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Category: New York Real Estate

Discover everything about New York Real Estate, market updates, trendy properties and new developments opportunities you shouldn’t miss. New York Real Estate can be a rollercoaster, and you need to be on top of it. Read our articles presenting you all the recent developments in tern of Real Estate news in new York and things you should absolutely be aware of.

What is the real estate market like in New York? 

The housing market has seen some serious fluctuation over the last 2 years, especially in places like New York. Many cities across America are struggling to keep up with housing demands, and rent continues to climb.  So what is the real estate market like in New York right now ?

In 2020, living in New York seemed feasible for some people for a brief moment. Vacancy rates went up drastically as locals tried to escape the pandemic by fleeing to the less crowded states, making room for those who had been eyeing apartments in NYC for some time.  

However, as we came into 2021, everything changed. The stimulus money ran out, and landlords stopped giving out handouts. As a result, the demand for housing has been more than anyone could have expected, and prices have been driven to an all-time high across the country.  

Which parts of New York are most affected? 

New York City has been rated the most expensive place to live in the US and is the 9th most expensive place to live globally. Roughly 64 percent of New York State’s population resides in the city, so naturally, this is where the high demand comes into play. While the median housing price for New York State is $371,000, it’s over double that in NYC at $850,000.  

Prices were considered high before the pandemic, and it was a relief when they finally dropped. But now, in order to make up for that lost income, prices are continuing to soar past even what they were in 2019. The average rent increase is roughly 20 percent and climbing.

Manhattan has the highest median housing price of all the boroughs in the New York real estate market, at $1.4 million, followed by Brooklyn at $895,000, Queens and Staten Island both at $600,000, and finally the Bronx at $390,000. In these areas, prices for luxury housing can easily be several million dollars, with under $1 million being rare for family homes.

However, things are still very manageable outside the city, especially the farther away you get. While prices are still higher than before, the demand for upstate New York is not even close to the demand for city territory. If you’re looking to move to New York State but are not dead set on city life, there are some beautiful properties well under the median price range, ranging from a couple of hours away to the other side of the state.

Outside of the city, certain areas have not only a below-median price for New York, but it even falls below the national average. For example, Rochester, NY is the fourth most populous city in the state and is still extremely financially doable, with the median being only $149,900 thousand. Buffalo, NY comes in a close second at $160,000, followed by Liberty, NY at $174,100 thousand, and Albany, NY at $234,500. The only downfall may be that outside of the city; property taxes tend to be much higher.

Buffalo, NY downtown at sunset
Buffalo NY
View of Rochester, in Upstate New York State.
Rochester NY

What Is expected for 2022?  

Inflation has been a topic of conversation for many months now, as the price of housing, gas, food, and pretty much everything else continues to rise. In addition, companies are still recovering from supply chain disruptions, and it appears everywhere is understaffed these days.  

Fish, meat, and poultry prices are up over 12 percent from January 2021, and gas has increased even more so, with record-breaking prices around the country. As a result, the overall inflation rate via the Consumer Price Index was 7.9 percent through February, the most we’ve seen since 1982.  

Unfortunately for the housing market, Inflation affects more than just day-to-day prices. Housing costs rise and fall on numerous factors, including building materials, the local cost of living, and housing demands for certain areas. As long as inflation continues, the cost of housing will continue to rise.  

Mortgage rates have also gone up and are the highest they’ve been since 2019. Add the increased interest rates on top of the base cost of a mortgage, and you’re looking at an average monthly increase of $290 in the last year. In New York, mortgage rates are 1 basis point higher than the national average rate of 4.83 percent, with the average monthly payment ending up at about $2,800. 

It’s difficult to predict what will happen for the remainder of 2022, with professionals estimating anywhere from a 3.9 percent increase up to 16 percent. But, at the very least, the continued growth should certainly be slowing down now, and we are unlikely to see a market crash in the next few months. 

Is now the time to buy? 

If you’re waiting for prices to go down, experts say you will likely be waiting a long while. As we’ve previously noted, the market is likely to slow down over the next year, but nevertheless continues to rise.  

Until New York can catch up with supply-demand, vacancies will continue to dwindle, and choices will be scarce, so it may be best to pull the trigger sooner rather than later. Luxury housing is somewhat easier to find than more affordable options at the moment, but over the next couple of years, that should change. Developers may turn more office buildings into residential properties due to the increase of people working from home, and more people working from home means they don’t have to live near the city to do their job.  

If you’re looking to grab up a commercial property, now is the time to do so. Investors have been known to buy larger units as a NYC real estate investment, subdivide it, and then sell it for a profit. Non-residential properties can be an excellent NYC real estate investment, especially with the actual New York real estate market, as long as you get the proper permission to turn them into condos, lofts, or apartments. There are also zoning regulations that limit housing supply, and New York City will give tax breaks to investors who can turn things like commercial properties or warehouses into livable rental units.   

How can I best navigate the New York real estate market? 

The housing market is certainly warm, and all signs point to it staying that way for some time. If you’re not looking to spend your life savings on a condo in NYC, perhaps real estate in Upstate New York is a better option for you. On the other hand, if you’re looking for the waterfront, amenity-packed apartment of your dreams, by all means, check out some beautiful Manhattan or Long Island real estate and grab it while you can.  

