01/02/2019
Happy New Year! In 2018, we saw prices decline and inventory rise, which gave buyers more choice and negotiating power. In 2019, that trend is likely to continue.
"Looking ahead to the coming year, the market will 'continue a slow price correction,' said Gregory J. Heym, the chief economist of Terra Holdings, parent of Brown Harris Stevens and Halstead Property. At the same time, he said, New York City should remain fiscally sound with low unemployment, as it enters a 10th consecutive year of economic growth.
Amazon’s new headquarters in Long Island City, Queens, will also help bolster the economy and residential market, Mr. Heym said, as will Google’s planned downtown campus.
CityRealty forecasts that average apartment prices in Manhattan will rise slightly in 2019, to around $2.2 million, based on units under contract and anticipated closings in buildings like 220 Central Park South. Several other much-anticipated condominiums will officially open, among them: 15 and 35 Hudson Yards; Waterline Square; One Manhattan Square; and 111 West 57th Street."
“It’s like we came off the autobahn: It feels very slow relative to the last three to four year years, but historically it’s not.”