Image source: JoshuaPomales on Flickr
Over on Business Insider they’ve published 2013 predictions made by “a dozen agents, lawyers, mortgage brokers, property managers, and appraisers” in the NYC real estate industry. Among other things, Gary Malin, president of CitiHabitats, proclaims that Astoria, LIC, and Sunnyside are “all poised for serious growth in 2013.” We’ve heard for years that Astoria and LIC are hot, and it isn’t surprising to us that Sunnyside has been brought into the fold.
Malin says that “sticker-shocked buyers” will be the ones to turn to the neighborhoods in the outer boroughs that are close enough to Manhattan for an easy commute. Astoria is 15 minutes from midtown on the N/Q, LIC is one stop from Grand Central on the 7, and Sunnyside is about 15 minutes to midtown on the 7 train.
Other outer borough neighborhoods highlighted are Greenpoint, especially properties along the waterfront, and that it appeals to Williamsburg residents that are having children (according to Doug Perlson, CEO of real estate firm RealDirect). Andrew Barrocas, CEO of real estate brokerage MNS thinks that Bushwick along the L train line is also looking appealing.
Additionally, RealDirect broker Kumar Laidley believes that Queens neighbor Roosevelt Island is “the next hot ‘hood.” The opening of the Four Freedoms Park on the south tip of the island and developing Cornell tech campus have increased RI’s caché. It also has three forms of transit – subway, buses, and the unique for NYC Roosevelt Island Tram (perhaps ferry service will arrive on RI one day).
Other predictions for 2013 include, among other things, low housing inventory will increase prices; rentals will stay at the level they currently are (in other words, rents won’t be going down any time soon); interest rates will stay low; co-op and condo boards will have to make improvements to stay competitive; bed bugs will continue to be a concern; and second hand smoke will become intolerable.
Property Experts Reveal The Biggest Trends In New York Real Estate This Year [Business Insider]