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

Bronx Remains Hot and a Great Opportunity for Real Estate Investors

The Bronx, once considered a symbol of urban blight and an example of fiscal irresponsibility has now become a hot real estate market with tremendous opportunities for the future.  With prices remaining high in Brooklyn and Manhattan many investors are deciding on planting their feet in the Bronx because of lower prices and the flux of businesses that have been moving to areas such as Mott Haven, Melrose and Port Morris.   

Many developers are buying up vacant land and/or renovating existing properties.

Bronx-wide real estate sales has increased tremendously within the last few years.  For instance, in 2014 borough-wise investments for the year were $1.1 billion.  That amount skyrocketed held by two development projects to $2.4 billion in 2015.  The two projects were one by The Chetrit Group and Somerset Partners to build two 25 story towers at 2401 Third Avenue and 101 Lincoln Avenue and The Hudson Companies La Central where they are planning to build 992 affordable units in Melrose.

Major real estate investors are also entering the market at Related Companies purchasing 737 units throughout that borough as well as Harbour Group International along with York Equities purchasing 38 buildings encompassing 1000 units.  Overall multi-family sales increased 67% in the borough.

With all this flurry of activity it is no surprise that residential real estate has been on an uptick.  According to REBNY Third quarter report,  overall sales in the Bronx has increased 13% year over year with home prices increasing to an affordable (in comparison to Brooklyn, Manhattan, Queens) $400,000. City Island, Pelham Bay, Pelham Strip, Country Club, Throgs Neck, Schuylerville remains hot with average sales price of a home up to $525,000 an increase of 14%.  All of these indicators show that the borough will be ripe for investment for the future.

If you are in need of a professional property management company servicing the Bronx, contact Blue Harbour Property Management.  We will consult with you and come up with a strategy of maximizing your real estate investment.

http://www.blueharbourpropertymanagement.com/bronx-remains-hot-great-opportunity-real-estate-investors/

Visit us at www.blueharbourpropertymanagement.com