New York real estate has changed. manhattan It attracts young buyers and older city dwellers relocating to new locations, even across the East River.
It is true that many New Yorkers left the city when the Covid-19 pandemic began and have continued to do so ever since. I moved to a place like Texas with no state income tax.
But some Manhattanites who are reluctant to leave New York City entirely have never been further south than Brooklyn, according to Ari Harkoff of Brown Harris Stevens/Luxury Portfolio International. It is said that there is
“One of the biggest exodus from Manhattan Island was the move to Brooklyn,” he said. “People took refuge there, accelerating a pre-Covid trend of shifting to Brooklyn that had already been happening for several years.”
In fact, the Brooklyn real estate market has seen little decline in sales volume and steady price growth, Harcoff added. The average price in Brooklyn in August was $888,000, up 1.5% year-over-year, according to Realtor.com, the latest data available. Meanwhile, the median Manhattan home price in August was $1.4 million, according to Realtor.com data.
The shift in New York has also seen buyers, especially young professionals, move downtown, according to Gea Elika, principal broker at ELIKA Real Estate, which exclusively represents buyers.
“There was a massive population shift,” he explained. “It’s huge…we’re living history because you’re out on the streets and people are younger. It’s like nothing.”
According to Compass agent Vickey Barron, we are also seeing a shift in the profession of buyers.
“It used to be Wall Street, now it’s technology,” she said. “New York is becoming a mini Silicon Valley.”
Downtown Manhattan and Brooklyn
Many New Yorkers moved to lower cost states due to the pandemic, but that trend is starting to slow. According to a report released in early September by property data firm Markerr, there was a net move of about 115,000 households from January to July, compared with 401,000 the previous year.
In addition, some away buyers are returning to the Big Apple after realizing that the school isn’t up to par, or that the “feel” of their new home isn’t satisfying in the long run. There are some, Erica said.
Erika says that now she often chooses between downtown Manhattan and Brooklyn.
“Many of my tech clients choose Chelsea and Williamsburg,” he said. “I think it’s mainly because it’s close to their facility. [office] building.
Douglas Elliman’s agent, Alicia Don, agreed, noting that Chelsea attracts “young, high-income buyers” the most.
“Chelsea is more popular than ever. [formerly Facebook], Amazon and Google have all expanded their office presences in Chelsea, bringing visibility and demand to the region,” she said. “Riverside apartments have stunning sunset views that buyers love.
As it has been for years, Williamsburg is particularly popular thanks to its vibrant lifestyle, walkability and restaurants, agents said. Close to Waterfront Park and just one subway stop from Manhattan.
“There is no other area in New York City that can replace Williamsburg’s famously casual ‘hipster’ vibe,” Don said. “It’s a great place to live with a unique character. It’s not as commercial as many areas of Manhattan.”
Another area gaining momentum is Long Island City in Queens, she added.
“Clients love the proximity to Midtown, just 15 minutes on multiple subway lines,” she said. “Because of the convenient transportation, many new rental apartments have been built in the last few years, and many young people live here. The area is very convenient for commuting and not as crowded as Manhattan. Buildings tend to be very new and have excellent facilities.”
One thing that most popular New York hotpots have in common today is new developments.
“New York has become more uniform,” Harcoff explained. “There are many attractive neighborhoods with projects by Tony Builder. Wealth has spread.”
More than two and a half years after the Covid-19 pandemic, many buyers are looking for new homes instead of historic buildings.
“The allure of bare brick walls has waned in the wake of COVID-19, leaving us with a greater desire for something fresh and new,” Erica said.
Additionally, according to Dong, many buyers want amenities.
“Buildings with good facilities are traditionally preferred over old white-glove service co-operative buildings,” she said. If there is no machine and dryer, the buyer chooses to be the lessor.”
Access to larger homes and green spaces has become paramount during the pandemic, and that hasn’t changed.
“People are spending more time at home, with many professionals working from home, so buyers are very concerned about extra space,” Dong added. “Outdoor spaces are also important, such as near water or parks.”
Many of the buyers Barron has worked with recently are more concerned with the physical residence than the location.
“Now I see [buyers] It’s not neighborhood-specific, it’s apartment- and townhouse-specific,” she said. A real kitchen with two dishwashers, because I cook in. Lifestyles change during the pandemic, and we’re willing to move to different areas to accomplish our checklist.”
She has also seen the changing tastes of buyers.
Many New Yorkers became up-and-coming chefs and bakers while the city’s restaurants were closed. he joked). It is both a showpiece and functional.
“People used to joke that they just left the sweater in the kitchen,” Barron said. “Now they actually want steam his ovens and pantries…and another trend is that they don’t want open kitchens like that.”
As all food lovers know, the kitchen is not always clean after making a soufflé or a homemade pasta dish. Being able to hide messes is becoming more important for people who enjoy actually making meals instead of ordering them.
In general, she added, open layouts, which were commonplace before the pandemic, are not as popular as the doors have to be closed so that residents can participate in calls and video conferences in peace.