.

In Brooklyn there are two significant takeaways from the report.  The first is DUMBO is the most priciest neighborhood in all of Brooklyn and #3 overall in the city.  DUMBO saw prices increase 37% to a median sales price of $2,512,500.  There were 16 transactions overall in the neighborhood.  The second significant takeaway was in Homecrest Brooklyn.  For those unfamiliar, Homecrest is a neighborhood in Sheepshead Bay.  The borders are Kings Highway to the north, Avenue X to the south, Coney Island Avenue to the west, and Ocean Avenue to the east. Homecrest, the #45 most priciest neighborhood saw an overall increase of 80% to a price of $725,000 on 25 transactions.

Queens saw 2 neighborhoods hit the $1 million dollar mark.  Belle Harbor became the #16 most priciest neighborhood.  Belle Harbor saw an increase in price of 40% with median prices at $1,180,000 on 5 transactions.  Hunters Point came in at #25 on 49 transactions and a median price of $1,000,000.  Other significant neighborhoods coming in the top 50 in Queens were #34 tie East Flushing ($880,000.00), #34 tie ($880,000.00), #37 Auburndale ($856,500.00) and #38 Hollis Hills ($850,000.00).

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/propertyshark-report-for-2nd-quarter-shows-tribeca-remain-as-nycs-most-priciest-neighborhood-queens-has-2-neighborhoods-hit-1-million-dollar-mark/

Home Sales Inventory Hitting All-Time Highs Throughout New York City According To New Market Report

StreetEasy  recently released their May 2018 Market Report and it is very promising for the future.  The market report which is a monthly overview of the Manhattan, Brooklyn and Queens sales and rental markets which aggregates data from public recorded sales and listing from real estate brokerages indicates that sales inventory is hitting all-time highs.  Manhattan in particular is increases year over year that is the highest on StreetEasy's record.  The figures are promising as inventory has been hampering the sales market for some time now.  These figures will hopefully allow buyers to have a better negotiating stance going forward.

According to the report, inventory in Manhattan rose 16.7% year over year which is the highest increase ever recorded.  Queens and Brooklyn saw increases actually higher than Manhattan.  Queens saw an increase in inventory of 42.8% while Brooklyn saw a 23.4% increase.  Although there was an increase in inventory, sales prices also increased throughout the three boroughs.  Queens is seeing all-time highs in home prices as there is a 9% year over year increase to a value of $544,587 or a $45,000 increase.

 Grant Long, Senior Economist for StreetEasy states the following: “Sellers are betting on a wave of demand from the peak shopping season, but this summer’s market has turned out to be a crowded one. However, prices are high and continue to rise. More affordable homes are the hardest to find, and are sure to sell quickly. But higher-end homes, particularly those joining the market from the ongoing stream of new development, will be pressured to lower prices or linger on the market. This summer is poised to offer an excellent negotiating opportunity for buyers with big budgets.”

Here are some of the highlights of the report per borough:

"Manhattan

• Sale prices rose in all submarkets but one. The StreetEasy Manhattan Price Index increased 0.6 percent to $1,157,995. Prices rose in four of the five submarkets, led by an increase in the Upper East Side, where the median home price rose 1.9 percent to $1,038,046. Prices in Downtown Manhattan remained flat at $1,691,204.
• Inventory rose at a record pace. Sales inventory in Manhattan rose 16.7 percent year-over-year. The Upper East Side experienced the largest increase, with inventory up 20.2 percent since last year.
• Fewer rentals offered a discount. Sixteen percent of rentals in Manhattan were discounted in May, a decrease of 1.6 percentage points from last year.

Brooklyn

• Prices reached new highs in North Brooklyn. The StreetEasy North Brooklyn Price Index increased 11.1 percent to $1,229,838, a record high for the submarket despite the looming L train shutdown. Borough-wide, prices rose by just 1.1. percent since last year, to $720,555.
• Sales inventory continued to climb, except in North Brooklyn. Sales inventory in the borough reached a record high — up 23.4 percent over last year. Inventory rose the most in South Brooklyn, which saw a 44.7 percent increase over last year. North Brooklyn was the only submarket where inventory dropped, by 6.7 percent since last year.
• Rents rose in all submarkets except North Brooklyn. The StreetEasy Brooklyn Rent Index increased 1.4 percent year-over-year to $2,562. South Brooklyn experienced the largest spike: up 2.6 percent to a median rent of $1,885. North Brooklyn was the only submarket where rents stagnated, likely because of the L train shutdown starting in April 2019. Rents in the submarket remained flat at $3,062.

Queens

• Sales inventory swelled. Queens saw the largest year-over-year increase in inventory, rising 42.8 percent. All five submarkets in the borough saw a surge in inventory.
• Queens was the only borough with an increase in the share of discounted rentals. Seventeen percent of Queens rentals offered discounts: up 2.9 percentage points over last year, and the highest share of the three boroughs analyzed."

