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Tag: luxury real estate

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. 

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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. 

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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.

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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. 

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In the Media – Williamsburg by LePetitJournal

Want to know more about Williamsburg, the trendy Brooklyn neighborhood?

Read this article by LePetitJournal, presenting the advantages of living in Williamsburg as well as a real estate overview of the neighborhood. This vibrant area offers a unique ambiance, proximity to Manhattan, green spaces, and numerous points of interest and amenities.

Read the article on LePetitJournal:

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In the Media – Westchester County by LePetitJournal

Want to know more about the beautiful, green county of Westchester?

Read this article by LePetitJournal, presenting the advantages of living in Westchester County as well as a real estate overview of the different cities. This vibrant area offers various villages and small cities with different living environments, a quieter suburban feeling with lush green sceneries and more space than in the city.

Read the article on LePetitJournal:

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Why should you buy an apartment in the Upper East Side?

There are a number of reasons why someone may want to buy an apartment in the Upper East Side. This guide will take you through these reasons as well as some considerations to take into account.

If you’re looking to live in a neighborhood with a vibrant culture and authentic New York City vibes, you truly can’t go wrong with moving to the Upper East Side in Manhattan. This iconic neighborhood features historic buildings, elegant dining and shopping experiences, stunning views, and more.

Those who are new to New York City might be wondering what it’s like to live in the Upper East Side. We can confidently say that the Upper East Side is a fantastic neighborhood that has plenty to offer in terms of art, culture, food, and amenities. Whether you decide to buy an apartment in Yorkville or a luxury condo in Lenox Hill, you’ll be making the right choice.

If you’re thinking about buying an apartment in this area, there are a few things you should take into consideration — namely the cost of living, the general atmosphere, the neighborhood you want to live in, and the access to certain amenities. Let’s go over some of the main reasons why you should buy an apartment in the Upper East Side.

How much does it cost to live in the Upper East Side? 

There are plenty of beautiful apartments for sale on the Upper East Side — from small studios to large multi-bedroom units. These properties offer lots of exciting features and amenities, including modern kitchens and bathrooms, and outstanding views of the Manhattan skyline. With endless options to choose from, you should have no problem finding your dream apartment!

However, it’s important to note that the cost of living is higher in the Upper East Side than it is in most places. The average Upper East Side condo might cost around $2.15 million (As of August 2023*), but if you’re looking to buy a co-op, you should be able to get away with paying around $922,000. It’s definitely an investment, but the benefits of homeownership (as well as the benefits of having the bustling city right outside your window) make it well worth it.

*Data from UrbanDigs

Why buy in the Upper East Side? 

There are plenty of great reasons to buy an apartment in the Upper East Side. No matter what you’re looking for, you’re bound to find something that meets your expectations. This particular area is known for its elegant architecture and world-class museums. The Upper East Side offers top-notch restaurants and gorgeous parks.

It’s also home to some of the best shopping in the city, so if you’ve been itching to go on a spree, the Upper East Side is definitely the right place for you. Whether you’re a young professional looking to live in a vibrant neighborhood, a family, or a retired couple seeking a peaceful oasis in the heart of the best city in the world — the Upper East Side truly has something to offer everyone who lives there. Let’s take a closer look at some of the main reasons people buy apartments in the Upper East Side below.

Dining

On the Upper East Side, there’s cuisine to suit every taste. No matter what you’re craving, this district’s plethora of fine dining choices guarantees that you won’t be let down. Are you looking for an eating experience that will truly blow your mind? The Upper East Side is sure to exceed your expectations. Many upscale restaurants with exquisite dishes and white-glove service can be found in this affluent neighborhood, so come on down!

Shopping

Your inner shopaholic is sure to thrive in the Upper East Side. It goes without saying that the Upper East Side offers an abundance of rich, top-notch shopping centers and specialty grocery stores. This neighborhood is an absolute retail hotspot, and it’s especially known for its luxury boutiques and stylish department stores. The Upper East Side is an absolute godsend if you’re looking to find the most up-to-date styles and brands. Whether you’re shopping for shoes, dresses, purses, sports gear, cosmetics, or food, you’re destined to find something you love alongside Fifth Avenue shops.

Museums and Culture 

If you’re an art fanatic, look no further than the Upper East Side to get your art fix. Living in this part of the city means having easy access to world-class, renowned museums — such as the Goethe Institute and the Metropolitan Museum of Art. Make a day trip out of traversing the Upper East Side’s many museums, and enjoy the rich culture New York City has to offer.

Enjoy the outdoors 

Just because you live in a big city doesn’t mean you can’t enjoy the outdoors once in a while. The Upper East Side’s renowned Central Park is a major draw for people wanting to invest in an apartment there. Hiking trails, bicycle routes, birdwatching, and playgrounds are all widely available in Central Park. The calmer, more serene center and northern parts of the park are typically preferred by the locals over the busier, more tourist-friendly southern areas of the park.

While all Upper East Side residents have easy access to Central Park, there are many other beautiful parks you can visit if you want to enjoy the outdoors and fresh air. The Upper East Side is filled to the brim with parks, sports venues, waterway paths, and gardens that are ideal for unwinding after a long day’s work.

Summary

As you can see, living in the Upper East Side is an absolute dream come true! If you’re ready to start your search for the perfect apartment on the Upper East Side, you should consider working with BARNES New York. Our experienced agents will be more than happy to help you navigate the complexities of the real estate market — from finding the right property to negotiating the best deal. There are plenty of apartments, condos, and co-ops for sale, and we would love to have a consultation with you when you’re ready to find your dream home. Contact us today to learn more!

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Real Estate Market Update NY, Westchester and Connecticut – Q2 2023 – Free Webinar

Yann Rousseau, Managing Partner of BARNES New York, Westchester & Connecticut, will present the latest real estate market update for New York City and its region (Westchester and Connecticut) in 2 webinars in the coming weeks:

  • Tuesday, July 18th at 12pm EST (NEW YORK) / 18h (FRANCE) in French
  • Friday, July 28th at 12pm EST (NEW YORK) / 5pm (LONDON – UK) in English

Free registration! Click on the link below:

Register for the French Webinar
Register for the English Webinar

In the Media – 2023 Real Estate Opportunities by BARNES

The New York real estate market is one of the most dynamic and exciting markets in the world. It is characterized by its uniqueness and its capacity to overcome all crises that come in its way. In this article, Yann Rousseau, Managing Partner of BARNES New York, draws up a report of 2022 and presents opportunities for 2023. Discover BARNES’ article for the French American Chamber of Commerce.

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“Invest in New York” conferences in Europe

In May, BARNES New York was pleased to host conferences in Europe on real estate investment in New York. These conferences “Invest in New York” in Bordeaux, Brussels and London were a great success.

Yann Rousseau, Managing Partner of BARNES New York, and Myriam Benhamou, Associate Real Estate Broker, presented the New York real estate market, the acquisition and financing process, and the current opportunities for new developments in one of the most attractive cities in the United States. The conferences were followed by a cocktail reception.

Conference in Bordeaux on May 25th, 2023 (Hôtel de Sèze, 23 Allées de Tourny, 33000 Bordeaux)
Conference in Brussels on May 30th, 2023 (“The Merode”, Place Poelaert 6, 1000 Brussels)
Conference in London on May 31st, 2023 (BARNES International London, 113-115 Old Brompton Road, South Kensington, London SW7 3LE)

Events that made a splash

The conferences were followed by question/answer sessions and cocktails that allowed all participants to interact on the New York real estate market in a laid-back and chic atmosphere.

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