Want to know more about the New York real estate market ?
Read this article or listen to the podcast by MySweetImmo. In this article/podcast in French, Yann Rousseau, managing partner of BARNES New York, gives his insights on the state of the market as well as the most sought-after neighborhoods in the city and the financial stakes behind a purchase.
Read the article or listen to the podcast on MySweetImmo:
Want to know more about the neighborhood of Hell’s Kitchen ?
Read this article by LePetitJournal, presenting the history of Hell’s Kitchen as well as its most famous residents. This vibrant neighborhood is full of trendy restaurants, coffee shops, stores and clubs which are all presented in this article. Finally, you will find a sum-up of the area’s real estate prices.
Read the article on LePetitJournal:
On January 24 & 26, BARNES New York was pleased to host conferences in France on real estate investment in New York, followed by a cocktail. These conferences “Invest in New York” in Paris and Lyon were a great success.
Yann Rousseau, Managing Partner of BARNES New York, Westchester & Connecticut, and Adrien Gouirand, BARNES New York consultant, lead the discussion in Paris and Lyon in order to present the New York real estate market and its opportunities. The following agenda was discussed :
The New York real estate market is witnessing a decline in supply and demand. Despite the U.S. recession, we do not expect a decline in prices for existing properties. On the other hand, the euro is recovering and new constructions represents very good buying opportunities for both resale and rental.
Although more expensive, new developments have many advantages in terms of finishes, amenities, tax exemptions and rental/resale potential. Pre-war buildings are also in high demand for their charm and lower costs. Finally, multifamily buildings are also highly sought after by families or investors looking to rent several apartments.
The most popular neighborhoods in Manhattan are Tribeca, the Upper East Side, Midtown and Soho. As for Brooklyn, the neighborhoods of Dumbo, Caroll Garens, Gowanus or Cobble Hill are very popular.
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.
Video realized by Enzo CANNATI
Photos by Radu CASUNEANU
What impact did the fall of Wall Street have on the real estate market ?
This question is answered in a recent article by Les Echos. Véronique Le Billon is presenting the challenges faced by the New York real estate market in regard to the financial turbulences which are causing a rise of the interest rates and an undeniable risk of recession. In this particular article, real estate specialists, including the Managing Partner of BARNES New York, Yann Rousseau, give their insights on the current situation and the opportunities to come.
Read the article on LesEchos:
The Westchester County Real Estate Market has been in high demand lately, in large part, due to the global pandemic. As a result, more than ever, people are leaving New York City and traveling north, trying to find property in less crowded and more spacious areas while still remaining a train ride away from all the big city action.
Homes, condos, townhomes, and even rental units are selling for record prices. As a result, the supply is dwindling. And buyers are jumping on whatever they can get and almost always enter competitive bidding wars that often send the property’s sale price over what was originally asked.
According to a report put out by Bloomberg last year, properties in Westchester have been in such high demand that the supply of the properties, if it continues at its current rate, will be completely drained by the end of the year. In Westchester County’s history, a shortage of that severity has never been recorded before.
And because of that shortage, the Westchester County Real Estate Market is very tense and properties are now being sold for record rates.
One of the main reasons the Westchester County Real Estate Market is so competitive is because of its close proximity to New York City. It’s no secret that while many people want to move out of the city, they do not want to cut ties with it completely. They want to remain close, and Westchester being the first northern county to border New York City proper, keeps them close.
But that’s not all—Westchester county is also known for its high quality of life, and its experienced workforce, including more than a few Fortune 500 companies. All these features make the Westchester County Real Estate Market a good place to invest.
Unfortunately, not really. As a whole, Westchester County is in a lower supply of properties than usual. That low supply has driven up the selling price of available properties.
According to a report by Miller Samuel, the selling price for properties in Westchester County has increased, on average, by approximately 1.5% from the previous year. In comparison, the number of properties being sold fell by nearly 13.4% in that same period. That means more people are trying to buy than sell in the Westchester County Real Estate Market.
Anything along the coast is always in high demand, and places like New Rochelle and Larchmont up to Rye and Port Chester, which have picturesque waterside views and thriving downtowns, are avidly sought. And then there are places like Yonkers, Tarrytown, and Croton-on-Hudson, all of which are located along the Hudson River and similarly popular.
The eastern coastline of Westchester County consists of New Rochelle, Larchmont, Rye, Port Chester, and a few other cities and towns. They are home to many young and experienced working professionals and ample nature parks.
New Rochelle is the southernmost coastal city in Westchester and the seventh-largest city in the state. It is approximately 15 miles to New York City (Manhattan), which translates to just over 20 minutes away by car or thirty minutes by train.