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

 http://www.blueharbourpropertymanagement.com/home-sales-inventory-hitting-all-time-highs-throughout-new-york-city-according-to-new-market-report/

REBNY Report Indicates Third Straight Quarter of Decreased Residential Real Estate Sales in NYC

The Real Estate Board of New York (REBNY) published their first quarter report for 2018.  What it indicates is that residential real estate sales is down for the third straight quarter.  For the first quarter of this year, New York City residential sales were down 16 percent.  Total value of real estate transactions for the quarter was $10.3 billion in comparison to $12.3 billion for the first quarter of 2017.  The $2 billion decrease for the first quarter of 2018 was the largest year-over-year drop recorded since the third quarter of 2009 according to REBNY.

Total residential sales consideration decreased in three of the five boroughs.  Manhattan saw the biggest decrease in sales consideration for the quarter at 30% to $4.61 billion.  This was followed by Brooklyn -12% to 2.36 billion and Staten Island -1% to $711 million.   The Bronx saw an increase in sale consideration by 16% to $436 million in the Bronx and Queens saw an increase of 7% to $2.21 billion.

For the quarter, sales volume only increased in the Bronx by 8% to 998 for the quarter.  In the other boroughs sales were down led by Manhattan being down by 20% (2,417), Brooklyn by 15% (2,466), Staten Island  by 9% (1,338) and Queens by 4% (3,650).  Overall, the average sales price of a home in New York City during the first quarter of 2018 was $951,000, a seven percent decrease from the first quarter of 2017.

On a positive note, the average sales price for a one-to-three family dwelling in New York City overall has hit an all time high.  The average sales price of a one-to-three family dwelling in New York City was $791,000 which is a two percent increase from last year’s first quarter average.  With respect to the boroughs, Queens, the Bronx, and Staten Island all registered record highs for the first quarter. The average sales price for a one-to-three family dwelling increased 6% to $717,000 in Queens, 7% to $517,000 in the Bronx, and 9% percent to $563,000 in Staten Island.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/rebny-report-indicates-third-straight-quarter-of-decreased-residential-real-estate-sales-in-nyc/

Rents Continue To Decrease Throughout The City With Queens Leading The Way After Concessions

According to a report authored by appraiser Samuel Miller, Inc. and Douglas Elliman rents continue to decrease all throughout New York City seeing the most significant decrease in Queens with an 11.7% decrease.  The decrease in rent helped leasing activity in Northwest Queens with lease-signings increasing 11% during the period.  The report which can be read in its entirety here shows that concessions are increasing in Manhattan, Brooklyn and Queens.

The report indicates that concessions in new rental transactions in Brooklyn increased from 14.7% to 51% in April.  Rent decreased in Brooklyn 2.9% to $2,686 per month. It is the 11th decrease in the last 12 months in Brooklyn.  Meanwhile in Northwest Queens concessions were up to 65.1% of all new deals.  This is up from 45.4% from the previous month year over year.  The median rent in northwest Queens was $2,646.00 per month.  The decrease is the 8th out of the last 9 months.  Northwest Queens is comprised of Long Island City, Woodside, Astoria and Sunnyside.

 Manhattan saw a slight change as well.  Concessions increased from 28.6% to 44.3% year over year.  It was the third highest recorded number since 2010.  Rents decreased altogether 2.2% to $3,236 per month.

Jonathan Miller, CEO of the appraisal firm Samuel Miller addressed the concessions hitting many of the units in the city recently.  He was quoted in TheRealDeal stating the following indicating that concessions would not be going away: “With the supply continuing to enter all these markets, it’s seemingly every month or every few months, there’s a new record set for the market share of concessions that are being offered,” he said.“With the influx of new developments continuing unabated, I think this market characteristic is going to be sticking around for a while.”

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/rents-continue-to-decrease-throughout-the-city-with-queens-leading-the-way-after-concessions/

Manhattan Continue To Lead NYC In Most Expensive Neighborhoods With Brooklyn Making Strides

PropertyShark has published their quarterly report on the most expensive neighborhoods in New York City.  The list shows the top 50 neighborhoods according the median sales price for the first quarter of 2018.   The report shows that Manhattan continues to lead the city with the most expensive neighborhoods with Brooklyn picking up steam.  Manhattan had 9 of the top 10 neighborhoods with Tribeca leading the way . The median sale prices were calculated based on residential property sales closed between January 1, 2018 and March 31, 2018. The residential properties which comprised the report were single-family homes, condos and co-ops.