Perhaps you’re looking for something to invest in and want to help solve the NYC housing crisis—there is certainly an opportunity for you. Whatever the case may be, BARNES New York has all the information you need, and real people to help guide you every step of the way.  

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Where should you buy an apartment in Brooklyn?

Are you wondering where you should buy an apartment in Brooklyn? Much like the other cities in New York, Brooklyn is huge, diverse, and has plenty to offer to people from all parts of the world. However, it is safe to say that Brooklyn is completely unique from its surrounding areas, and there is a place for people of all backgrounds and personalities to make a home. 

From options ranging from Williamsburg, Bushwick, and Greenpoint to Downtown, Cobble Hill, and Red Hook, there is a neighborhood for every soon-to-be resident to buy an apartment in Brooklyn. 

Why live in Brooklyn? 

Brooklyn is excellent whoever wants to find peace in serene parks, plenty of sidewalks, and regular family-friendly activities. So much of the scenery in Brooklyn is unique, and many of the attractions, such as the Botanic Garden and Coney Island, are iconic and set the city apart from surrounding areas. Brooklyn is a great place to live as a starting place to build a home in New York and provides a wonderful start for beginners to become used to the hustle and bustle without being overwhelmed.  

Additionally, Brooklyn has a rising job market and a strong sense of community that can make all newcomers feel welcome, no matter what they are looking for. Finding a neighborhood to buy an apartment in Brooklyn can easily be made fun and stress-free if you know what to look for. 

What is Williamsburg like? 

Williamsburg is, by far, one of the most famous Brooklyn neighborhoods. It was once filled with artists, wanderers, and delicious food, but now includes expensive shops and luxury. There is still tons of street art and graffiti that make the neighborhood unique and show off a bit of its past. It is filled with bars, restaurants, and retail shops, and it feels like a city within a city. Its rich history makes it an old-fashioned residential area to settle in. Spots like Grand Ferry Park offer amazing views that make the selling price for condos in Williamsburg high. 

Williamsburg is great for young and old crowds alike, and it has plenty of working opportunities for newcomers. An apartment in Williamsburg is great for its views of the Manhattan Bridge and its casual residential atmosphere. There is always an opportunity to buy an apartment in Brooklyn, especially in Williamsburg.  

Should I live in Dumbo? 

View of the Brooklyn Bridge with the Manhattan skyline in the background.

“Dumbo” stands for “Down Under the Manhattan Bridge Overpass.” Dumbo is popular for its old warehouses that have been renovated and transformed into restaurants and shops along the river. Its style can be described as “industrial chic,” and it is one of the most expensive neighborhoods to live in.  

Overall, it has a rustic feel with a minimal amount of skyscrapers and other tall buildings. The price is worth it, though, as it is filled with beautiful streets with vintage shops and unique finds. In addition, as more homes are being built, the value of apartments and condos are on the rise, making it a great time to invest.

Dumbo is a popular residential area that does not have too many people or tourists. When you buy a condo or a co-op in Dumbo, you’re setting yourself up with a beautiful apartment in a beautiful neighborhood.  

What is in Greenpoint? 

Greenpoint is an amazing neighborhood to settle in for less bustle than Williamsburg, which is just south of it. It is filled with artists, youth, and an industrial vibe. It is known for its warm bakeries and coffee shops with delicious pastries and breakfast. It has plenty of parks, nature walks, and greenery around the city so you can still enjoy the trees and plants in the midst of concrete and steel.  

The neighborhood is filled with beautiful brownstone apartments and is home to a large Polish community. The food in Greenpoint is incredible and diverse, so it is great for people of nearly all cultures, especially Europeans.  

Greenpoint is great if you are looking for a more slow-paced environment with great views, and the city is constantly upgrading and reconstructing. Apartments in Greenpoint are popular, and the timing could not be more perfect to buy a home in Greenpoint.  

What about Park Slope? 

View of the New York skyline from Brooklyn in the sunset.
Colorful small houses and taller buildings in Brooklyn.

Park Slope is, by far, one of the most vibrant neighborhoods in Brooklyn. It has everything, including casualty, diversity, history, and dynamic. There are people of every background, and it is practically built for families to reside in. It is the largest historic district in New York and is filled with kind-hearted people who recognize its colorful past.  

It became one of the first American suburbs, and it was developed after the Civil War. Soon after, Prospect Park was created and is truly beautiful with plenty of activities, such as horse riding, roller skating, carousels, and a zoo. It has plenty of limestone sculptures, small houses, and small shops that make it charming.  

Recently, the value of apartments in Park Slope has skyrocketed. Although it is an expensive neighborhood, it is social, and has amazing food, which makes the price completely worth it.  

What’s in Carroll Gardens? 

Much like Park Slope, Carroll Gardens is a perfect place for a family to live. It is filled with brownstone buildings, mom-and-pop stores, art, and greenery. It also offers a small-town feel within the big city of Brooklyn. Even though it is smaller than many other neighborhoods in Brooklyn, as it is only about four blocks across, it is an established home to many older groups of people and a new home to the younger crowd.  

