Weekly Update at RealEstateSINY.com

Welcome to our weekly update page. You will find a summary of significant updates and news concerning our lisitngs, including price changes, website developments and significant news for the week.

Found 59 blog entries about Weekly Update at RealEstateSINY.com.

 

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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We're back on the horse for our monthly real estate market discussion for Staten Island! This month was an odd one. Inventory was up but prices were also back to record highs. Normally the supply/demand curve should push prices down when supply is up, so what gives?

To lay things out: the average sale price in October was $582,619, on par with the record high price of $583,210 from June 2018. Yet inventory has plateued for six months straight around the 2,000 mark. Fewer homes are also selling each month compared with new listings, and sales are way down from last year. New and active listings are up even higher.

It's difficult to make sense of these numbers. But we have to keep in mind that the sample size (377 homes sold) is small- and

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Now the most recent home sales data for Staten Island is in! It is clear that while real estate prices are still very high, market activity is slowing down.

July's average home sale price was $586,155. While this is almost neck in neck with June's average sale price, the price is a trailing indicator since it takes 90 days to close on a typical home sale. The more important figure to look at is the active listings. With active listings at a 2 year high, this means homes are getting harder to sell.

There are certain aspects of the market slowdown that are harder to measure such as expired listings and price reductions. Anecdotally, our realtors have been noticing more price reductions on their listings and less interest in showings, resulting in

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What historical trends shaped the landscape of Staten Island, including the home you live in right now? From colonial to ranch-style to art deco, we go into our own architecture here in Staten Island in this interview broadcast live via Facebook!

Every day, the buildings you take for granted actually conceal an interesting history. We start when the island was first settled in the 1600's by the Dutch, and the abundance of Dutch colonials we still see today inspired by our Dutch history. We also see our Dutch history in our names, like Arthur Kill and Great Kills- "Kill" meaning river in Dutch!

The major driving factor of change in Staten Island has been The Verrazano-Narrows Bridge. This shaped the borough in a major way by urbanizing it. During

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Staten Island's real estate market is not slowing down. Prices hit an all-time high again in June. But are the fundamentals really there?

Based on the data we just received for the month of June, things are not robust in the seller's favor like they were last year. Active listings have slowly crept up, now at a two year high of 1,931. But closed sales lag behind last year, at just 383 homes closed on last month.

The average home sale price in June was $586,941. This is the highest we have ever experienced in the Staten Island market! And also about $20,000 higher than last month. However, prices are actually a trailing indicator. Because it takes around 3 months to close a home sale, this is more indicative of where the market was in March.

The

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Back in 2007 the United States faced a housing crisis. There was a surplus of homes on the market combined with a depressed economy, resulting in activity falling drastically among the real estate market.

We may or may not have learned from our mistakes then, but our political climate in the US is different now. In this video broadcast via Facebook Live, Anthony Licciardello and Hannah Jay discuss the main three reasons that we believe the next housing downturn could happen.

In this discussion, we touch on themes ranging from banking institutions to housing affordability. Here in Staten Island, home affordability has especially become a big problem for new home buyers. This could be an issue for anyone who owns real estate and is looking to

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Just how much do we owe to technology here at RealEstateSINY? Pretty much everything, as it turns out.

Not only was this company founded based on internet marketing, but it's indispensable the real estate market as we know it. 90% of buyers use the internet to find their next home. Can you imagine sorting through a physical MLS book to find a home before you could type keywords into a search field? This was the reality a generation ago, and it seems like ancient history to imagine that now.

In this live video via Facebook broadcast, Hannah Jay interviews Anthony Licciardello about the role technology has played in the creation of our company. We talk about the search tools that take the stress out of home searching, and the tools we use to reach

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Gallup's Honest/Ethics in Professions rated real estate agents in the bottom tier of trustworthiness. Of roughly 1,000 respondents polled, only 20% rated real estate agents as honest/very honest.

Considering they have the keys to your place, this low trust factor is a big problem! Where does this low trust factor come from, and what can we do to dispel it? In this weekly live video streamed from Facebook, Anthony Licciardello is interviewed by correspondent Hannah Jay on what we are doing to establish trust with clients.

The main theme, according to the broker and co-owner of RealEstateSINY.com, is transparency. The cost associated with doing business can be quite steep for homeowners. "Is the agent actually worth what I'm paying them?" is a

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When it comes time to put your home on the market, a crucial factor determining how the chips fall is pricing it correctly. In this video discussion via Facebook live, Hannah Jay and Anthony Licciardello delve into the question- what could go so wrong when overpricing your property?

In the end, it will not only cost you months of wasted time if your home does not sell, but it could actually cost you quite a bit of money in the long run. Anthony explains that once you get past the initial pool of interested buyers, and they pass on the home, this drops its value in the eyes of other buyers. Overpricing could mean you ultimately fetch 2%, 4%, sometimes even as high as 8% on your final sale- which equates to $20,000 or even more!

We also talk about how

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