In Manhattan, Tribeca led the way with a median sales price of $3,575,000 (#1 overall).  This was despite having a 30% decrease in transactions year over year.  The biggest increases were in the West Village (#3 overall) with a median sales price of $2,312,500 and an 88% increase year over year and the East Village (#9 overall) with a median sales price of $1,535,012.    The Upper East side (#15 overall) led the way in the total amount of transactions with 495 during the quarter.

Brooklyn continues to show increased value to properties as several neighborhoods have made moves on the list.  Particularly Greenpoint and Fort Greene showed tremendous increases on the list.  Fort Greene (#14 overall) led the way with a 131% year over year increase and a median price of $1,280,000.  Fort Greene (#12 overall) showed tremendous a tremendous upside as well showing an 81% increase and a median price of $1,352,182.

Queens did not have any neighborhoods hitting the 1 million dollar mark however Belle Harbor (#27 overall) came close at $995,000.  The other leading neighborhoods as to ranking and median sales price in Queens were to the south of Belle Harbor.  Queensboro Hill (#34 overall, $883,500) and Auburndale ($35 overall, $883,000) remained steady in these categories.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/manhattan-continue-to-lead-nyc-in-most-expensive-neighborhood-with-brooklyn-making-strides/

NYC Has 7 Of The Top 20 Gentrified Zip Codes In The Nationwide Leading To Increased Home Value

A new study by Rentcafe found that NYC has 7 of the top 20 gentrified zip codes in the nation.  The study looked at the 2000 Census data as well as the 2016 American Community Survey to see changes taken place in over 11,000 zip codes throughout the nation.  According to Rentcafe they study looked to three important factors to determine where gentrification was taken place.  The factors was median home value, median household income and the population holding a bachelor's or higher degree.  From there, their analysis gave an average rank based on zip code.  In the NYC area, Brooklyn led the way with 5 of the top 20 zip codes leading in gentrification.  This was followed by Manhattan with two zip codes.

Along with gentrification comes increases in home values.  According to the study the average home value in 2016 in the top 20 most gentrified zip codes was $446,730 with an average increase of  224% since 2000.  All areas in the Brooklyn zip codes (11211- Williamsburg, 11222- Bushwick, 11216- Bed-Stuy, 11237- Bushwick and 11221-Bed-Stuy/Bushwick ) saw increase in home values above 100% since 2000.  The Manhattan zip codes (10039-Washington Heights and 10026-Harlem) both saw increases well above 200% during the period.  The most interesting zip code in Manhattan according to the survey was Roosevelt Island's 10044 which saw an astronomical increase.
According to the article

"New York City dominates the top of the list, with some dizzying figures. That the median home value in New York’s 10044 (Roosevelt Island) exploded, going from just over $48K to almost $655K is just one way to put it. Proportionally, it is an astonishing 1,258% expansion rate."

The study points out that there are drawbacks to the gentrification of neighborhoods.  As we have seen in many areas in New York City, the influx of new highly educated individuals leads to displacement of long time residents of the community.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/nyc-has-7-of-the-top-20-gentrified-zip-codes-in-the-nationwide-leading-to-increased-home-value/

NYC Investment Sales Down Almost Forty Percent; Bronx Only Borough With Higher Sales

The Real Estate Board of New York (REBNY) published their Investment Sales Report for the Second Half of 2017 and it shows that real estate investment sales continue to nosedive.  Investment sales have now fallen since the first half of 2015, when New York saw $37 billion in real estate sales. Sales have fallen on every report since 2015 except one period for the second half of 2016.  The report indicates that the total monetary value for all recorded sales was $17 billion throughout the city which is a 37 percent decline compared to the second half of 2016. The total number of transactions also draw a drop of 19 percent year over year.  The only borough that saw a positive investment with respect to monies spent was the Bronx where investors spent $1.5 billion in the second half of 2017 where $1.4 billion was spent in 2016 second half.

Manhattan investment saw a considerable drop as sales decreased 40 percent to $10.1 billion in the second half of 2017 from $17.0 billion in the second half of 2016.  Also of note, transactions decreased 26 percent from 2016.  The report shows also that the average price per square foot of office properties Manhattan declined 12 percent to $823 from $930.

Brooklyn sales for the second half of 2017 dropped 27 percent to $3.2 billion from $4.4 billion in the second half of 2016. The amount of transactions decreased 18 percent to 783 in the second half of 2017 from 954 in the second half of 2016. The value of Brooklyn investment sales transactions accounted for 19 percent of NYC total sales.

Queens investment sales dropped 46 percent from the same period of the second half of 2016.  Total amount spent was $1.9 billion for the period.  There were 18 percent fewer transactions in the second half of 2017, 534 investment sales, compared to 649 in the second half of 2016.

Staten Island saw sales drop 59 percent or $203 million.  The number of transactions completed in the borough declined 30 percent to 190 compared to 273 in the second half of 2016.

