fbpx

Tag: luxury real estate

What is the average house price in the Hamptons? 

Even if you have never visited the area, you are surely well aware of the Hamptons and their place in upper class society on the east coast of America. People from all over the country and the world are familiar with the Hamptons and its preeminent spot in culture. 

There is a high volume of mansions in the Hamptons and the several waterfront locations that consist of it. The mansions vary in size and style but they are all top of the line, the best of the best, and very expensive. In fact, the Hamptons is one of the most expensive regions in the country. 

There are countless celebrities populating the Hamptons year round. From retired politicians to CEOs, business people, and Hollywood elite, you’re really somebody if you own a spot in the Hamptons. And while some people do in fact own their property in the area, other people only rent out summer houses, which also cost a pretty penny too. 

If you are one of the lucky few who would like to buy a house in the Hamptons, you need to be aware of a few things, most importantly, the average house price in the Hamptons. Hamptons real estate isn’t always necessarily easy. The good news about the Hamptons is that you are getting a lot of great value for the money you spend. You can rest assured that you’ll invest in a very nice, cutting edge property that will be far nicer than any other home you’ve lived in.

How expensive is it to live in the Hamptons? 

If you are looking to buy a home in the current housing market in the Hamptons, you need to be aware of the median property price in that region.

According to the yearly Town & Country Market Report, the average house price in the Hamptons were up 1.71% since last year. The median average price of a house in this part of the country was about $1,780,000. That is a definite increase from the years before, although the price of a home in the Hamptons varies and you can find something that is both more and less expensive.

The price of housing across the country faced a downward trend during the recent COVID-19 pandemic but that wasn’t the case for housing in the Hamptons. In fact, it was one of the few locations where the price point for most property actually went up during the epidemic. That is because there were many wealthy people from nearby New York City who wanted to escape the hectic, scary situation in the big city and moved to the Hamptons for safety and peace of mind.

What neighborhood should you live in?

One of the best things about the Hamptons is that there are several popular neighborhoods in the area and each of them are well worth your money. They don’t come cheap, of course, but they are all packed with wonderful architecture, terrific amenities, and beautiful views too. 

The most popular neighborhoods in the Hamptons are Southampton, East Hampton, Montauk, and Sag Harbor. Each of them bring their own benefits and, thankfully, the home prices in each area are usually fairly similar.   

What is the average price of a Hamptons single-family? 

Imagine being able to visit the Hamptons during the popular, gorgeous summer months. You’d be just a few minutes away from the beach and your days would be spent in the sun while your nights would be spent around a yummy barbecue and fire pit in your backyard. 

If you’re looking to spend a good amount of time in the Hamptons, buying a single-family house might be a great approach for you. 92.4% of all sales are single-family homes, showing how high the interest is in that region for a more private and spacious living environment compared to condo living closer to the city center.

You can find single-family in the Hamptons for a median sales price of $1,542,000. These will come with the great location that people desire when they move to the Hamptons. It is important to note, however, that they don’t always stay on the market for too long since demand is always high. 

What is the average price of a Hamptons condo? 

The average price of a condo during the last quarter of 2023 was $774,000, with prices on a downward trend from the previous year. Condos sales represented about 7.6% of all the property sales, showing a net preference for single-family housing in the area.  

What is the average price of a Hamptons luxury property? 

The median price of a luxury property during the last quarter of 2023 was $6,195,000 with an 18.5% decrease from the previous year. About 6.6% of all sales in the Hamptons during Q4 2023 were over $5 million dollars.

Summary 

If you are living in the Hamptons, you can be proud of the fact that you’ve finally made it and reside in one of the nicest parts of the country. The area is worth it if you have the desire to live in this luxurious region with easy access to the beach and a quiet living environment. If you are serious about moving to the Hamptons, you should contact us at BARNES New York. We understand that luxury real estate can be complicated but we know the ins and outs of the industry and are ready to find a home that fits you perfectly. 

Contact Us

Where to buy a brand new apartment in Brooklyn?

Through good times and bad, strong economies and weak, Brooklyn has always been one of the hottest places in New York City. It is known for its trendy style, its amazing businesses, its entertainment opportunities, and its modern look, feel, and style. There are few places in the country as cool as Brooklyn. It has long been the epitome of hip, and whether you’re looking to buy a brand new apartment in Brooklyn or simply immerse yourself in its vibrant culture, it continues to be that way.

Attaining real estate in any part of New York City is tricky and can be very difficult but that is doubly true when you are looking to settle down or invest in a piece of property in Brooklyn. Because of its popularity and the amount of real estate available, things move quickly in this part of the city. 

