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.
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.
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:
Paris – Januray 24th, 2023, 6 pm to 8 pm (InterContinental Paris Le Grand Hotel)
Courchevel – Januray 25th, 2023, 6 pm to 8 pm (BARNES Courchevel) – In English
Lyon – Januray 26th, 2023, 6:30 pm to 8:30 pm (Tennis Club in Lyon)
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.
Manhattan is a beautiful city filled with diversity, vibrancy, and plenty of activities. It is a great home for people of all backgrounds, and there is something for every resident there. But unfortunately, as Manhattan grows and expands, the housing price in Manhattan are constantly on the rise.
Of course, they are subject to the location and neighborhood that the homes are in, but finding an apartment or condo for a low price is usually rare. Still, apartments in Manhattan are beautiful, and finding the right place to call home within the city is important. Depending on the area, the housing price in Manhattan varies.
So if you’re looking for a property in Manhattan, whether it’s a co-op, condo, penthouse, townhouse, or simply something with an incredible view, continue reading to learn and understand housing prices in Manhattan.
What factors determine housing prices?
The housing price of an apartment in Manhattan depends on three main factors: age, type, and location. If the apartment is older and a bit run down, it naturally will be cheaper than buying a brand new and up-to-date apartment. Because of this, it is important to decide what accommodations are important to you and which ones you can do without. In older apartments, the structure of the building may be less sturdy, and, of course, the wood will be much older.
The type and size of the building will also sway the price of the apartment greatly. Apartments that are small and compact will cost less than open and large apartments. Having an idea of how big you would prefer your apartment to be will give you a set goal and a specific range of apartments to look at.
Additionally, co-ops are cheaper options than condos by an average of about $100,000. The average price for a square foot of a co-op is almost $1,800, while the average for a square foot of a condo is well over $2,000. Even so, buying a condo is better for investors as well as renting out your property.
The location of the building is also important in determining the cost and risk of an apartment. What neighborhood is it in? What area of said neighborhood is it in? Is it more residential, or bustling with restaurants, shops and cafés? These are all essential questions that will decide the cost of the co-op or condo for sale in Manhattan. Also, the view outside the apartment’s windows can either make or break its price overall.
What is the price in Tribeca?
Tribeca is a beautiful, chic, and luxurious neighborhood to live in. It is filled with 5-star restaurants, classy shops and boutiques, and high-class residences. In addition, there are plenty of places to work along with beautiful office spaces. Because of this, buying an apartment in Tribeca can be profitable and rewarding when all is said and done.
If you are looking to rent out an apartment here, it is practically guaranteed to fill in quickly. With this luxury, though, comes a high price tag. The median price of a condo here is $3,350,000*, and often you must have over $1,000,000 that is ready to be put down on it first. The median price of a co-op here is $2,740,000*. Apartments in Tribeca are some of the most expensive in all of Manhattan, but are nearly always high-quality and gorgeous.
The East Village is the perfect place for those with a knack for art and nightlife, and the crowd here is a bit rowdier than in other neighborhoods. It is easy to meet people of all different cultures, and just as easy to create long-lasting friendships. It is filled with bars, music venues, lounges, casual cafes, and many more spots to relax and socialize.
With this being said, apartments in the East Village are chic and often have a rustic appeal. The median price of a condo here is about $1,740,000* and the median cost for a co-op is about $815,000*. This means you must have about $200,000 ready to put down.
New York City Manhattan SoHo street at sunset time background
NoHo is known for its free-flowing and fluid atmosphere, as well as its classiness and bohemian style. NoHo has all kinds of apartment styles, ranging from small to big and old to new. NoHo is filled with cute boutiques, small mom-and-pop shops, and casual cafes. Creative people from all over the world live here for their unique style and humbleness. NoHo in Lower Manhattan is one of the most expensive neighborhoods to live in, alongside SoHo and Tribeca. The median price of a condo here is about $5,900,000*, and about $3,200,000* to buy a co-op.
SoHo is famous for its infinite shopping plazas and unique fashion. If you have a love for clothing, SoHo is the place to be. There are plenty of boutiques and shops, both those with major brands and some that you cannot find anywhere else. SoHo takes on a bit of a faster pace than NoHo, but is still a beautiful neighborhood. It costs about $3,790,000* to buy a condo here, and about $2,380,000* to buy a co-op.
If you enjoy NoHo and West Village, you might just love Chelsea. Chelsea is filled with residents that hold art and creativity close to their hearts, and just being in the neighborhood is enough to bring about inspiration.
There is street art, numerous art galleries and exhibits, and unique landmarks, all of which make the neighborhood stand out from those surrounding it. A condo apartment in Chelsea costs about $2,840,000* and co-ops cost about $800,000*
The housing price of a Manhattan apartment depends on the size and type, age, and location of the condo or co-op. Of course, there are many other neighborhoods to buy an apartment in, and making such a big purchase requires thorough research and decision-making.