Although the report didn't come out totally positive, the outlook still looks upbeat according to the President of REBNY John Banks.

 “The current demand and value of Bronx properties, as seen in our most recent New York City Residential Sales Report, carried over to investment property trades in the second half of 2017.  While the pace of completed transactions lagged citywide in 2017, investors continue to show interest in income-producing properties across the five boroughs.”

 Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/nyc-investment-sales-down-almost-forty-percent-bronx-only-borough-with-higher-sales/

NY Has Most Apartments Under Construction Nationwide; NYC Remains Alluring to Renters As Economy Grows

GlobeSt.com is reporting that New York has more than 60,000 apartment units under construction and that’s the most out of any city that CoStar Group has been tracking nationwide.  CoStar is a provider of information, analytics and marketing services to the commercial real estate industry in the United States founded in 1987.  In an in-depth interview with CoStar Group analyst Lauren Baker many interesting tidbits of the state of New York City apartment renting came into light.  CoStar reports that the since the economy is growing, we should see a healthy rental market for years to come.  Here is some highlights of the interview:

“People want to live where they are working, so office construction drives residential properties, and all of these companies want to be in Manhattan,” says Baker. “Highly educated, younger people, 24 to 35-year-olds with a bachelor’s degree are moving into Manhattan.” In contrast, the outer areas in the state of New York have been decreasing in population.

The financial sector accounts for more that one-quarter of total wages paid and there is expansions by private equity investors, M&A and hedge funds.  The growth in the financial sector has been higher that the national average however they have been seeing some of the bigger banks still laying off employees and reducing bonuses.  However they do believe that with the profits of the six largest US banks substantially growing with deregulation assisting there may be a greater jump in the sector.  

Media and technology will be the stimulus of the city’s future economic growth according to CoStars NYC 2017 multifamily market report as it as been growing for the last 3 decades. Eighty six percent of tech job are in Manhattan but firms are beginning to set up in Brooklyn and Queens as well.  As more people are moving in these industries we are seeing more units being built in places like Long Island City located in Queens and Brooklyn.  More than 8,000 housing units are under construction in Long Island City which is the most in any submarket in the US according to Baker.  She also says “There’s a ton of multifamily units being constructed currently, especially in the outer boroughs.”

The outer boroughs offering lower prices, larger apartment sizes and more amenities.
At the end of the day, NYC will remain an attractive area for renters to be moving to.  Baker states “New York is New York. It’s not going anywhere. People want to live here. It’s proven time over time. It doesn’t matter how many units are built. People want to live here at the end of the day.”

 Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/ny-apartments-construction-nationwide-nyc-remains-alluring-renters-economy-grows/

NYC Mayor Sets Money Aside in Preliminary Budget For Program to Legalizing Basements in Brooklyn

According to the city's 88.7 billion dollar budget, Mayor de Blasio has set aside 5.7 million dollars for a program to legalize basements in East New York.  The pilot program will be set up in East New York, Brooklyn and is part of the Mayor's plan of adding an additional 5,000 affordable housing units in the city which is a major goal of Mayor de Blasio.  The project will turn basement apartments in East New York into legal and habitable units and is part of a larger investment of 12.5 million dollars over a 3 year period.

City Councilman Rafael Espinal was a proponent of the East New York Neighborhood Plan whose goal is to "promote affordable housing preservation and development, encourage economic development, create pedestrian-friendly streets, and invest in community resources to support the long-term growth and sustainability of East New York, Cypress Hills and Ocean Hill" according to the city's website.  A spokesman for Mr. Espinal has indicated that the process of legalization would include include ensuring the presence of a window, proper fire safety requirements and other security provisions.  The City will also  loan money to cover retrofitting costs and for tenant relocations for the period of when the repairs need to be performed.  City agencies will also guide homeowners through the process and the converted units will be regulated by HPD.

Mr. Espinal stated “For too long tenants and homeowners were being put at risk of eviction and major fines, while the city was missing out on an opportunity to maintain thousands of affordable units.  I am excited for what the pilot program will yield for our immediate community, but I am also eager to see how this will reshape New York if the pilot is successful and goes to scale across the five boroughs.”

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/nyc-mayor-sets-money-aside-preliminary-budget-program-legalizing-basements-brooklyn/

Queens Housing Sales Outpaces Brooklyn and Manhattan; Rents Remain Cool

A new report published by StreetEasy indicates that Queens housing sales remained competitive in comparison to Manhattan and Brooklyn.  According to the August 2017 Market Reports, sales in Queens were completed 6 days faster year over year.  Homes in the borough spent a median of 53 days in the market.  In 2016 houses spent a median of 59 days.  The report also indicates that the median resale price in Queens increased by 7.4 percent to $503,864. The fastest pace was in the Rockaways which increased at the fastest pace at 15.6 percent.