It has a rich Italian history, but has expanded to become as diverse as it is today. As the name suggests, nearly every business, especially restaurants, has a small garden on the landscape. Everyone knows everyone in Carroll Gardens, and the shop owners and residents there will go out of their way to meet and get to know you. 

An apartment in Carroll Gardens is wonderful for those looking for a quiet home in a tightly-knit neighborhood. Everyone is welcome to settle in Carroll Gardens, and it is loved by many.  

What are some other neighborhoods in Brooklyn? 

Other neighborhoods in Brooklyn, such as Columbia, Downtown, Bushwick, and Boerum Hill, all have unique characteristics that make living in Brooklyn a beautiful experience. Finding a neighborhood best for you will make your experience in New York a hundred times richer. 

Whenever you’re ready to buy an apartment in Brooklyn, BARNES New York is here to help with its abundance of informational resources available, alongside the finest listings available throughout Kings County.  

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How do real estate agencies work in New York?

How do real estate agencies work in New York? The world of real estate in NYC can be both exciting and confusing. Because there is so much diversity within the state, there is a home for every kind of person and personality, making it easy for people of all different backgrounds to find a home they truly love.

While residential areas continue to expand and new homes pop up all around the state, more and more properties are being sold, and real estate agencies are opening everywhere. But it is important to understand how real estate agencies work in New York in order to be well taken care of by the agent you choose.

What are the goals of a real estate agency?

The job of a real estate agent is to secure the transaction between the buyer and the seller of the property. There are types of real estate agents, and they are divided into two different categories: a buyer’s agent and a seller’s agent. Although they share similar goals, they both strive to represent the client that hires them to score a fair deal on a property.

The buyer’s agent works hard to represent the buyer that hires them by finding a property they love and can afford, walking them through buying a home, and negotiating with the seller’s agents to claim a great deal. After the agent and client pair together to figure out what the client is looking for and create a reasonable budget, the agent will schedule an appointment to see which homes meet the criteria.

Buyer’s agents will explain the details of different properties and the area they reside in to help buyers choose the right home for them, giving them the upsides and downsides of purchasing each property. One of the main priorities of the buyer’s agent is to gain the client’s trust and leave them satisfied with a home that they will love. In addition, they will help the buyer overcome any obstacles that may appear while trying to find their home.

The seller’s agent, or listing agent, represents the seller by finding adequate candidates to buy their home. Their main responsibility is to set a competitive price for the home and attract potential buyers to view it. Listing agents have plenty of experience and knowledge about the local real estate market, bringing about many opportunities that the seller may have missed if they did not work with the listing agent.

They will have a wide and updated database about all of the properties in your area, allowing them to determine a reasonable and competitive price compared to other homes that may be for sale at the time. Additionally, they will do all of the work to make the property appealing to potential buyers. For example, they may help you arrange or style the property and hire professional photographers to take quality photos of the home so it is shown in the best possible condition. Finally, once the buyers start to roll in, they will organize showings and open houses for the seller and present them the written offers received.

Much like an attorney, both the buyer’s and seller’s agents know which information to share and which to keep private. For example, if a buyer needs to find a house in a short period, seller’s agents can use this information by not budging on set selling prices; a buyer’s agent knows to keep this private and vice versa. They can help both the buyer and seller make informed decisions regarding offers and leave them both satisfied.

What real estate agency is best for me?

Knowing how real estate agencies work in New York is important, because finding a reputable real estate agency is one of the most crucial steps to buying or selling a property. Every real estate agency has different strengths and weaknesses, and it is important to prioritize which strength is most important to you.

While real estate companies in New York typically hold both of these characteristics, some of them are better at finding great deals over finding quality apartments and vice versa. This is why deciding which you are looking for before choosing a real estate brokerage is especially important!

Additionally, different real estate companies may prioritize which type of property they represent sellers or buyers in, such as luxury vs. standard or condos vs. co-ops. Therefore, you can begin to find a real estate agency that is best for you by researching those that fit the type of property you are selling or the kind of property you wish to buy.

How do you hire a real estate agent?

Before hiring a real estate agent to buy a home, the first step you should take is pre-approving a mortgage if you need one. This will tell you the maximum amount you can borrow and help locate problems that need to be addressed early in the process of buying the property. This will help you score homes in your desired price range and budget. Plus, it will send a loud message to potential real estate agents that you are serious about buying a property.

Hiring a real estate agent is an easy process once your goal has been established. Word of mouth is always helpful to learn more about companies or real estate agent that can help, so do not hesitate to ask your family, friends and network. Listen to your gut feeling and get a glimpse of their style, character, and experience.

You can also check online reviews, although not always very representative, to learn about their experience and the type of support the agent provided throughout the process, including during the negotiation process. Their attitude towards the clients and first-hand experience can either make or break your feelings towards the agent.

If you feel something is wrong with the agent, listen to yourself. This can help you avoid any issues or complications that may come up.

Once you have chosen an agent that is right for you, you should look over the contract you have both agreed upon, such as the commission and length of the contract. It is important to bring up any conditions that you would like to adjust or negotiate with your real estate agent before you begin the process of buying or selling a property.