By finding the right neighborhood that fits your budget and needs, you’re sure to find the perfect apartment that’s right for you. BARNES New York can help with your project!
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.
The BARNES Miami & New York teams were pleased to host a conference in French on real estate investment in the United States on October 12th, followed by a cocktail at the BARNES Neuilly-sur-Seine agency in Paris.
Partnering with French magazine Valeurs Actuelles,Enzo Rosani of BARNES Miami, and Yann Rousseau, of BARNES New York, presented the state of their respective real estate market and the opportunities for investments. The successful event was followed by cocktails in the recently redecorated Neuilly-sur-Seine office, the very first BARNES office opened more than 25 years ago.
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.
Do you want to know more about the housing price in Queens? When deciding where to live, cost is a major factor to consider. Purchasing a home is a massive investment, so getting an idea of the prices for a specific area is important. New York has a reputation for small apartments with high rents, but this isn’t the case everywhere. There are many houses, decently sized apartments, condos, and more for sale in Queens.
Queens traces its roots back to the 1600’s, when it was founded as one of the original counties comprising the Province of New York. From these humble beginnings, it has since exploded in growth and population. Queens is currently the second-most populated county in New York state, also making it the second-largest borough in all of New York City.
What is the state of the Queens real estate market?
In 2020, the Queens real estate market slowed. However, it never fully stopped, which has allowed a quick recovery and rapid growth. In quarter 1 of 2021, the median sale price was half of what it had been a year prior. The market then boomed, with the second quarter of 2021 median sale price being more than twice what it had been the previous year. The median fell by roughly $200,000 for the remaining two quarters, but prices were still much higher than they had been in 2020.
In 2020, there were a total of 9,857 real estate transactions across the entire year. The most transactions occurred in quarter 4, with 3,179, and the fewest number of transactions, 1,610, happened in Quarter 4. In contrast, 2021 saw 14,922 real estate transactions. Quarter 1 saw the fewest, with 3,282, and Quarter 3 saw the most, with 4,350. Even when the Queens real estate market was at its lowest, it managed to outshine 2020’s market.*
As of May 2022, the median sale price in Queens was $545,000, with a price of $615 per sq. ft., and 1,064 transactions, while the second quarter of 2022 saw 4,178 sales, a 18.8% year over year.
The pandemic caused many people to be stuck in their homes for long periods of time. This gave people a new perspective on their spaces and drove demand away from crowded places like Manhattan and toward more open locations like Queens. Small apartments are no longer preferable since being quarantined inside a small space can become uncomfortable quickly. As a result, demand for luxury houses for sale in Queens increased, which drove prices up in tandem. The median house sale price in Queens in May was $798,000, up 6% year-over-year, while coop and condo prices were down 3%, showing a need for more space and less cramped, confined apartments.
Queens is the fourth most expensive borough in New York City. This, alongside its beautiful neighborhoods and cultural diversity, caused the demand for housing in Queens to grow even before the pandemic, and 2021 only saw the demand soar to new heights. As a result, housing prices are up, and rents are climbing.
Where is the best place to look for real estate in Queens?
When looking to purchase real estate, there are plenty of diverse neighborhoods to choose from. If you’re looking at apartments for sale in Queens, consider looking inAstoria. With its heavy Greek influence, a Little Egypt, and an abundance of family-owned businesses, Astoria proves to be an enticing choice. This is compounded further by the combination of affordable and high-end housing and a growing reputation for fine dining. House prices here range from $250,000 to well over $2 million. There’s somewhere for you here, no matter your budget.
When looking for condos or co-ops, Long Island City and Jackson Heights spring to mind. Jackson Heights has quiet and historic residential areas, such as the Historic District, and busier commercial areas that provide the neighborhood with a bustling nightlife. It can be busy, but there is a variety of different cultural restaurants from places like Tibet and India that make the hustle worth it. Home prices here range from $300,00 to under $1,500,000. Long Island City can be quiet during the day, but also has a vibrant nightlife with concerts, weekend markets, and cocktail bars. With a past of industrialism and newer modern additions, the city’s luxury high-rises each have their own unique flair. The house prices here tend to be closer to $1 million, with most being higher.
If luxury is the goal, Jamaica Estates, a subsection of the larger neighborhood of Jamaica, and Forest Hills Gardens are the best choices. Jamaica Estates is a beautiful neighborhood with a diverse mix of cultures. The stunning sights of the colorful city, elaborate architecture, and stunning tree-lined streets mean that homes here are priced between $1,000,000 and $3,000,000. Forest Hills Gardens is also one of the most expensive neighborhoods in Queens. The quiet residential districts surrounded by parks and gardens have easy access to The West Side Tennis Club, resulting in house prices that can be quite extravagant. While you can find homes of all prices, many are near or over $1,000,000, with some being nearly $4,000,000.
What to consider when looking in Queens?