The report indicates that Manhattan and Brooklyn properties did not fare as well as Queens.  Properties in these boroughs stayed on the market significantly longer than the same period last year.   Manhattan properties spent 14 days more in the market to 84 days.  Brooklyn properties also remained on the market but for less time at 68 days or 8 days more than in 2016.  According to Senior Economist Grant Long at StreetEasy :

“The glut of luxury housing in Manhattan and Brooklyn has been a key driver of the slower-moving markets in those areas.  More affordable housing options are still limited and as a result, New Yorkers are increasingly turning to Queens for the best deals, causing home prices and competition there to spike.”

Of significance NYC property management companies are rents fluctuations in the boroughs.  In Manhattan, median asking rents rose 0.6 percent from August 2016 to $2,992.  Fastest rent growths were in Upper Manhattan.  As for Brooklyn asking rents rose 1.1 percent to $2,459.  Rents are up 1.4 percent year over year however according to StreetEasy "Despite Queens rents rising more than those in Manhattan and Brooklyn, its pace of price growth was the slowest on record: up 1.4 percent year-over-year to $1,998."

If you are purchasing a property and are in need of a NYC property management company then contact Blue Harbour Property Management.  We are a full-service NYC residential property management company servicing Queens, Brooklyn, Manhattan and the Bronx.

http://www.blueharbourpropertymanagement.com/queens-housing-sales-outpaces-brooklyn-manhattan-rents-remain-cool/

Maximizing Your Returns During Peak Rental Season in NYC

In the property management industry, we know that the period between April and September is the peak season for rentals in NYC.  This is the time when renters, home owners and first-time home shoppers decide to make the transition to their next home. It’s is estimated that between roughly 78% of all moves happen during this period with the highest number of moves in June, July and August.

In that same period of time, roughly 30% of individuals decided to forego renewing their lease and look to new housing.  With so many people moving during this period it become critical that property managers in NYC become aggressive in advocating on behalf of your landlords and look for the best tenants available. Property managers should focus on turnover during this peak season in order to get the best quality tenants and increase rents if the market allows in your neighborhood.

During the peak rental season the market is at its highest point with respect to prospects looking for a new place to call home. This means you can ask for a slightly higher rent amount than you would in the off season. In addition to setting a higher standard for tenants, you can also set the rent slightly higher and still have a plethora of prospects who are willing to pay a bit more for their ideal home. Even in New York City’s feverish market, we can push rents a little further during this peak period.

As a seasoned real estate practitioner, property manager or landlord in New York City, you want your property to come available for rent April through September. The best way to ensure that this happens is to negotiate with your tenants for the lease to end during the peak rental period.  It can be advantageous on your end to sign a longer lease or shorter depending on when you are signing in order to gain the peak season for renters.

At Blue Harbour Property Management, we have helped many landlords maximize their rental revenues by using techniques such as using the peak season for the signing of leases.  This has become more important as rents have vacillated in Brooklyn, Manhattan and Queens for the last 18 months.

If you need assistance with the management with your property in the NYC region or would like additional information on what services we provide you can contact us at anytime at 718-843-1185.  We are a leader of small and medium sized properties in the New York City region.

http://www.blueharbourpropertymanagement.com/maximizing-returns-peak-rental-season-nyc/

Visit us at www.blueharbourpropertymanagement.com

Home Sales expected to Expand Moderately in 2017 According to NAR. Buyer Enthusiasm Restrained

Home sales will expand moderately in 2017 amid consumer confidence abated by increased mortgage rates and affordability concerns.  According to the National Association of Realtors Housing Opportunity and Marketing Experience (H.O.M.E) survey, 57% of renters said that now is a good time to purchase a house.  Among present homeowner, 78% said presently it is a good time to purchase.  Both figures are below the last survey performed last year.  In 2015, tenant's confidence to purchase was at 68% while existing homeowners were at 82%.

The 2017 Housing Forecast Update which you can review here, is predicting that existing home sales will close out 2016 with an annual increase of 3.3% and reach about 5.42 million.  This will be the best year recorded since 2006.   NAR is also predicting that in 2017 existing home sales will increase slightly less at 2% to around 5.52 million. Home prices will continue to rise, increasing 5% this year and 4% in 2017, according to their predictions.  The forecast also predicts that interest rates will increase to 4.6% and the Federal reserve will raise rates to 1.25%.