What are some tips to consider when hiring a real estate agent?

Read reviews about the agent online. Nowadays, there are plenty of platforms to help us decide which real estate agent is worth the time and money. Reading reviews and seeing what their past clients had to say about the real estate agent can help you avoid hiring agents that may be unreliable or unprofessional. In addition, sites like Zillow and Streeteasy can help you to decide whether you want to work with the agent or not based on experiences from locals.

Look at the properties that the agent has for sale. Is the information listed for the house accurate? Does the property have its own URL with virtual tours, plenty of photos, and information about the neighborhood? High-quality real estate agents will go above and beyond to show off the property for sale to impress buyers, which has a positive outcome for both the buyer and the seller.

How do I find the best real estate agency?

Buying or selling a property in New York does not have to be difficult with the help of a reliable real estate agency. By understanding how real estate agencies work in New York, choosing the right agent and using the past experiences of others in your decision, you will find the perfect one that will assist you in buying a home you love or selling your property to a worthy buyer.

Real estate agencies can make your time selling or buying property easier and less stressful. With the right tools and knowledge of the process of utilizing a real estate agency, you can find the perfect agent to suit all of your needs. BARNES New York is here to help you! Our team of professional agents can help you sell your current home or buy your dream property! Just contact us.

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Where should you buy a house in Westchester?

Do you want to know more about where to buy a house in Westchester? Westchester County, located directly north of New York City, is home to some of the most desirable suburbs in the United States. Properties here are more spacious and green than in the Big Apple, and are widely known to be quieter while still maintaining some of that big city feel.

What’s great about Westchester is its wealth of living options. The county is home to 45 cities, towns, and villages—some with bustling downtowns while others are quaint—meaning there is a place for everyone.

What’s also great about Westchester is its proximity to Manhattan. While it may be an entire county away, it sure doesn’t feel like it. Many of Westchester’s cities are only thirty minutes away from Manhattan by train or car. So don’t be turned away by the mention of suburbs.

With so many Westchester houses for sale, there are no shortages of good options in iconic suburbs just north of New York City.

What city is best for me?

There are so many cities, towns, and villages in Westchester that it can be overwhelming to decide which best fits your needs. But in reality—with top-rated cities like New Rochelle, Larchmont, Mamaroneck, Rye, Harrison, Port Chester, Mount Vernon, Yonkers, and Hudson Valley—there is little wrong you can do when you want to buy a house in Westchester.

That being said, each place is unique in its own way and tailors to certain tastes more than others.

Why live in New Rochelle?

New Rochelle is a French-settled city situated on the eastern side of Westchester and offers several nature parks along its nine-plus miles of shoreline. It has a busy downtown home to countless highly-rated restaurants, museums, galleries, and shops. With a population of around 77,000, New Rochelle leaves its residents with some room to breathe despite its close proximity to Manhattan.

Skyview from Marina, in New Rochelle

What about Larchmont?

Larchmont began as a summer retreat for the wealthy of Manhattan but has since transformed into its own thriving space with a walkable downtown and big-city feel. It has waterfront access, and homes with plenty of space and yards. In addition, Larchmont has a large (and growing) French community and is home to the French American School of New York.

Why live in Mamaroneck?

Surrounding Larchmont is Mamaroneck, sometimes referred to as ‘The Friendly Village’. It is a culturally diverse and historical area with plenty of shorelines, beautiful parks to relax and unwind in, and its own vibrant downtown. In terms of housing options, there is something for everyone. From brilliant water-edge houses to historically-significant ones inland, there is something that will appeal to everyone.

Why about Rye?

North of Mamaroneck is the town of Rye, the smallest city in Westchester. But don’t get hung up on its size. Rye is home to loads of fine-dining restaurants, shoreline parks, a golf club, nature centers, and a thriving marina. It also has a diverse housing market that features both water-edge homes and spacious ones inland. Plus, commuting to Manhattan is still a breeze, about 40 minutes by car or a little over one hour by train.

Where does Harrison rank?

Situated between Mamaroneck and Rye is Harrison, one of the most affluent areas in the United States. Harrison has no shoreline, but large homes and spacious yards more than make up for that difference. While the quaint downtown may leave a little to be desired, Harrison’s proximity to Manhattan will not. You can be midtown in under 40 minutes.

What’s in Port Chester?

Just north of Rye and bordering Connecticut is Port Chester, a city full of young professionals and a busy downtown. It has a mix of cultures and a wide array of restaurants that support its wide mix. Located in the downtown of Port Chester is the Capitol Theater, a live music venue that has hosted countless famous musicians over the years.

What about Mount Vernon?

To the west of New Rochelle is Mount Vernon, immediately north of the Bronx. Mount Vernon sports a more urban feel than the rest of its Westchester neighbors because it is so close to the city. Those looking to save some money may find the cost of living here more affordable. Mount Vernon is ideal for those still looking for the city feel without actually being in the city.

Why Yonkers?