When looking at real estate in Queens, knowing what you’re looking for will help dictate the prices you should expect. When looking at the neighborhoods, homes typically range between over $200,000 and $4,000,000. This large range shows how diverse Queens is.
With more affordable homes found in Jackson Heights and Astoria and much more expensive offerings in Jamaica Estates, Long Island City and Forest Hills Gardens, there’s someplace in Queens for your budget. However, there are many other neighborhoods to consider. Each one provides different cultures, views, amenities, and more.
The western portions of Queens have beaches and beachfront properties. Places like Astoria and Flushing are rich in museums and culture. Other neighborhoods are filled with trees. Every one of them has a unique mix of cultures. Whether you’re looking for a quiet, expensive property or an apartment in a busy city, Queens has something to pique your interest. If you’re looking for a space to call your own, BARNES New York can help guide you.
When buyers and investors think of New York City and its boroughs, they often imagine or assume that the homes or apartments for sale are small and lack the quiet qualities of suburbs. Houses for sale in Queensmay just be a great surprise for anyone involved in the real estate market in New York. One of the special qualities of this New York City borough is that it includes many regions that have quiet towns with single family homes that are incredibly spacious and spread out in comparison to the big city life or to the overly urbanized landscapes of other boroughs in the area. Long Island is an area that is adjacent to Queens and offers this small town lifestyle that is rare to find in a populous metropolitan area. If the borough of Queens would be a city, it would be considered the 4th most populated city in the United States. It offers a high quality of life, big backyards, shopping and entertainment, as well a bustling economy. Amazon considered Queens among its top choices for headquarters in the borough. The two main airports of New York City are located in Queens, it is a great convenience to live next to the John F. Kennedy and La Guardia airports that are located there. Massive properties and mansions in Queens can be found scattered around the borough in popular towns or in more hidden and peaceful neighborhoods. One is more likely to find large homes and a suburban lifestyle in this huge borough. It offers high end and luxurious settings for those who want to live near New York City without the pressures of big city daily life.
Homes for sale in Queens
Just like all New York City boroughs, Queens is located next to Manhattan, one of the most desirable and popular locations on earth and therefore it is common to find homes that vary in the higher price ranges. Unlike other boroughs though, Queens and Long Island offer spectacular homes for sale that are either brand new constructions or much more recently built compared to areas like Brooklyn that have buildings that often date from the post-war period. The apartments for sale in Queens as well as the houses there can offer a suburban type of life that cannot be found in Manhattan or in the busy districts of many New York City boroughs. The real estate in Queensis characterized by a much bigger variety of choices of home sizes and styles than other places around the Big Apple. The condos in Queens can be found on the market for lower prices than those in the more metropolitan districts but can be as beautiful and modern. Queens is so big and offers such varied types of cultural and economic facets that it is definitely worth being explored for your choice of a dream location.
Astoria is one typical neighborhood of Queens that offers the less intimidating types of buildings and architecture compared to Manhattan and Brooklyn. It includes less skyscrapers and high rise buildings and has a more familiar and warm environment to live in. The area is trendy and multicultural and offers different types of restaurants and entertainment venues. There are museums and other attractions for the local residents and tourists. It is the third most expensive neighborhood in the borough as it is becoming increasingly popular.
Houses for sale in Long Island
Even longtime residents of Manhattan and Brooklyn can be taken by surprise by the lush green and quiet homes that can be found in the Long Island region. Long Island homes for sale can range in the millions of dollars but are worth the investment especially for residents who want to raise a family in a region like New York that can be sometimes considered too densely populated or overwhelming as an environment to bring up children. Yet, it is not just families who can appreciate this area adjacent to Queens and close to Manhattan. The Long Island real estate market offers homes that are spacious in peaceful settings. The condos for sale are often situated in upscale settings. In Long Island, buyers and investors can find mansions for sale that would not even exist in Manhattan even with the available budget due to lack of space in the big city. The townhouses and homes in Long Island are especially large, luxurious and modern in comparison to many houses or apartment buildings inside the metropolis. Many residents who invest large amounts of money into homes in New York City complain about the lack of space for parking and recreation, while in Long Island, one can have a two or three car garage that fit comfortably in the design of the homes there. Even though it can be exciting to live in Manhattan or right across in downtown Brooklyn, there are many reasons to believe that it is advantageous to invest in a home in a place like Long Island that has all the suburban qualities of life yet so close to the great things that New York City has to offer and can be accessed so easily.
During the Covid Pandemic, areas such as Long Island and Queens saw less of an exodus of residents as its spacious towns offered less crowded buildings and a strong diversified economy. Many new contracts for properties were signed in Queens during and after the pandemic and it did not lose its attractive character. The future of the real estate market there is promising.
BARNES New York is here to help you choose the right neighborhood in Queens for your real estate project to buy your dream home, thanks to a great team of knowledgeable experts that are present to assist you in your investment goals.
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