NAR Chief Economist Lawrence Yun said “Although the economy is expected to continue to expand with around 2 million net new job creations, existing home sales are expected to see little expansion next year because of affordability tensions from rising mortgage rates and prices continuing to outpace income growth.  Yun also states that new affordable construction will be key in 2017.  “Some would-be sellers may be reluctant to move up or trade down – especially if they’ve refinanced in recent years.  That’s why it’s extremely necessary for homebuilders to step-up their production of homes catered to buyers in the affordable price range. Otherwise the nation’s low homeownership rate will struggle to shift higher in 2017.”

The report is in direct contravention to a Redfin report which projected that 2017 will be break 2016's record for sales.  Redfin also predicts that existing homes sales are will increase 2.8% in 2017 and inventory will recover to 1.7% year over year, after falling an estimated 3.4% in 2016.

With home sales to increase in 2017 we expect property management services in New York City to expand as well.  Blue Harbour Property Management manages properties in Bronx, Brooklyn, Queens and Manhattan and surrounding regions.  We tailor our services to maximize revenue potential for homeowners.  If you are in need of property management you can contact us at 718-845-1185 for a free consultation.

http://www.blueharbourpropertymanagement.com/home-sales-expected-expand-moderately-2017-buyer-enthusiasm-restrained/

Visit www.blueharbourpropertymanagement.com

Brooklyn Remains Top Sellers' Market in NYC According to New Study

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.

http://www.blueharbourpropertymanagement.com/brooklyn-remains-top-sellers-market-according-new-study/

Visit us at www.blueharbourpropertymanagement.com

Airbnb has decided to drop their lawsuit against the City of New York, the largest market for its operations with revenues exceeding 1 billion dollars in the city for its hosts.  Airbnb has had a huge impact on business specifically in Manhattan and Brooklyn.  The lawsuit was based on a law signed in October that called for fines of as much as $7,500 for illegally listing a property on rental platforms such as Airbnb.  The law would have imposed fines that would have hampered Airbnb's operations throughout the country and required additional supervision of listings being put on their website.  The lawsuit was dismissed on the agreement that New York City enforce the law only against hosts and Airbnb not be fined.  The settlement of the lawsuit goes into effect today December 5, 2016.   For more about the settlement you can read here.

NYC property management companies have vehemently objected to Airbnb taken hold in New York City. Specifically some landlords have been fined and violations imposed as a result of tenants illegally renting out their apartments to Airbnb'ers.  A recent case brought by Related exemplifies this.  In the particular instance, Related attempted to evict a rent-stabilized tenant who they discovered was renting the unit out on Airbnb for $649.00 per night.  The tenant was paying $6,670 for the unit on the market rent of $9,000.  Related sought and received an eviction.  The state appeals court held that tenants have no right to benefit from apartments that have rent restrictions.

Although there are no guarantees that this would stop illegal units cropping up throughout the city, it is certainly a positive step into deterring possible violators.  It will be interesting how the City will go about enforcing the law going forward but Assemblywoman Linda Rosenthal is optimistic that there will be a crackdown.   She states “I expect the city will now get down to the important business of enforcing the law against the serial lawbreakers on the site” who turn affordable housing intol illegal hotes. This is a win for everyone."

http://www.blueharbourpropertymanagement.com/airbnb-drops-suit-city-hosts-will-fined-instead/

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Prices Rise and Sales are a Mixed Bag in Brooklyn According to Third Quarter Report

A new report suggests that the Brooklyn Real Estate sales market has now come down to the 5 year average this quarter.  The main reason for the conditions has been rising prices of all properties throughout Brooklyn.  According to the Corcoran Report for the 3rd quarter of 2016 "buyers have greater options with more listings on the market, however the additional inventory has been largely at the high end. Transactions are also taking longer to complete, verified by a higher days on market figure."

Overall real estate closings on properties were down 19% from 3rd quarter of last year and the average days of the market has increased from 58 days to 67 days totaling a 16% increase.  The average price has increased 27% from $728,000 to $926.000.  This increase may be one of the indicators on why properties have stayed on the market longer than the same quarter in 2015.  With respect to supply  Corcoran states

"After nearly three years of declining inventory since the peak in Second Quarter 2011, available inventory has increased year over-year for eight of the nine past quarters. There were 2,236 listings available during Third Quarter 2016, 7% more than last year. The year-over-year increase was driven by resale condo and new development listings, as resale co-op inventory was 3% lower. This is the fifth consecutive quarter of annual co-op inventory decline. New development inventory rose by a significant 40% compared to last year. 2016 new development introductions have already surpassed 2015 just three quarters into the year. This influx of new development units helped total condo inventory to claim a 58% market share, the highest seen since First Quarter 2011".

Brooklyn Heights, Dumbo, Cobble Hill and Downtown remain a hot spot for activity as sales increased 17% while prices increased 11% to an average of $1,100,000.  Park Slope and Gowanus has seen an increase in inventory of 64% from the same period last year while median prices have increased year over year as well.