If you want to buy a brand new apartment in Brooklyn, you need to be aware of multiple things, such as the price that you will pay, the location you will look in, and the businesses and exciting events located nearby.  

Our guide will teach you what you need to know about buying a brand new apartment in Brooklyn. 

How much does it cost to buy a new apartment in Brooklyn? 

Since Brooklyn is so sought-after, the real estate prices reflect that trend. According to UrbanDigs, as of November 2023, the median sales price market-wide in Brooklyn is $914,000, with an estimated $829 per square foot. Regarding new developments specifically, the media sales price is of $1.1 million and about $1,163 per square foot.

While that is a good deal higher than certain parts of the country, it is a bit cheaper than other areas in New York City. That is just another one of the many reasons why Brooklyn remains so popular with NYC residents both new and old.  

Now that you know how much you’ll be spending on your apartment in Brooklyn, it is time to decide which neighborhood you want to set yourself up in.

What part of Brooklyn should you move to? 

It is important to note that, much like the city as a whole, Brooklyn is broken down into smaller regions and neighborhoods. Each of these areas comes with various price points, advantages, and disadvantages too. 

Downtown Brooklyn 

If you want to be in the heart of Brooklyn, you want to be in downtown Brooklyn. This part of the city has a slew of great eateries, wonderful entertainment venues, and a bunch of great apartments, new, old, modern and old-fashioned.

The median sales price in Downtown Brooklyn is approximately $1.6 million.

If you decide to make downtown Brooklyn your home, you should look to neighborhoods such as Flatbush, Crown Heights, and Bedford-Stuyvesant.

Greenpoint

Greenpoint is one of the many bustling neighborhoods in Brooklyn that attracts new residents from all over the country. 

As with many parts of the city, the median price has risen over the last year. The median sales price market-wide in Greenpoint is $1.7 million, a 8.1% increase from last year. If you are thinking of moving to this part of Brooklyn, some of the hip, youthful neighborhoods you should check out are Ridgewood and Bushwick.  

Williamsburg

Of all the areas of Brooklyn, Williamsburg might be the hippest. That is saying a lot, especially for Brooklyn. For years, Williamsburg has been known for its trendy bars, fancy but affordable cafes, and its cultural impact on the rest of the city and the rest of the country.  

The median price in Williamsburg is $1.25 million as of November 2023.  

Summary 

Brooklyn is youthful and modern, full of hip energy and plenty of opportunities for both young and old. For those who want the premium New York City experience, Brooklyn is for them. But moving to this part of the city isn’t always cheap and it isn’t always easy. Thankfully, if you contact our team at BARNES New York, you will have access to a level of expertise that will help the entire process move swiftly and without hassle. Whether you’re looking to buy a brand new apartment in Brooklyn, a luxury apartment, new development location, or anything else, it doesn’t have to be that hard.  

Contact Us

Why should you buy a house in Southampton?

Why should you buy a house in Southampton? Imagine waking up in the morning and being less than a ten minute walk away from some of the most stunning beaches in all of the east coast of the United States? You don’t have to call a ride or hop in your car to get to the amazing coast. Instead, you can simply wander down the street and be there in no time at all. 

That is a reality for the people who live in Southampton, New York. Long known as one of the most incredible beachfront communities in America, Southampton is a sight to behold. It’s a mix of amazing businesses, stunning restaurants, incredible houses, and beaches that will give you endlessly sensational summer days. If your dream is to buy a house in Southampton, you’re in the right place.

Moving to Southampton is what you might be looking for. There is a lot that you need to know about the real estate market in this part of the country. You need to be aware of what you are getting yourself into when you are moving to Southampton. But you should also be excited because this region offers you things that simply aren’t available in other parts of the country.  

Let’s take a deep dive on what is provided for you when you move to Southampton. Moving can be tiring and expensive, so you want to be sure you’re getting a lot of that investment, right? The good news is that you are. 

How much does it cost to live in Southampton?  

The price of living in Southampton, New York is almost always very high no matter what sort of residence you are looking to buy or rent.  

According to the Town & Country Real Estate Market Report, the median sales price in the Hamptons as of Q3 2023 was $1,812,500, a 12.23% increase from last year. These are typically the luxury mansions in Southampton. Houses for sale in Southampton can be cheaper than that, however, with some selling at just under a million dollars. 

There are also lots of land that are available for purchase in Southampton. These typically cost close to half-a-million dollars but you will also have to spend for the construction of your house. 

Why buy a house in Southampton? 

