JW ASKS NEW YORK REAL ESTATE EXPERT MICHAEL KING TO TELL US A BIT ABOUT HIMSELF, TO INFORM US ABOUT WHAT’S GOING ON WITH THE BIG APPLE HOUSING MARKET, AND TO GIVE US HIS BEST SALES PITCH TO HELP US GET A GREAT DEAL IN THE CITY THAT DOESN’T SLEEP.
By Michael King
Ah New York! Like the lyrics of the famous Frank Sinatra song, I wanted to be part of it. I had always excelled in sales largely thanks to my parents, who owned their own business and taught me the value of personalized customer service, which would lead to customer loyalty. I was lucky enough to find a broker at Access Property Group that had similar values to mine, and we began a fruitful work relation. Today, I have a great relationship with all my clients, treating them all the same, from small to big, inexpensive to luxury, regardless of the dollar amount of the transaction. I hold their hands as I navigate them through the entire process from beginning to end. That’s who I am and that’s what I do.
CURRENT MARKET TRENDS
Talking about the markets, 2013 was the breakaway year from the down market that started with the financial crash of 2008 and led to inflated inventory and reduced prices throughout the country. After reaching its bottom in early 2012, the NYC real estate market started finally stabilizing in the first half of 2013, leading into the familiar bidding wars and price increases of the early 2000’s by the end of the year. The increase in mortgage rates didn’t slow down the market at all. In fact, the Real Estate Board of NY (REBNY) reported recently that city sales were up 31% during the last quarter of 2013 from the same quarter the year before.
2014 is off to an amazing start and we don’t see any slowdown at all. On average, the forecast is that prices will rise 3.8% in the median purchase range. However, what is even more impressive is the growth in the city’s luxury market that affects only the top 1% of real estate buyers in the city: prices are said to be increasing up to 34% from last year alone.
LET’S GO SHOPPING
New York City is divided into two distinctive markets: the dominating luxury market, with entry level prices at $3,000,000, and the remaining 90% category with prices from $250,000 up to $750,000 on average. This market share continues to grow at a steady pace. Inventory shortages are a reality across the board. In addition to townhouses/brownstones, the city has two different types of property: condos and co-ops. I help people navigate their purchases based on their specific needs. Within NYC’s five distinctive boroughs, each of them with their own special charm, there is something for everyone: each opportunity is different, and developers continue to evolve the city’s skyline, creating more exciting possibilities for buyers.
SOME LIKE IT HOT
Brooklyn: Prospect Lefferts Gardens, Brooklyn Heights, and Boerum Hill
Manhattan: Midtown Westside, Harlem, and Inwood
Queens: Astoria and Long Island City are both on fire
Staten Island: the North Shore is being eyed for development opportunities.
Bronx: the South Bronx is already starting to percolate.
The rental market is showing no price resistance in the city and the trendy rental areas tend to follow the buying trend areas. The average one bedroom apartment is listing for $3,100 per month and the city is showing a less than 2.8% availability of apartments.
If you are thinking about getting into the NYC real estate market, rest assured that even with the recent price volatility, the long-term market remains healthy and the prices are once again on an incline. There is no sign of slowdown, and while there have been price corrections throughout the years, the future market prediction remains positive.
AS YOUR AGENT
Finding or selling your home is not just business for me, it is personal. Therefore, I want you to purchase the best possible property in hopes that if and when you decide to sell, you would use me as your selling agent.