Most believe that the pace of submitting offers will pick up after the election season.  Many believe that offers were not being submitted in the quarter because the Presidential candidates have differing opinions of core tax principles which would affect homeowners.  Expect prices and sales increase in 2017.  Property management activity in Brooklyn should remain strong heading into 2017.

http://www.blueharbourpropertymanagement.com/brooklyn-remains-hot-spot-property-sales-according-third-quarter-report/

Visit us at www.blueharbourpropertymanagement.com

Should I Sell or Hire a NYC Property Management Company?

Many people have jobs and are asked to move to another location in their company.  It is at this point, the owner has to come to a decision.  Should I sell my house or should I rent it out?  How am I going to handle emergency repairs when the tenants call?  What happens if I rent and the tenants stop paying the rent?  Will this take up too much of my time?  These are normal questions that every homeowner should have.  It is a tough decision as it was probably a huge accomplishment to purchase your property and have spent a significant investment in it after purchasing.  In light of this, here are some factors that the homeowner should consider in determining whether they should sell their New York City property or keep it:
Plans on returning to NYC- If your move out of state or the country is temporary then it is probably a good idea to keep your property.  A short term rental can be procured and you would be in the position of moving back into your place.  You should look at the cost of selling your property and the time to find something of the same quality and nature of what you gave up.  One would imagine that it took you time to find a property that you were interested in.  It would be the same way this time around.  Also the cost of finding replacement housing as you find a new permanent property will be costly both in terms of the rental expense but also the inability to build equity in the property you are renting.
The current real estate market- While the real estate market has bounced back in the several years, it still hasn't reached peak conditions.  Also, if you have not built any equity in your house the chances are you will lose money in the transaction.  While some boroughs has seen an appreciation in the value of their homes, it is not universal.  Waiting a few more years to sell would be a prudent choice.
Investment return potential of your NYC rental- New York City rental properties have huge potential when it comes to give you investment returns.  Rental prices have skyrocketed in areas located in Brooklyn and Queens.  In comparison to selling you will be able to see returns in your investment almost immediately if you rent it.  You will also get the benefit of appreciation by holding the property for a few more years.  If you decide to sell there are drawbacks such as the tax ramifications of selling and having to pay transfer taxes immediately at the sale.
Hiring a professional to handle your property while away-Most owners are concerned about what will happen to their property if they are away.  Hiring a professional NYC property management company can alleviate your concerns that your property will fall into disrepair.  A full service property management company will be able to handle emergency requests from tenants, maintain correspondence with you and the tenants, collect rent and handle all other day to day operations for your property.   

If you are unsure of whether you want to sell or rent your property Blue Harbour Property Management will be happy to speak to you about it.  Because we are leaders in the industry, we will be able to share with you where the market is presently and we can determine what is the best avenue for you to take.  Keeping your New York City property or selling is a serious choice and needs to be reviewed on a case-by-case basis.

http://www.blueharbourpropertymanagement.com/sell-hire-nyc-property-management-company/

Visit us at www.blueharbourpropertymanagement.com.

Blue Harbour Property Management Opens New Office in Forest Hills, New York

Blue Harbour Property Management is proud to announce the opening of our Forest Hills, New York office.  CEO Jules Doodnath has been directing the property management office in South Ozone Park from its inception in 2013.  “The Forest Hills Office has been envisioned for some time for Blue Harbour Property Management as we would like to position ourselves in one of the hubs of commercial activity in Queens, New York” Mr. Doodnath commented.  Blue Harbour Property Management will maintain the expertise in small and medium sized rental units but will now be able to accommodate a plethora of bigger multi-family units throughout New York City.

Mr. Doodnath also says there’s no better time to open a new building management office than now. “There are many opportunities that exist in today’s market and opportunities will continue as our economy grows and institutional lenders create alternatives for the real estate investor to finance properties.  We are proud to service our clients and to continue to serve our community as well.”

The new office will be located at 118-35 Queens Boulevard in the Forest Hills Tower complex . For more information, contact Blue Harbour Property Management at 718-843-1185 or e-mail at info@blueharbourpropertymanagement.com.

With a combined 20 years of experience, Blue Harbour Property Management has excelled in giving our clients value. We are determined to excel in customer service for both our board members, residents and owners. Blue Harbour Property Managment facilitates owners reach their profit goals by using all methods available when overseeing properties.  We are a full service property management company serving Manhattan, Brooklyn, Bronx, Queens and the surrounding region.

http://www.blueharbourpropertymanagement.com/blue-harbour-property-management-opens-new-office-forest-hills/
Visit us at www.blueharbourpropertymanagement.com

Cover The Risks of Your Rental Property in Brooklyn, NY

For many the search for multiple streams of revenue is a way in order to retire early or living a more comfortable life for yourself and your family.  Many local investors are earning this extra money by purchasing homes for rent in Brooklyn, New York.  Brooklyn has become one of the biggest booming areas when in comes to investment properties.  The average rentals now are close or exceeds their counterparts in Manhattan.  May people have thought about investing in Brooklyn and in fact you might be one of them.