New Rochelle is chock full of everything water-related. It has sailing schools, yacht clubs, rowing clubs, nature preserves, museums, and beer gardens. Its own downtown offers everything you need, so you don’t need to make the trip to New York City if you don’t want to.
The average sale price for its homes is often around $415,000, making it far more accessible than the city itself.
Larchmont is immediately north of New Rochelle and its average sale price for homes at the time of this writing was $1.6 million USD.
Larchmont has a walkable downtown, plenty of spacious homes, and offers all of the same conveniences as New Rochelle, like parks, yacht clubs, and ample beaches.
Rye and Port Chester are the northernmost waterside cities on the eastern coast of Westchester. Rye’s average sale price for homes is $1.6 million, while Port Chester sported a cheaper $598,000 price tag, on average.
Rye is a food haven—there are ample restaurants, cafes, and coffee shops that dot its enviable downtown, and there is no shortage of explorable parks. Of the coastal cities in the county, it has a more suburban feel to it, and most residents own their homes.
Port Chester is just north of Rye and offers plenty of museums, movie and performing arts theaters, and an abundance of restaurants downtown. Plus, being so close to Rye, any of Rye’s amenities are just a short drive, or train ride, away.
The Hudson River cities of Yonkers, Tarrytown, and Croton-on-Hudson carried a smaller price tag for homes than the eastern coastline. The sale price for homes in the river cities is approximately $750,000 on average, with Tarrytown driving that average up.
Tarrytown is a diverse city with idyllic tree-lined streets and Victorian-style homes. Many of its residents describe Tarrytown as quiet, peaceful, and beautiful. And it’s that beauty and style that have inspired many well-known works of art, including the novel ‘The Legend of the Sleepy Hollow.’
Home prices here sell for around $1.4 million on average.
Yonkers is the closest Westchester city to New York City, and originally began as an industrial extension. However, that was its past; Yonkers has since been transformed, while keeping its historical buildings intact, into a residential haven filled with four-star restaurants, luxury properties, and a booming downtown.
It’s got great culture and diversity to boot too, and, with the prices of homes starting near $342,000, you can do little wrong buying property here.
Croton-on-Hudson is located at the intersection of the Croton and Hudson Rivers. It is a 5-square-mile town that is packed with plenty of things to do and eat. Of the mentioned Hudson River cities, Croton-on-Hudson has the most suburban feel to it, but it comes with many amenities like highly-sought-after housing, high-end restaurants, and plenty of scenic parks.
On average, its home prices are typically around $951,000.
Real estate is a tricky subject right now. There are more people wanting to buy property than there are people willing to sell their property. Because of that reason, the selling price often goes above and beyond the asking price.
As a result, buyers should be ready to be bidding against a handful of other interested parties.
For more information on Westchester and its real estate market, contact BARNES New York!
Want to learn more about the neighborhoods of New York?
Read the latest article by LePetitJounal, presenting a series of different neighborhoods of the city through the eyes of French-speaking people who live or work there. In this particular article, let us take you on a walk through the East Village neighborhood of New York with Laurène Hamilton, the founder of “Your New York Story”, an organization that specializes in creating tours of the city that combine theater, history and art.
Read the article on LePetitJournal:
BARNES New York is pleased to invite you to its France Conference Tour in January 2023 for conferences on real estate investment in the United States. The conferences are scheduled as follow:
Yann Rousseau, Managing Partner of BARNES New York, will present the New York real estate market, the acquisition and financing process, and the current opportunities for new developments in one of the most attractive city on the American continent. The conferences will be followed by a cocktail. Please register for the conference at your location by clicking on the link below:
New York is an iconic city. A city in which all cultures, all religions and all generations always meet and interact at the sustained pace of economic and cultural activity. With its dynamism, the city remains one of the most popular international destinations for wealthy families and investors. Discover BARNES’s article about how to buy a property in New York for the French American Chamber of Commerce.
New York is an iconic city. A city in which all cultures, all religions and all generations always meet and interact at the sustained pace of economic and cultural activity. With its dynamism, the city remains one of the most popular international destinations for wealthy families and investors. Yann Rousseau, director of BARNES New York, gave an interview in French about the high-end real estate market and the current state of the market for French podcast online media LES ONDES DE L’IMMO.
BARNES New York and its international network were featured in a French media article on luxury real estate. The COVID-19 pandemic and political situation in Ukraine had global repercussions in many countries and industries, including real estate. But high-end real estate showed resilient capabilities and stays strong, especially in New York.
New York is one of the most popular and coveted destination for international real estate investments and expats. Manhattan still steals the spotlight, but nearby suburbs, called the tri-state area, which includes Westchester county, across the Hudson river in New Jersey, or Connecticut, are also good options for those who want more space and a greener scenery.
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