As you can see, buying or renting in Southampton is going to cost you a lot of money. Even the most inexpensive locations in this area are going to be far more than many other parts of the country.  

But it is important to always remember that you are going to get a lot of great value for your investment in Southampton. Not only will you be getting a house or condo or luxury mansion that is top of the line, but you will also have access to amazing beaches, terrific businesses, and a bunch of local events that make Southampton special. What is it about this part of the country that keeps people coming back, aside from the high-end, expansive homes? 

Dining

As you may have expected, there are a lot of fine dining choices for you when you are living in Southampton. In fact, you can find a number of great high-end eateries that will offer great quality and ingredients.  

One of the most expensive and popular restaurants in Southampton is Plaza Cafe, known for its delectable tastes and wonderful plate presentations. Main Prospect is yet another fancy eatery that is known for its great taste as well as its wonderful flourishes on the plate. Cowfish, as well, is included in that group. 

But there are other restaurants in the area that are much more affordable while still amazing. 75 Main, Le Charlot, and Bamboo Restaurant and Sushi Bar are just a few of them.

Culture

Southampton isn’t just a sleepy beach town. Instead, there are many things you can do in this city that you can’t do just anywhere. The Southampton Mela, Pride and Let’s Rock are a few of the events that are exclusive to the city and show its strong personality and culture. 

There are also a few art galleries and museums in the area that show off the rich history of the region. The Solent Sky Museum, SeaCity Museum, and Tudor House and Garden are just some of the locations that will provide hours of entertainment and education too. 

Outdoors 

Of course, many people come to Southampton not for the museums or the food but for the stunning beaches. Sure enough, there are multiple unique seaside spots in this city that will take your breath away. The Road D Beach is just one of them, along with Southampton Beach, Coopers Beach, Cryder Beach, and more.  

You will never be lacking a place to watch the tides come in and out with Southampton. It is true that some of these locations will get pretty crowded in the summer but you can almost always find a place that is comfortable. There are few better ways to end the day than watching the sun go down while sitting in the sand at a Southampton beach.  

Summary

Southampton, New York is one of the most gorgeous, stunning locations on the east coast. However, it is also one of the most expensive. If you are comfortable spending the money for your next luxury home, you will be able to find something that is right up your alley. If you want to make the move and buy a house in Southampton, you should contact our expert team of realtors at BARNES New York. We know Southampton inside and out and we also know what you should be aware of when you are trying to find a luxury home that you can call your own.  

Contact Us

In the Media – New York’s Up-and-Coming Neighborhoods, by BARNES

New York is constantly changing. A once little-known Manhattan neighborhood may soon become the most fashionable, while another is emerging in Brooklyn, and yet another awaits its time in Queens. Similarly, some neighborhoods once favored by trendy New Yorkers are losing their appeal to the city’s mainstream districts. New York, nicknamed the “Big Apple”, never stands still; its metamorphosis is constant. Discover what are New York’s Up-and-Coming Neighborhoods in BARNES’ article for the French American Chamber of Commerce.

Read the article

Where should you buy a house in New Jersey? 

Do you want to buy a house in New Jersey? New Jersey boasts many distinctions, ranging from its musical artists like Bruce Springsteen and Bon Jovi to its immediate access to New York and its rich cultural impact on the United States and the world. Many people are drawn to New Jersey, even if they aren’t entirely sure why. There is just something about the Garden State that attracts people. 

With so much attention and attraction, you can bet that the real estate market in New Jersey can be quite competitive. Finding a home can prove to be quite difficult unless you’ve got some professional help. From Bergen County to Summit to Montclair, Morristown, and beyond, there are many parts of the state that are constantly getting an influx of new people looking to settle down and call New Jersey their home.  

But if you are looking to pack up your things and move to New Jersey, you might feel a bit in the dark. That’s because with so many options and so many locations, there is a lot you need to keep in mind when you are making a new start in Jersey. Today, we are going to look at some of the things you will gain when you come to this state and also things to keep in mind, regarding the money you will spend. 

Moving to New Jersey can be a huge step in your life but it doesn’t have to be tough, as long as you know what you’re doing and what to look for. 

How much does it cost to buy a house in New Jersey? 

Before you make your plans to move to New Jersey, you definitely need to know what you should expect when it comes to the money you will spend to relocate. New Jersey is an interesting state because it has some of the most expensive locations in the country but it is also home to many that are very affordable. 

According to the latest New Jersey Realtors market report, the median sale price for New Jersey single-family houses for sale in 2023 in was $582,500, which was about 16.5% more than the year before.

