Staten Island News

Found 71 blog entries about Staten Island News.

Pictured: RealEstateSINY.com aerial drone shot of Empire Outlets under construction, June 2018.)

New York City’s debut outlet center will reportedly open in mid-April, according to the Staten Island Advance.

Travis Noyes, Empire Outlets’ Senior Vice President of Marketing, revealed to the Advance that the six building, 1.1 million square foot shopping center located on the St. George waterfront will open in phases beginning with a ribbon cutting April 17. The following day will have a grand opening with a portion of retail shops ready for business.

The remainder of stores are slated to open between April and August. Anchor retailer Nordstrom has been confirmed to open on July 4. Other major brands include H&M and Nike Factory Outlet.

The

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Now that February's full stats are in, we were able to sit down and break them down for Staten Islanders in our latest Facebook live stream. This month had a few smoking guns!

Several of our market indicators were the slowest economic markers we have seen in 2-3 years. To start, home sales fell to an astounding 259. That's just 259 homes sold in the entire borough of Staten Island for the whole month! Comparing that to last February when 320 homes sold, this represents a 19% drop.

Cumulative days on the market is also at a two-year high. Homes take an average of 102 days to sell at this time. Last year, CDOM was 16 points lower at 86 days. So fewer and fewer homes are selling, plus they are selling more and more slowly.

SO... the fact

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We're back after our month hiatus!! Since Anthony's health has improved enough to return to work, we're making up for lost time with January's market report rundown before returning shortly to cover the market's performance in February.

January 2019 saw a huge drop in sales over the prior year, falling to just 307 homes sold. Though the price increased a few thousand since the prior month, it is up just $10,000 over the prior year. This shows that homes are holding their value and not falling in price necessarily, but not rising like they were in prior years. The last January year-over-year comparison saw a striking $60,000 increase in average sale price.

With sales down so much and inventory also back up at 1,868, all indicators but

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"The real estate market is changing."

It's a phrase we have been uttering for many months now, drawing in leading indicators to do so. But what does that mean for a seller? A homeowner who is unsure what to do when the wisdom learned over the past few years are suddenly invalid because everything is in a state of flux?

That's the topic of our latest live video discussion with PR Director Hannah Jay and RealEstateSINY.com Broker/Co-Owner Anthony Licciardello. This talk is designed for either someone getting ready to sell in a changing market, or somebody who has already struggled to generate interest in their home because the market is changing too fast to keep up.

We get into some of the reasons the market could be changing- largely,

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What are your shopping habits for the holidays? Do you shop mostly online, or do you still love the traditional experience of shopping in person? In our latest Facebook live video, PR Director Hannah Jay and Broker/Co-Owner Anthony Licciardello get into large-scale developments happening right now in Staten Island's retail sector.

First, the elephant in the room is the Empire Outlets. Just this development alone is slated to house 1.1 million square feet of retail- including a 33,000 square foot H&M and 30,000 square foot Nordstrom Rack!

Also on the horizon are a total of 4 new movie theatres, including an IMAX and dine-in cinema and brewery. Currently, we have just two movie theatres. While two might be too few, is 6 more than we need?

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This real estate market seems to get stranger and stranger. With prices reaching an all-time high yet again, sales are down and inventory is up. Days on the market are also up. This appears to contradict supply and demand- if homes are selling more slowly and inventory is fairly high, why then is the average price going up?

November's average home sale price came in at $597,426. This makes it very likely that sold prices will reach (or top) an average of $600,000 by the end of 2018.

Inventory is a different story though. It has remained basically unchanged for seven months in a row now at roughly 2,000 homes on the market. And sales are also down about 5% since last year. Just 360 homes sold on Staten Island last month. So why the high prices?

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Here in Staten Island, we want to keep on top of what is being built in our neighborhoods!

Whether you're the type who goes to town halls as a concerned citizen or you just wanna have fun, we wanted to do a segment all about the large-scale developments soon to be completed and opened on Staten Island! From the North to the South Shore and in-between, we have collected an array of different developments that we'll take you through, one by one!

We'll be getting some awesome and unique new shop and restaurant concepts, including a restaurant and craft beer house inside a cinema! With added amenities comes added value; these commercial developments may enhance the area and cause a rise in real estate and home values here in the fifth borough of New

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We always try to keep on top of Staten Island's real estate progress. And there is always much to talk about with this ever-changing borough!

But it's also interesting to reminisce on those projects lost to the wind too. What could have been, you may wonder? Were they better off unfinished?

So in reverse order, let's count down the Top 6 White Elephants in Staten Island real estate before these strange events are left in the sands of time.

6. Fast Ferry

 

 

We are certainly grateful to have a free 24/7 ferry leaving from St. George every 30 minutes that docks in Manhattan. However, residents on Staten Island's South Shore face the longest commute times in the country- about a quarter of them have commutes of at least two hours each

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Is the Staten Island market topping out, finally?

Not so fast- it’s still a hot market and may be too early to call, but several key indicators were down in May. Average sale prices fell around $10,000 since the month of April to $566,449. Sold-to-list price ratio dropped about half a percentage point to 97%. In fact, this pullback is almost a mirror of February’s numbers, when we were unsure how long the prices would continue to rise.

The total sold volume was down slightly as well, and has been leveling out in general over the past four months. Total sold volume in Staten Island was $189 million in May, down $193 million in April.

Prices are, however, trailing indicators since it often takes several months for deals to close. Days on the

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April marked yet another month for Staten Island real estate prices to hit record highs.

The average home sale price was up to $576,525. But prices are what we call a “trailing indicator”, meaning they reflect the market several months prior to the actual closing date, when the house was first put into acceptance. In this live video discussion, we look to other stats to dissect the market in its current state. 

Even though the market still appears to hold the seller’s favor, with homes selling faster than they have in many months and fetching high prices, there were some strange findings. Inventory is now up to 1,630, with 669 new listings in April. This is considerably higher than the same time last year. 

So when we saw that only 328

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