Another quarter another laughter! This time the cards are changing hands and buyers have a better margin of manœuvre in a market where sales volume have considerably dropped and inventory gained slightly while recovering from record low levels.
The market has softened but talking bubble at this stage is a bit exaggerated (but it does sell paper). I’ll present some facts and figures associated to New York City Real Estate fundamentals to bring some rationality to all the hype out there.
The complete shutdown of the L train in 2019 for a period of 18 months is starting and will continue to have some repercussion on the Williamsburg market over the next couple of years. However, the Southern and less known side of Williamsburg close to the J,M,Z, which has already taken close to 50% in appreciation in the last 3-5 years may expect a boost in interest for current and future residents wanting the perks of Williamsburg without the hassles.
For this 3rd Quarter, the market focus will be on the two/two under two – short for 2-bed/2-baths under $2M. This is the most sought after property type for the price and its increasing scarcity is making it a hot prey for house hunters.
I hope fall will ease into the holiday season nicely. A good time to check out the new ice skating rink and Danny Meyer’s new seasonal restaurant Public Fare at Bryant Park.