Homes in New Jersey go quickly too and they do not stay on the market for long. The report also estimated that the average number of days on the market for a home in New Jersey was just 29 days. That means that if you are looking for a residence in New Jersey, you should be ready to move quickly. 

Why buy a house in New Jersey 

While there are certainly states in America that charge a lot more for homes, New Jersey still isn’t very cheap. Therefore, you should know what you’re getting for all that money. Luckily for you, New Jersey is a state that offers an awful lot for residents both new and old. 

New Jersey is a lot more than just being known as “West New York.” Locations like Ridgewood, Englewood, Edgewater, Summit, and beyond can make your life so much better and bring so much joy into your home. New Jersey also offers more space, meaning you will more easily be able to find a place with parking or a garden if that is what you’re looking for.

Dining  

Some of the best restaurants in the country are found in New Jersey. In fact, the annual lists of the greatest eateries in the state are closely monitored and highly-regarded because people know that the cuisine in New Jersey is incredibly fine. 

Morristown’s 1776 by David Burke is one of NJ’s finest and one of the most popular, successful, and sought-after restaurants in America. The same is true for Chez Catherine in Westfield, The Circle in Newton, and Faubourg in Montclair.  

The number of great restaurants in New Jersey is large but always growing. Each and every year, there is a new place that opens and is quickly on everyone’s radar. And the best part about New Jersey is that you can find the finest businesses all over the state. You don’t have to live in just certain parts of New Jersey to enjoy all the delicious dinners it has to offer.  

Location  

Of course, one of the best things about living in Jersey is its close proximity to the heart and soul of New York state: New York City. That is reason enough for many people to make the move to Jersey.  

In some parts of the state, you might only be 20 minutes or less away from Manhattan, Brooklyn, and other parts of our country’s biggest city. But just because you are so close to the city doesn’t mean it always feels that way. There are numerous parts of Jersey that are quiet residential areas that feel light years away from the hustle and bustle of the Big Apple. That is why New Jersey is such an ideal place. You can be within New York in just minutes, but you can also feel comfortable and quiet in new and classic luxury homes. 

Summary 

New Jersey offers an ideal location to buy a house, boasting some of the finest homes in the country. While it has long been known as New York’s little brother, this state has so much to offer with a personality, style, and charm all its own. It will forever be close to the heart of the city but filled with so many great eateries, locations, businesses, beautiful hikes and views, and a culture that is rich. If you are thinking about finding your next luxury home in New Jersey, you should contact us at BARNES New York. Not only can we find a house that is right for you and your family, but we will make the entire process painless.

Contact Us

Where to buy a brand new apartment in Manhattan? 

New York City is home to more than 8 million people and it’s definitely one of the most exciting and attractive places on Earth. From entertainment to business to travel and so much more, New York City is the center of it all. And Manhattan is the center of New York City, meaning it’s the most popular and important part of the most popular and important city in the country.  

Manhattan has it all. Some of the best restaurants in the world, a number of terrific entertainment venues, amazingly historic apartments, townhouses, and homes of all types, and so much more. If you want to have your finger on the pulse of the nation and culture, you should be living in this borough, where you have the opportunity to buy a brand new apartment in Manhattan. 

But if you want to plant your flag in this specific spot in New York, you need to know a few things. You need to be aware of how much you’re going to pay, and you’ll definitely need to be aware of what part of Manhattan you want to reside in. Then and only then you will be able to truly start making plans and getting comfortable with the idea of living in Manhattan. 

Buying a brand new apartment in Manhattan can be a tricky process, especially if you want to get a 2023 New Dev Manhattan residence. Our guide will help you learn a few important things that you should have in mind before you make the major move. 

How much does it cost to live in Manhattan? 

Since it is one of the most sought-after parts of New York City, you can bet that buying a brand new apartment in Manhattan won’t be cheap. No matter the state of the economy, people are always flocking to Manhattan looking for new apartments to claim. 

The median sales price for New Developments in Manhattan is $1.9 million, with a price per square foot of $1,999 as of September 2023*. That is considerably more expensive than many other parts of the country, of course, but it’s well worth it for a number of reasons. In fact, people are willing to spend much more than that just to make Manhattan their home, in a brand new building.

*Data from UrbanDigs

Why Move to Manhattan?

There are so many great reasons why moving to Manhattan makes sense for millions, including the opportunity to buy a brand new apartment in Manhattan. For many, the location is ideal because of its proximity to the heart of the business world. For decades now, Manhattan has been an industrial powerhouse and many Fortune 500 companies have locations in Manhattan. 