West of Mount Vernon is Yonkers, a river-bordered city that overlooks the state of New Jersey. The city offers a casino, a horse racing track, and a large shopping center. Despite its proximity to New York City and its more urban style, it has quite a bit of greenery thanks, in part, to its tree-lined streets and sporadic and sprawling parks. Museum-lovers and foodies will be similarly at home here, thanks to Yonkers’ wide array of both.

Sunset View from the port in Yonkers
View from the port with the NY skyline in the background

What else is in the Hudson Valley?

Westchester is only the southern tip of Hudson Valley—an area known for its beautiful nature-filled parks, retreats, and tourism. It’s where many artists—authors, painters, even photographers—garnered inspiration for some of their most influential works. The further north you go in the Hudson Valley, the more New York starts to feel like a countryside rather than a city. However, no matter how far north you decide to live in Westchester County, you can rest easy knowing that New York City is still within reach.

How do I decide?

New York City is a giant place—it is the biggest city in the United States—and there are so many real estate options. But real estate in Westchester has never been better. So there are countless options on the market today if you want to buy a house in Westchester.

Navigating New York real estate can be challenging, but it isn’t impossible. For expert advice, guidance, and the finest luxury listings available in the city, be sure to check out BARNES New York.

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How to buy a house on Long Island?

Are you curious on how to buy a house on Long Island? Many people may not realize that the popular boroughs of Brooklyn and Queens are located on Long Island. Over half of New York City’s residents live there, in just those two areas. However, all the eastern part of Long Island, all the way to Montauk in the Hamptons and the North Fork, are not considered part of NYC. But if you’re looking to be close to the city but not in the thick of Manhattan, Long Island is an excellent option.

It’s important to know exactly what you’re looking for, and what you’re getting into. Find your price range, and look at neighborhoods, not just properties. Commutes, schools, job opportunities, and noise levels are all things to consider before buying a home on Long Island.

What should you know before buying?

Depending on where you may be moving from, there are a few factors that may not have even crossed your mind when looking at to buy a house in Long Island. While Long Island has been rated one of the top 50 best places to live in the US, you need to determine if it is indeed the best place for you.

Dress for the Weather

New York is a state with all four seasons. This may seem obvious for some, but not so much for others. What this ultimately means for residents is that the summers are very hot, and the winters are very cold. There are pros and cons to each season, and it certainly gives you a good variety of recreational activities throughout the year.

Summer on Long Island is excellent for beach trips, boat rides, sporting events, camping trips, and more. Winter brings you sledding, ice skating, skiing, and usually, a very white Christmas. Whatever season is your forte, be sure to come prepared for everything the Northeast has to offer.

Cars are not (always) necessary

Like most of New York, Long Island is primed with public transportation in the Western part. In 2020, New Yorkers who drove spent an average of 56 hours in traffic. Finding alternative transportation decreases the time spent waiting in traffic and significantly reduces the amount of pollution in any given area.

In 2020, the Northeast alone saw a 30% decrease in air pollution due to the lockdowns and fewer people being on the road. New York is well on its way to being car-free, with only 46.5 percent of NYC households owning vehicles at all. The Long Island Railroad is a popular alternative means of transportation, along with the Subway, Ferries, and biking.

But if you like to drive, all the Eastern part of Long Island is perfect for driving and much more car-friendly. So you can easily enjoy a short drive to the beach!

The Montauk lighthouse in the sunset, with the beach in the foreground and the sea.
The Fire Island lighthouse at sunset, with beautiful pink-reddish sky.

Cost of living & taxes

Despite being off the city main, Long Island is still one of the most sought after and coveted places to live in New York. Demand is high, and so are the prices. A single-family house in Long Island, all areas included, costs on average around $750,000 in Quarter 2, 2022. As a comparison, the Hamptons, the most eastern part of Long Island, shows an average sales price of $3 million.* On top of paying a mortgage, Long Island also has some of the highest property taxes in the country.

*Data from Miller Samuel

Is Long Island a good place to live?

Nassau County is known for its excellent recreational areas, eateries, and charming storefronts. Neighborhoods such as Great Neck Gardens, Jericho, and Manhasset Hills have a plethora of restaurants, coffee shops, and storefronts but can also give residents a suburban feel.

Suffolk County, the largest county on Long Island, is one of the most expensive places to live in the US. If you are looking for a quiet, suburban feel while still being close to the city, this may be your place. There are many luxury apartments along the coastline with beautiful views and amenities. If your budget is a little higher, there are beautiful mansions and villas right on teh water! Some of the most desired neighborhoods include Lloyd Harbor, Cold Springs, and Dix Hills. Median homes for these neighborhoods range from $700k-$1.5M. Long Island is also an extremely culturally and ethnically diverse area.

What steps should I take toward buying a house on Long Island?

So you’ve done your research, and you’ve determined that you definitely want to buy a house on Long Island. What next? Here are some tips that will help you in your journey.

  • Organize your finances. Credit score, bank statements, tax returns, W2s, Social security numbers, divorce decrees—these are all things you will need on your journey to buy a house on Long Island.
  • Get Pre-approved. Determine your budget, what kind of loan you will need, and look at interest rates. You can put in an application before even looking at homes to get pre-approved.
  • Find a realtor. This is especially important if you’re not from the area and can’t physically go see each home as you search. Instead, find someone local who knows the local market and will be honest with you about your options.
  • Make an offer. Make an offer on a property that you feel is right for you, whether it was “love at first sight”, or one that took a little while to sleep on.
  • Get an inspection. Once you have found a home, it’s very important to get it appraised and inspected.

