Q: Why is the Staten Island real estate market so hot?
Staten Island residential real estate attorneys know firsthand that the local real estate market is booming particularly in the North Shore area of Staten Island. In fact, one of our partners, Kenneth A. Gonzalez, Esq. was interviewed for a recent SIlive.com piece on this very topic.
The Staten Island commercial real estate market has seen an uptick as well.
The hottest area is the North Shore, but why?
If you build it, they will come. The familiar line from Field of Dreams may just apply to the highly-anticipated attraction literally growing on the North Shore of Staten Island. The New York Wheel on the waterfront is reportedly set to be the largest Ferris wheel in the world. Conceived several years ago and planned to stand at 630 feet tall and with the ability to carry over 1400 riders in 36 cabins which each hold 40 passengers, the Wheel would offer riders 30 minutes of fun at an anticipated cost of about $35 a person. Owners, developers, investors, and many residents bank on it drawing Manhattan tourists– who have not previously been enticed to get off the Staten Island ferry—to get off the boat and spend some of their time and money on Staten Island.
While the Wheel itself is impressive, there is another big draw: the expansive revitalization and development of the North Shore Waterfront with the addition of the Empire Outlets, The Urby, over 1,500 rental units and more has brought “urban-friendly elements” to the suburban borough that historically offered more land for less money than the other boroughs. Now, it has something for everyone.
And everyone wants in.
That’s why investors are buying up nearly everything they can, residential or commercial, particularly on the North Shore. Even eyesore houses in less desirable areas are being snapped up at record paces. Residential real estate sales are averaging higher in 2017 than they did during the pre-recession peak in 2007. In April, 2017, the average price of the North Shore home was $488,287–up almost $90,000 from the year before.
Six factors contributing to the real estate boom, besides the development projects include:
Other borough residents can sell high there and get more here;
Low inventory of houses for sale is creating a sellers’ market;
Economic growth boosts real estate sales in general;
Unaffordable Brooklyn house prices shift buyers here;
Low mortgage interest rates;
Investors hope to buy and flip properties for even greater profit.
With everything from traditional homes on spacious plots to an urbanized rental scene offering studios, one bedroom and two bedroom apartments and/or condominiums, Staten Island truly offers something for everyone and most budgets.
If you are a Staten Island homeowner looking to sell your property or are a prospective buyer looking to purchase residential or commercial real estate on Staten Island, the experienced Staten Island real estate attorneys at Merlino and Gonzalez can help. We know Staten Island real estate. Call us at 718-682-7015 today.