Q: What is driving the investment property boom on Staten Island?
Staten Island commercial real estate is on fire – – not literally, just in a good way. We knew things were booming, but now we have the numbers to prove it.
And the numbers don’t lie. The figures surrounding the real estate investment property market on Staten Island are indicative of explosive growth, with no signs of faltering. If you are considering investing in Staten Island real estate, jumping on the bandwagon before prices rise further may be advised. A skilled Staten Island real estate attorney can help.
Not only has there been a 23% increase in the number of real estate investment transactions closed when comparing the first half of 2016 to the first half of 2017, but there has also been a remarkable 61% increase in the sales totals of Staten Island investment properties over the same period. In the first half of 2017 alone, the investment property sales reportedly totaled $300 million for 190 transactions.
So, what are commercial real estate investors investing in?
In addition to the many commercial and residential real estate investment projects being developed on the North Shore including The Wheel, Urby, and more as previously reported on this blog, the biggest gains in investment sales on Staten Island were reportedly in “the garages, gas stations, and vacant land categories.”
Staten Island real estate attorneys and brokers have seen the commercial market boom while other higher-priced surrounding boroughs, including Manhattan, have fallen behind. Residential real estate sales have picked up as well and neighborhoods are turning over, including in areas that were less desirable just a few years ago. People priced out of Manhattan and Brooklyn are discovering the beauty and value of a rejuvenated, growing Staten Island—all in close proximity to New York City.
And with the positive press surrounding the North Shore development projects, the buzz is that the “influx of investors” looking for a piece of Staten Island is only just beginning to grow.
Whether you are considering investing in Staten Island commercial real estate, or are looking to buy or sell your home, the experienced attorneys at Staten Island’s Merlino & Gonzalez understand the nuances of the Staten Island real estate market. Contact us today for a consultation to discuss your needs.