Other people want to stay in Manhattan because it is filled with amazing restaurants and the highest-end cafes in the country. Others reside in Manhattan because of their love of Broadway and entertainment.  

Where should you live in a brand new apartment in Manhattan? 

Hudson Yards

Hudson Yards is a modern and vibrant neighborhood located on the west side of Manhattan in New York City. This recently developed area is known for its sleek, high-rise architecture, making it one of the city’s most contemporary districts. The neighborhood is centered around the Hudson Yards development project, which includes a striking collection of skyscrapers, luxury residences, high-end retail shops, and fine dining restaurants. New Developments are being built at an impressive rate in Hudson Yards, and the Median Sales Price as of September 2023 is of about $8.38 million.

The crown jewel of Hudson Yards is “The Vessel,” an impressive interactive art installation and landmark that offers panoramic views of the city. The High Line, a unique elevated park built on a historic rail line, runs through the neighborhood, adding greenery and outdoor space for residents and visitors. Hudson Yards has quickly become a hub for fashion, culture, and commerce, making it a must-visit destination for those seeking a taste of modern New York City.

Lower East Side and East Village

The Lower East Side of Manhattan is home to the Williamsburg Bridge, East River Park, the Tenement Museum, and so much more. Located right next to the East River, it’s one of the most exciting parts of New York City. Because of this, these neighborhoods have witnessed an influx of new residential developments, particularly along the East River waterfront. If you plan to make your home in a new building in the Lower East Side, plan to be spending upwards of $1.18 million.

Lower Manhattan

This area, including the Financial District and Battery Park City, has seen significant growth with new residential and commercial developments. The World Trade Center complex is a notable part of this redevelopment, contributing to the revitalization and transformation of this historic neighborhood.

Luxury apartment buildings and condominiums have been constructed to accommodate the increasing number of residents seeking a downtown lifestyle with proximity to the Financial District and the waterfront. With a median price per square foot of $1,368, and a median sales price of $1.8 million, Lower Manhattan can be attractive thanks to parks and cultural amenities, making it a desirable waterfront community.

Summary 

Manhattan is one of the hottest parts of New York City, one of the hottest cities on Earth. Because of that, finding an apartment in Manhattan isn’t always easy. That is why you should contact BARNES New York if you want to buy a brand new apartment in Manhattan when you are making plans to move to the City. You don’t need the stress of the process and instead should just rely on our experts, who know the ins and outs of the market and will make the entire process painless.  

Contact Us

What is the average home price in Queens? 

If you’re flying into New York City, one of the first places you’ll encounter is most likely Queens. This New York City neighborhood features two of the largest airports that greet people in the area. So, if you’re looking to move to an area that’s the epitome of the New York City lifestyle, Queens is the place for you. Plus, Queens is rich with history and American icons. 

Finding a home in Queens can be pricier than looking at other big cities in the United States. Unfortunately, New York City is known for exorbitant prices whether you’re eating out or looking for a place to stay. The housing market in this area is no different from the rest of the higher living costs. However, you can balance this out by finding a job in New York City that pays enough to live comfortably. 

So, are you interested in finding a place to live in Queens but don’t know where to start? We will discuss the average home price in Queens based on location, size, and home features. Our guide can help you make a seamless move to New York City. 

How expensive is it to live in Queens? 

The reasons for getting a property in New York City are obvious. There are plenty of places to work, eat, and hang out in the city that never sleeps. You can get apartments, condos, townhouses, and penthouses when you live in Queens. There’s no limit to the type of investment properties you can find while looking through realtor listings. It’s also important to pay attention to the neighborhood you choose, so you and your family feel comfortable in your new home. 

The location of your Queens home can have a huge impact on how much you’ll pay for the purchase. For example, if you’re looking for a house that’s close to the action, then you’ll spend much more than a house on the outskirts of the city. Many people are looking for a house that’s within walking distance from New York’s finest attractions, or at least close to a subway station.

As of September 2023, the median sale price for homes in Queens is $478,000* but varies significantly based on the features that come with the home. For example, if you want to purchase an apartment that’s high up, so you have a beautiful view of the city, that will cost you more. Neighborhoods like Malba, Queensboro Hill and College Point, as well as Hunters Point, right across from Manhattan, are among the most expensive areas in Queens.

*Data from PropertyShark

What neighborhood should you live in? 

Whenever you choose a place to live in New York, it’s important to consider all of the neighborhoods in the area you’re interested in. The neighborhood you choose should be suitable to your home life and close to places you enjoy. For example, you might prioritize living in a neighborhood close to work over neighborhoods offering other features. 