Once you’ve finalized your budget, worked with a realtor, and found your perfect home, the rest is history. Depending on the market, your first offer may not get picked, but that’s okay. Keep looking, and you will find the perfect Long Island home for you. Long Islands’ gorgeous skylines and sunsets, greenery, and seasonal variety are worth the time it takes to find an amazing property. For more information and the best listings in Long Island, contact BARNES New York.

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BARNES New York at online showcase “Bien Vivre aux États-Unis”

BARNES New York will be participating in the online fair “Bien Vivre in the United States”, organized organized by French Morning and presented by USAFrance Financials.

“Bien Vivre in the United States” is the first digital fair dedicated to French expatriates in the United States, or preparing for expatriation, offering an entire week of conferences with experts to receive advices to live better in the United States, whether you are settled there for a long time or are still dreaming of living there.

All the most essential topics of expatriation will be touched upon, including immigration, family, business, heritage, health, immigration… but also the daily life of the expatriate, to give you the keys to live your expatriation as well as possible.

The fair will take place online from September 12th to the16th, 2022. BARNES New York will be represented by Managing Partner Yann Rousseau, who will be presenting New York’s real estate market along with powerful insights on how to buy a property in the Big Apple.

Join BARNES New York on September 12th at 2pm EST/20h FR.

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What is the Luxury Real Estate Market like in New York?

The luxury real estate market in New York is continuing to thrive. The opening and second quarters of 2022 saw more deals signed to add to the already growing count of luxury properties.

The COVID-19 pandemic had a deep impact on the market, which has now recovered, and even risen to higher prices than pre-pandemic levels. There is indeed still an increasing demand for high-end homes, especially in Manhattan.

How high is the interest rate expected to rise?

The interest rate has risen since the beginning of the global pandemic and is expected to continue to rise throughout the rest of the year. Right now, it is expected that the interest rate could increase from 5% to as high as 7% by the end of the year.

What is the current luxury market like in New York?

Simply put, the luxury real estate market is competitive, and people are looking to buy. So, with a supply shortage and an influx of demand, the prices rise with the interest rates.

Material and labor shortages add to this as well, making it another case where the demand is greater than the supply. To combat this, some sellers are opting to renovate their properties before listing so that they can charge more in the market. The results vary, but generally, the newly-renovated properties sell for more than similar, non-renovated properties.

As of the second Quarter 2022, the average sales price for luxury residences in Manhattan was around $8,800,000, and the average price per square foot is about $2,814/sq. ft. Overall, this represented a 14.5% increase year-over-year.*

*Data obtained from UrbanDigs

Is the luxury real estate New York market the same all over the city?

Luxury real estate in NYC offers a type of living that is one of a kind and cannot be found anywhere else. Because of this, the market is highly sought after, making the boroughs and neighborhoods surrounding Manhattan just as expensive. Of course, different areas offer different things, which is why BARNES, as the exemplar of luxury real estate in New York City, offers its services as a top brokerage to help you find what you need.

View of an apartment interior in a luxury building, showing the kitchen and living area with oversized windows and urban views.
Night view of the Manhattan skyline from an apartment in Long Island City.

What can I expect in New York luxury real estate?

New York City is a historical city with many historical buildings and homes built long ago. Those interested in living in luxurious, historical buildings will thus find no shortage of options in the big city. Many of them have been completely renovated or revived to their original glory and beauty.

Alternatively, New York City offers plenty of new buildings with picturesque views of the city with all of the modern-day amenities like a workout gym, a rooftop or a swimming pool.

Where are the best neighborhoods for luxury living?

There are so many options around New York City, but perhaps, the most prevalent are TriBeCa, SoHo, and Central Park, to name a few. TriBeCa is in downtown Manhattan. It is home to countless five-star restaurants, landmarks, and celebrities. It’s got the luxurious lifestyle that goes along with its many luxurious living options.

SoHo is an upper-class neighborhood in Lower Manhattan with many high-end shops and designer boutiques. In addition, there are many historical buildings here for luxury living.

The name Central Park says it all. It is indeed the iconic park located in the heart of New York City. The forested space is walled off entirely by high rises, both old and new, and the neighborhood offers a plethora of luxury living spaces. If you want the most picturesque views of New York City, you will find what you need here. Central Park Tower is actually the world’s tallest apartment building, located on New York City’s Billionaires’ Row. One of the most famous street, renowned for its luxury new developments with incredible amenities, is Park Avenue, south of Central Park.

How do I get more information on the luxury real estate market?

New York has a rich and storied history that dates back to the beginnings of modern-day America. It is a city like none other in the world and is host to some of the best luxury real estate options out there. New York City really has it all, from buildings built over a century ago to new constructions with all the amenities one could dream of.

A great place to begin your in-depth search into New York luxury real estate is here, with BARNES New York. BARNES is a top brokerage and can help guide you to finding the best possible option for luxury living.