While owning a Brooklyn rental property, whether it be an apartment building, condo, co-op or 2 family home is a great idea and can bring in a substantial amount of money each month, it certainly can be a risky investment.   Many beginning investors don’t realize all of the things that can go wrong with their homes for rent in Brooklyn, NY that can cost them quite a bit of money. As a matter of fact, here at Blue Harbour Property Management, we take on many clients that have purchased their first investment property.  What we do notice is that they are not familiar with alot of expenses that come up with owning an investment property.  That is of course one of the reasons they choose to retain a NYC property management company like us.  We always discuss certain things that may protect your investment and reduce the risks you assume while owning an investment property.  Below are a few ways to protect your investment.

§  Good Insurance –  If you have a mortgage on your investment property, you will be required to have homeowners insurance.  Even if you are not required to carry homeowners insurance, you should definitely maintain a homeowners insurance policy.  Also as you will have tenants you should definitely obtain a homeowners policy that is above the standard policy.  There are several policies that you can maintain that would have a more comprehensive coverage.  You should always advise the investor to seek guidance through their insurance agent but we generally see that a market policy which would cover for market value loss or a Tenants and Cooperative Policy which cover tenant’s losses would be a great idea to have.  It’s pertinent that you have good insurance policies that cover your rental properties; otherwise you may find yourself losing money with these properties in the event of an accident.

§  Require Renters Insurance – If you’re really serious about lowering your risks, then you should require that the tenants of your homes for rent in Brooklyn, New York purchase renter’s insurance. Renters insurance is very inexpensive and it provides more coverage for the tenant in the event of an incident. Since tenants can make claims on their renters insurance if something happens to their rental and/or possessions, then you won’t have to worry as much about being held liable for the damage.

§  Have the property inspected and safeguard any areas where there could be a potential for liability. The majority of cases filed against rental property owners generally have to do with negligence either by the owner himself or his NYC property manager. To ensure this doesn’t happen to you,  your NYC property management company should make regular inspections to make sure dangerous conditions are taken care of immediately.

http://www.blueharbourpropertymanagement.com/cover-the-risks-of-your-rental-property-in-brooklyn-ny/

Visit us at www.blueharbourpropertymanagement.com

Finding a NYC Property Management Company that Cares as Much as You do

Finding a New York City property management company that cares about your rental as much as you do can be an arduous task.  Some companies may have so many rentals that they will concentrate on the higher value ones instead of looking at all their managed properties equally.  They may also value properties in a different borough that may be not where your property is located.  For instance, some property management companies will value their Manhattan apartments more than their units located in Brooklyn.  That is why doing the requisite research is very important when deciding on a building management company in NYC.  It may be a time- consuming task and you may vacillate on your decision but here are some factors you should look into when deciding on a manager:

Discussing the problems at your property and coming up with solutions: Although a property manager may not call you whenever there is an issue at the managed property there should be a certain protocol on when he or she could call the owner.  For instance, some property managers use a monetary value that authorization needs to be discussed.  At Blue Harbour Property Management we discuss any repair or expense that exceeds $500.  This allows the owner to be up to date with what we believe are intermediate level of repairs.  A good property should manager should call and discuss your options on how to resolve the issue.  It shouldn’t be that the building manager calls you when there is a catastrophic event that occurs at your property like Roof damage etc.

Discussing strategic improvements to maximize revenue: Good property managers shouldn’t just babysit your property.  They should be forward thinking and look at ways to improve the value of your property.  They should be concerned for instance about how much revenue the investor’s property in the Bronx is making and how much actual net profits they are receiving.  Thus, you should find someone that is always looking at making you the maximum amount of money.  Increasing rents, reducing costs and maximizing revenue should be words coming out of your property manager’s mouth all the time.

Always maintaining communication: Does your property manager answer your phone calls or promptly return your calls when they are missed? Are there check and balances at their office so calls don’t go un-answered.  Do you have the property manager’s cell phone number?  Can you text the manager?  Remember at the end of the day, it is your property and your property management company works for you and not the other way around.  You should be able to pick up the phone and ask questions about your investment.

If you are looking for a new NYC property management company that cares about your property as much you do, Blue Harbour Property Management is the right company for you.  If you have any questions about the services we provide you can contact us at 718-843-1185.

http://www.blueharbourpropertymanagement.com/finding-nyc-property-management-company-cares-much/
Visit us at www.blueharbourpropertymanagement.com