Plenty of people live in Queens and seek the suburban lifestyle. Having a relaxing place to start a family is a great way to feel confident about life ventures. However, no matter where you live in Queens, there are plenty of ways to access the urban parts of NYC. So, you can enjoy the peace of living in a quiet neighborhood, like Forrest Hills, or choose a neighborhood close to Manhattan, like Astoria. 

The Queens neighborhood that works best for you depends on your financial situation and the places you visit most often. Astoria is one of the most popular neighborhoods in Queens because it’s the easiest way to access the big city parts of New York City. However, plenty of people prefer a quiet environment over convenience. Finding a property for sale in Queens is easy, depending on your neighborhood. 

What is the average price of a Queens penthouse? 

So, are you looking to buy a property in Queens? One of the most popular options for Queens real estate is the penthouses. You can enjoy the beautiful views offered by these penthouses as soon as you wake up in the morning. This type of property overlooks some of the most vibrant places in New York City and nearby. 

The median sales price in Queens for a penthouse fluctuates depending on the neighborhood. Some neighborhoods go for higher values than others in New York City, which isn’t too surprising. However, the most expensive Queens condo listed as of early 2023 was almost $5 million. They can get pricey depending on the features they offer, especially for luxury living. 

* Data from The Wall Street Journal

What is the average price of a Queens townhouse? 

Another popular way to enjoy living in Queens is to get a townhouse. People enjoy these types of properties because they can feel more traditional than other types of NYC properties. The amount you’ll spend on a Queens townhouse is usually around $752,000, but the price changes a lot depending on features and location. People feel comfortable living in a townhouse because it offers classic suburban living. 

What is the average price of a Queens condo or coop? 

People who value convenience over other aspects of Property buying love living in a condo. It’s common for condos to offer a local gym, meeting halls, and central locations. However, you can purchase a luxurious condo in Manhattan or one that has the bare minimum for your comfort level. The median cost for Queens real estate that surrounds condos is $685,000 as of September 2023, while the coop market started at around $293,000.

Summary 

So, are you ready to buy a property in Queens based on this information? There is no shortage of things to do in Queens, and you can reap the benefits of a suburban lifestyle. There are several neighborhoods you can choose from, and are our team of experts will gladly assist you with the decision. We are familiar with the Queens area and dedicated to helping our clients. Contact us today for a consultation so we can help you get the Queens real estate property of your dreams. 

Contact Us

What is the New York City real estate market like?

Even if you have never been there before, you are surely aware that there are few cities in the world like New York City. The biggest city in America is also one of the most beloved and recognized on all of Earth. From business to nightlife to culture to restaurants and more, New York City has it all.  

It is one of the most popular places in the world and that means that it has one of the most famous real estate markets too. The real estate market in New York City is known as a good barometer for the entire country and world. When real estate in New York City becomes more expensive, it often signals a trend that will impact other major cities worldwide.

There is a lot to know about buying real estate in New York City. It’s unlike any other city on Earth because of the various things you need to keep in mind. Just saying you want to move to New York City isn’t enough. You should know the location, type of residence, benefits, and more.

But investing your money in the New York City real estate market is almost always a good idea. It has pushed through some of the toughest world events ever – including over the last few years. This proves that, even in the worst of times, the New York City real estate market is strong and will always bounce back. The resilient New York City market is a compelling reason to consider investing in it, whether you seek a home for sale or apartments for sale. 

Let’s take a deeper look into the current state of the market in the city that never sleeps. Is now a good time to buy into New York City real estate, either as someone wanting to move there or someone wanting to invest? What other things should you be aware of when you are contemplating a move as big as this one? 

How much does it cost to buy into New York City Real Estate? 

According to UrbanDigs, Manhattan’s median home prices were down about 3.3% in the month of September 2023 compared to the previous year. The median sale price for a house in Manhattan was $1,152,066 and was on the market for about 75 days. The median sale price per square foot in Manhattan is $1,438, down 0.7% since last year. 

Brooklyn is seeing a different trend, with a per square foot of about $976 in September 2023, showing a 2.2% increase from last year. The median sale price also rose to $961,000, a 0.9% increase year-over-year.

The market is primed for someone, even a first time buyer, to make a mark on the New York City real estate market. With prices dropping, you will be able to spend less money. And with the amount of sales reaching a ten-year low, the market place is filled with locations that are ready to be grabbed up. It is important to note, however, that the supply of homes right now is historically low. 

From luxury apartments, single-family buildings, condo, townhouses, penthouses, and beyond, New York is ready to offer something at the lowest prices it’s had in ages.