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Where should you buy a house in New York?

If New York City was a country, it would have the 10th largest economy in the world. There is such a diverse group of people, occupations, and living situations that there truly is something for everyone. More billionaires live in NY than anywhere else!

Buying a house in New York can be a huge change for many people, especially if you’re not used to city life or are relocating. It can be scary, but it can also be very exciting. Picking the right neighborhood can make or break your experience in NY, so it’s important to know what you’re looking for and do your research beforehand.

With plenty of NYC houses for sale, choosing the right one can be challenging. The five boroughs are all dramatically different, and even more so are the individual neighborhoods within. Here are a few options for those who want to buy a house in New York, whichever side of the coin you’re from, whether it’s in the middle of lush, beautiful skyscrapers in Central Park, or something more modest to get you on your feet.

Where is the best luxury housing in New York?

In New York City, the Upper West Side, as well as the Upper East Side, are a couple of the most sought-after places to live, and most coveted places to buy a house in New York. These two neighborhoods are among the most desirable and wealthiest areas of the city and are also home to some of NYC’s most iconic buildings.

Both are located in the borough of Manhattan. The median sale price between the two neighborhoods is around $1,300,000, but a townhouse is those neighborhoods can cost about $8 million.

What is it like to live in the Upper West Side?

Central Park borders the Upper West Side of Manhattan on the east and the Hudson River on the west. West 59th Street is on its south side, and West 110th Street lies to the north. It has long been the place where the most wealthy New Yorkers have resided, with the median housing price currently at $1.5M. Some of the most luxurious apartment buildings are found along Central Park West, many of which have housed popular celebrities.

There are numerous places for residents to get out and enjoy nature, with Central Park on the east side, along with Riverside Park near the Hudson River. Riverside Park is part of the Manhattan Waterfront Greenway, a bicycle route and walkway that circles Manhattan’s waterfront. The park is a lengthy 4 miles, stretching from 72nd street to 158th street, and reaches right down into the water. It’s a beautiful, scenic area to relax, enjoy the outdoors and get away from the hustle and bustle of the city.

The Upper West Side is a hub for diverse culture, intellect, art, and history. It’s home to the American Museum of Natural History, the Beacon Theater, the Lincoln Center for the Performing Arts, and much more. There are also countless restaurants, cafes, and diners. Some of the local favorites include City Diner at W. 90th street & Broadway, Cafe Luxembourg at 200 W 70th St, and Bar Boulud at 1900 Broadway, to name just a few. There is such a diverse assortment that you will certainly find something for everyone.

Sunset view with the Hotel Belleclaire, looking at the Hudson River.
View of the Upper East Side from Central Park.

How about the Upper East Side?

Yet another of NYC’s most prestigious neighborhoods, the Upper East Side is surrounded by 96th Street on the north side, the East River to the east, 59th Street on the south side, and Fifth Avenue to the west. While pricing is roughly similar, it is slightly smaller than its sister in the west and has a few sub-neighborhoods, known as Lenox Hill, Yorkville, and Carnegie Hill.

Perhaps the most interesting of the sub-neighborhoods is Yorkville, which used to be known as Kleindeutschland, or “Little Germany.” Much of its past is no longer noticeable, but the history remains. There are still a few German restaurants, and markets around that have survived over the decades.

Many famous political names have lived in this section of NY, including the Roosevelts, Kennedys, and Trumps, as well as celebrities such as Woody Allen, Lady Gaga, and Mariah Carey. It has also been the setting for many movies, books, and TV shows.

The architecture is truly something to admire in this area, particularly on 62nd Street, which is filled with brownstone houses, grand stoops, and mansions. For history buffs, the Museum Mile along Fifth Avenue is a must-see. It includes institutions such as the Museum for African Art, the Metropolitan Museum of Art, Cooper Hewitt Smithsonian Design Museum, and many more.

What do houses look like in West Village?

West Village is located west of Greenwich Village, delimited by Greenwich Avenue all the way to the Hudson River. The neighborhood is famous for its Bohemian culture and atmosphere, and was home to historical new movements and ideas, especially political, artistic, and cultural.

Most houses, like the vast majority in Manhattan, are 19th-century townhouses, with typical brownstone, cast-iron stairs and fire escape. As of July 2022, the median sale price for a townhouse in West Village is $8,200,000*.

Typical New York townhouses in a row in a quiet street with trees.
Brownstones with typical cast-iron stairs and flowers.

Where is the most affordable housing in New York?

If prestigious luxury housing is not your forte, you may be looking for something a little more on the down-low. While the overall median price of buying a house in NYC can seem high, there are a few areas where it’s exponentially more affordable. In addition, new developments in New York will eventually lead to more availability in high-interest areas.

If you still want to buy a house in New York, areas a little further away from the city can be explored, such as Brooklyn and Queens, or even Long Island, offering a lot more options such as townhouses and small houses and a little bit more space. It can be a little bit far away from the city, which, depending on your lifestyle, can be an advantage or an inconvenience. Owning a car, for example, might be easier if you get away a little bit from the city center.

*Data from UrbanDigs

How can BARNES work for you?

