NYC Real Estate January 2018 Market Update

HAPPY THE YEAR OF DOG!  A happy and prosperous new year to all my dear readers!
 
While the stock markets around the world roared to their best January returns since the early 2000’s, the NYC real estate market was subdued in comparison.  Prices didn’t change, with the Manhattan median sales price clocking in at 1.2mm.  However, the median days on market stretched to 100 days, the longest time it took a home to find a buyer since 2014.  According to the Olshan Report, which tracked $4mm and above properties in NYC, the luxury segment experienced the slowest January since 2012.  The rental market was surprisingly busier than expected for January.  The extreme cold, the need to assess the new tax laws and the rising rates collectively put a break on many buyers.  This affected the luxury segment and by extension the investors the most (although the mortgage interests on an investment property were still deductible as business expense).  However, many non-investor buyers viewed any potential softening as a chance to enter the market.  None of the negative factors change the fact so many of us love NYC!

Long Island City has come a long way since the 2001 rezoning that set off the construction boom.  Astoria is named one of the fastest gentrifying neighborhoods in NYC.  Read here to learn about both, including a map of the new construction projects to come!

https://www.brickunderground.com/live/astoria-vs-long-island-city