Why should you buy homes in New York? 

Besides favorable pricing, there are numerous reasons to invest in the current New York City real estate market, not solely due to affordability.  

New York City is a cultural mecca that has something to offer just about anyone who moves there. Whether you’re a theater-goer, a business person, a family man or woman, or just someone trying to set off on your own and live your life, you will have plenty to do and enjoy in New York. This is one of the reasons why it’s the most populated city in all of America – people love living there. 

Here are just a few things that should convince you that moving to New York or buying property there is a great idea. 

The Location

It goes without saying but New York City truly is at the center of everything in many ways. 

New York City is home to Broadway, where the finest plays in the world are performed to adoring crowds. It is also the center of the business world, with many Fortune 500 companies making their homes in NYC. But beyond that, New York is a place where cultures from all over the world mix together and live in harmony. With this, you are able to witness events that you wouldn’t see anywhere else, try cuisine that is mouth-watering, and experience different world views.  

Plus, one of the best things about living in New York City is that you can enjoy these things from any part of it. Because of the great public transportation system in place, you can visit any part of the city with ease. 

The Resale Value 

Right now, the prices and demand for houses in New York City are at a low. However, it won’t always be that way. As it always does, the New York City real estate market will rebound and the prices will go up in time.  

That will help you in the long run because your resale value will grow in the next few years. A home that you buy now will be worth even more, and will garner you an even higher price point. For those who look to buy real estate as a smart investment choice, buying in New York City right now might be one of the smartest. 

The Strength of the Market 

New York City has been through a lot since its founding hundreds of years ago. From world wars, terrorist attacks, pandemics, and more, New York City and its real estate market has always stayed steady and held fast and then grew again. 

There are few cities that have proven their resilience like New York and few real estate markets like theirs too. Despite worsening market conditions in New York, the city’s strong history and evidence of resilience instill confidence.

Summary 

There are very few cities in the world like New York City. From the offerings of food, culture, public transportation, business, and more, there really is something for everyone in the Big Apple.  

The truth is that the New York City real estate market is going through a period of change. Some of the biggest indicators of the market are at decade lows, which raises the alarm for some people. Despite surface appearances, there’s a significant opportunity in the New York City market, particularly for investors.

If you feel that now is the right time for you to buy into New York, you should call upon our expert team at BARNES New York. From New York City and beyond, we know the most intricate and minute details that should be paid attention to. 

Contact Us

In the Media – What type of housing do you find in New York? by BARNES

Recognized as one of the most dynamic cities in the world, New York attracts with the diversity of its neighborhoods and its multicultural dimension. For those who want to invest in New York, whether to buy a property to live there or to rent it out, it is important to know that there are several types of property: condominiums and co-ops are the most common, but not only! Discover what type of housing you can find in New York in BARNES’ article for the French American Chamber of Commerce.

Read the article

Can foreigners buy property in New York? 

New York City is one of the most attractive cities in the world, and millions look to call it home. Can a foreigner buy property in New York City? Our guide tells you yes and teaches what you need to know if you are making this big step. 

New York City is one of the most exciting and promising cities in the entire world. There are quite literally millions of people who move to New York from all over the world. There are a number of reasons that entice people to this major metropolis, from its cultural pulse, to its location on the East Coast, to its place at the center of commerce and entertainment. 

New York is so appealing, in fact, that many foreign-born people want to plant their flags in New York City and buy property there. But some people aren’t sure if there are taxes and rules related to that or if it’s even possible at all. Did you know that there are some countries and cities that don’t allow foreigners to buy real estate?

Many people wonder if foreigners can buy property in New York and the correct answer is, yes, they can. However, if you are someone not born in the United States, there are a few things you should know when you are buying an apartment in New York City. You should be well aware of the requirements you’ll need to meet, the documents you will need to have, and the sort of property that you can invest in.

Buying a property in New York City is possible if you’re a foreigner but you should be sure you know what you’re doing and what steps you need to take. Thankfully, our guide will teach you everything you need to know if you’re a foreign-born investor looking to break into the New York City real estate market.  

What does a foreigner need to buy a property in New York City? 

Not only can a foreigner buy property in New York City but many already have. In fact, there are countless foreign-born residents and foreign corporations that own much of the land and property in the Big Apple. However, there will be tax implications. The IRS (Internal Revenue Service) requires foreigners to pay US income taxes on any income in/from the United States.

If you wish to be one of the many foreigners who have invested in the New York City real estate market and buy property in the city that never sleeps, there are a few things you need to have access to before you can start the process. 