Unfortunately, due to the rising costs of construction labor and materials, a lot of companies simply can not afford to build anything less than expensive. This is great news for those looking for top-notch housing but can be a struggle for those trying to make ends meet.

There are also hundreds of older buildings in New York that, with a little TLC, could easily be rebuilt for either affordable housing options or turned into expensive townhomes. The bones of properties from the 60s and 70s, or even older, are still good, although they may feel out of date. However, they are well constructed, and with a little touching up, the possibilities are endless.

On the other side, the luxury housing trend continues to climb, increasing demand. For more information on the best places to find luxury housing, or to buy a house in New York, be sure to contact BARNES New York to talk to a professional.

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Why rent a property in Westchester?

There are many reasons why you should rent a property in Westchester. Immediately north of New York City is Westchester County, a county full of thriving cities, towns, tucked away villages, and plenty of open and scenic areas with parks. Several top-named companies also claim Westchester County as their home, making it a highly sought-after county by many in which to reside.

What also makes Westchester such a great place to live is how many of its cities and towns are near a major train line. Places like Yonkers, New Rochelle, Larchmont, and Mamaroneck are under an hour by public transit to the heart of Manhattan.

Because of its proximity to New York City and more people wanting to reside in less packed and crowded areas, Westchester real estate is booming. Homes, apartments, condominiums, single-family, and multifamily spaces are all experiencing an influx of interested renters in the county.

Should I rent or sell property in Westchester?

Of course there are advantages and disadvantages to both renting or outright selling a property anywhere.

Today, more people are interested in renting properties than buying, and that is for a few different reasons. One reason is the uncertainty of interest rates and taxes. In addition, buyers today are uncertain whether the property they are buying will be worth it a year or two down the line.

Another reason to rent a place in Westchester County is the uncertainty most people have given the current state of the world. People don’t know if they want to stay in the area or pack up and move far away. That uncertainty turns many would-be buyers into renters. They like the flexibility.

And the final reason for renting as opposed to selling is the lack of rental property inventory in the area. The lack of inventory, coupled with Westchester being a desirable living space, could mean that your rental property rents for more than the asking price.

Why are so many people renting instead of buying today?

To put it simply, many people aren’t sure where they want to end up five, ten years down the line. Do they want to stay in the area, or do they want to move somewhere entirely different? The pandemic caused a lot of people to rethink their long-term plans, and many discovered that their future might differ from what they had originally thought. And from that uncertainty comes a transition period where buying property doesn’t make sense—renting does.

So it makes sense that because so many people are in a transition period in their lives, that renting a property would be more beneficial than selling.

Why is Westchester in such high demand?

Westchester County is in such high demand partly because of its closeness to New York City and partly because of what it has to offer.

Even if they work remotely, many people do so for a company with headquarters in the heart of New York City. The world is opening back up, meaning the chance of returning to work is a real possibility for most people, and that makes workplace proximity an important factor when considering property hunting.

In addition to its proximity, Westchester offers a lot of what New York City lacks: namely, open parks, yards, and larger living spaces. With so many people wanting exactly that today, Westchester has become an increasingly desirable place.

View of the pier at sunset in New Rochelle, on the eastern coastline.
Park with benches on the water with sunshine, and a lighthouse in the background.

Are there really bidding wars for rental properties?

Yes, there are. With the lower-than-usual inventory of Westchester apartments for rent and the influx of movers into the area, there is simply more demand than supply. When demand overpowers supply, the more people are willing to spend.

What other benefits are there to renting a property?

Having a tenant to cover your mortgage expenses is an added benefit when you rent instead of sell. More than likely, you have your own monthly expenses, and having extra income (potentially, even more, depending on how in-demand your property is) can help out tremendously.

Also, taxes. You can write off your mortgage interest, required property maintenance, utilities, and property insurance with renting. You can even deduct the depreciation of your property based on the year it was built.

Renting a property also comes with a known monthly income. Because your renter(s) will be paying you each month, you know what kind of cash flow to expect so that you can plan and spend with less worry.

What are the best areas to rent a property in Westchester?

Westchester County is a desirable place to live for New York City commuters and those that need to be close to the city without wanting to be in the city itself. It offers more space and more greenery while still offering plenty of the big city conveniences like public transit, thriving downtowns, and entertainment.

Along the eastern coastline, from New Rochelle up to Port Chester, are highly sought-after areas for those wanting picturesque waterside views. Similarly, on the western side of Westchester is the Hudson River, and towns like Yonkers, Tarrytown, and Ossining offer great properties.

Really, there is little wrong you can do in Westchester County, but renting in an area near water or public transit with direct access to New York City will yield the best results. To help guide you in your New York City real estate adventure, reach out to BARNES New York for the best advice and listings around.

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Real Estate: Rental prices are skyrocketing in New York. Here’s why

After five consecutive months of rising prices, the average monthly rent stood at $5,058 in Manhattan last June. In the space of a year, real estate rentals in New York have seen prices soar by almost 30%. To understand this phenomenon, Rachel Brunet from LePetitJournal went to meet Yann Rousseau, Managing Partner at BARNES New York.

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