Is 2019 the year you’ll finally buy, sell, or rent an apartment in New York City? If so, you may be wondering what the year might have in store. Let’s take a look at some of the most popular predictions for NYC’s 2019 real estate market.
The Amazon Effect
Many experts are eyeing how the new Amazon headquarters in Queens will affect the real estate market. Long Island City is now the place to be, and people have been buying up real estate in this Queens neighborhood long before the announcement was even made. Prices will likely be on the rise not only in Long Island City but also all around Queens as Amazon employees start to settle in. However, since the average salary of a new Amazon HQ2 employee is reported to be $150,000, many of those people will not be able to afford to purchase an apartment. Instead, expect the rental market to absorb this new workforce and rental prices in this area to surge.
It’s a Buyer’s Market
If you’re in the market to buy, 2019 could be your year. The number of homes listed for sale in 2018 hit an all-time high – however, the number of sales fell. It seems like New Yorkers are in a selling mood, which is great news if you’re in the market. Conversely, if 2019 is the year you want to sell, be aware that you’ll need to be on your game and realistic with your asking price.
Downtown is Hot
Did you know that rents in some of the hottest outer-borough neighborhoods now rival those in Manhattan? If you’re ready to rent a new place, 2019 is a great time to look in Lower Manhattan. Some neighborhoods to keep an eye on include the Financial District, Battery Park City, the East Village, and the Lower East Side.
The L Train Wreaks Havoc
Are you considering buying, selling, or renting a place that’s close to the L train? Then be aware that 2019 could be a challenging year. The L train is scheduled to shut down beginning on April 27. Service will be suspended between Bedford Avenue and 14th Street/Eighth Avenue for a staggering 15 months — at least. Those living along the line will need to rely on shuttle buses and alternates routes, making nearby lines more crowded. Expect sales and rental prices to drop in North Brooklyn as residents move to more convenient areas to avoid the chaos.
Big Developments Debut
Cranes building enormous residential highrises have dominated the city skyline for the past 20 years. In 2019, many of these buildings will finally make their debut, including the Vessel, the Shed, and 15 Hudson Yards in Manhattan and Essex Crossing in Brooklyn. The verdict is still out on how these developments will fare, which will impact large-scale development in the future.
Contact Platinum Properties
Whether you’re planning to buy, sell, or rent New York City real estate in 2019, contact Platinum Properties to help. Click here or call 646-681-5272 to speak with one of our expert agents. We’re standing by to answer all your questions and assist you with every step of the real estate process.