Depending on your type of investment (primary residence or rental investment), you will first need to determine the best legal structure for your real estate investment. You will also need a valid passport or proof of identity, a social security number or ITIN, bank statements and other financial documents from your foreign bank, and any evidence of fund, reserves, check stubs, tax returns, and/or a US credit score.

The higher that your credit rating is, the lower your initial down payment will be. Of course, some foreign-born residents might have a low or no credit score at all with no history in the US. If that is the case, there are still properties that you will be able to buy but you will have to consult with your real estate agent. Obtaining US financing is also possible, but you will need to get advice from our agents or a real estate attorney.

Everyone, foreign-born or not, will have to place a down payment on any property they are intending to buy with financing. The amount you will need to spend varies depending on the type of loan you are granted but it is usually around 20% of the home’s final purchase price. Keep in mind that if you make a larger down payment initially, you will have less money to pay off on the property over time. Because of this, some people look to have a larger down payment so they are not tied to their mortgage payments for so much longer.

If you are getting a mortgage, you might be requested to show a consistent, reliable form of income that is coming into your bank. Any lender will want to make sure that you can afford the property you are buying and that you can make your monthly mortgage payment too. Of course, buying cash is also a faster and easier option.

Foreigners can own the property under their own name or through a company. There are pros and cons for each option, depending on whether there is a mortgage involved, or the existence of a tax treaty between the United States and the foreigner’s country.

New York City Real Estate
New York City Building

How does a foreigner buy property in New York City? 

If a foreigner decides that they want to purchase New York City property, there are several steps that they will need to follow in order to make that happen.  

Firstly, they should find the neighborhood they are most attracted to. They should have their goals in mind. Do they want to settle down with a family? Are they looking to start a business? Do they need to be close to public transportation, schools, or other businesses? All of this needs to be put into consideration. Additionally, any potential buyer needs to think about the sort of housing they want to reside in and the amenities that they require with it.  

Finding the right real estate agent is yet another step that needs to be finished when a foreigner is looking to buy real estate in New York City. This agent will be able to tell the foreigner about trends in the industry, the best places to live depending on their needs, and all the documentation that is needed to purchase property.

Once the right property is found, an offer can be made. That entire part of the process will be handled by the real estate agent and an attorney, who will make sure that all the paperwork is done. 

Why should you buy New York City real estate? 

The reasons why a foreigner would want to buy property in New York City are numerous. For generations now, NYC has been one of the most exciting places to live in the entire world. 

New York City has a bunch of different cultures all living in one place. There are people who were born in many various parts of the world who now call New York City their home. That means that you will be able to meet new types of people, experience their ways of life, their food, and their customs.

Buying property in New York can also be a very smart investment because of the resale value of New York apartments, townhouses, condos, co-ops, and more. Buying an investment property in a resilient market like New York is a good option to diversify a real estate portfolio.  

New York is seen as the center of the world when it comes to entertainment, fashion, and business. If you or your family are interested in these things or tied to them in any way, New York will make you even more connected to the pulse of the nation and the latest trends. 

What type of New York City property can you buy?

The median price of a home in New York City is about $715,000, according to PropertyShark. That is a decrease of about 7.7% from last year. You have plenty of options when you are looking to invest in the city:

Condo: Any foreigner looking to buy property in New York should think about a condo. While they are built like very large, modern apartments, you actually have full ownership over a condo when you buy it and share certain common areas, such as parking and the gym.

Co-op: A co-op is perfect for people who want to invest long-term in a home and who know they will be located in NYC for a few years. With one of these types of properties, owners are able to share in the co-op association, and the shareholders own the building and all the units. Owning a co-op requires that you participate in the co-op board, which decides who is able to buy space, and renting out is usually not allowed.

Townhouse: A New York City townhouse is usually a two or three-story building that is very spacious and situated right next door to adjacent buildings. To many, it feels like an ultra-large, multi-story apartment that is tall and narrow. Townhouses are great investments and a wonderful choice for a foreigner but they also often come with a heftier price point.

Summary

New York City is one of the most beloved cities in the entire world and that is why so many people from all over Earth want to live there. The good news is that no matter where you were born, you can buy property in New York. But you just need to be aware of a few things and remember them as you start your hunt for your new place. Contact us at BARNES New York if you are a foreign-born resident looking to make the big move to the Big Apple. 

Contact Us

WhatsApp
en_USEnglish
fr_FRFrench pt_BRPortuguese es_ESSpanish ru_RURussian elGreek it_ITItalian he_ILHebrew nb_NONorwegian en_USEnglish