About Staten Island RSS Feed

Experts agree- this is a weird market which is nearly impossible to pin down or predict.

In tandem with government interest rates, mortgage rates have been the rise for some time. The 30 year fixed rate had once soared to around 6%, which is the unofficial tipping point into a buyer’s market. However, this past week it came down to 4.99% according to Freddie Mac. This is the first time borrowing rates have come below 5% since April.

And though we saw some apprehension when rates began to rise, real estate fundamentals have come back strong for the month of August. In fact, prices hit another record high in Staten Island! The average home in the borough sold for $743,800 in July! On the Jersey Shore, prices tend to swing more wildly. The average…

With extra large rooms and old world detailing throughout, 98 Franklin Avenue is a home reminiscent of a grand era. This early century detached colonial home boasts expansive living space rarely seen on Staten Island and a stunning yard. Located near the Staten Island Ferry, this beautiful New Brighton block is a retreat from all the noise yet perfect for Manhattan commuters.

The location is a rare blend of quiet and convenient. Just blocks away from Staten Island’s crown jewel Snug Harbor, this North Shore home offers a carport as well as on-street parking. And with 4 bedrooms, 3 floors, and a breathtaking 7,500 square foot lot, there’s tons of space to run around!

The home has been finished in classic brown with updated glass door and windows…

Based on the low number of closed sales and increased listing prices, it seems the real estate market has leveled off more than sellers are willing to accept.

Like last month, we again saw a 19% drop in home sales over the same time last year. April 2019 came in with just 272 home sales compared to 336 in April 2018. Active inventory is up 21% since last year, rising from 1,749 to 2,119.

Higher available inventory means more seller competition, and therefore lower prices, right? Well no, as it turns out. List prices just keep going up. Newly listed properties averaged $702,613, an almost $40,000 increase over last year’s average of $664,454. The kicker? Homes sold for only $555,891 last month.

With an average list price of $709,109 for all…

(Pictured above: Monthly home sales have dropped precipitously over the last few months in the Staten Island market)

Home sellers have been reluctant to accept the market slowdown, insisting that prices are still up over the last year. That is now no longer the case.

The average home sale price in March came in at $570,088. This is down $13,426 from the prior month and $4,171 lower than one year ago.

Not only are prices down, but other indicators have also slowed considerably. March had only 261 closed sales, the lowest in 2+ years and down from 322 last March. Sold to list price ratio is down to 96.2%, tied with the prior month for a two-year low.

Month’s inventory is up to 7.46, another two-year high. This means it would take 7 1/2 months to…

In the Staten Island market, Chinese buyers have shown the most interest in properties near the Verrazano-Narrows Bridge

Foreign investment activity can be a litmus test for the real estate market conditions. And lately, it has practically slowed to a crawl.

Over the past several years in New York City, real estate has been heavily propped up by Chinese investments. This has been a major vehicle driving more intense bidding wars and rising prices, particularly through the period of 2015-2017.

The New York Metro area has the largest foreign buyer pool in the United States. While the city has long been known for its high-priced real estate, foreign capital has been instrumental in pushing values to record highs over the past five years.

…

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…

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…

"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,…

Welcome to 2019! It's hard to believe we just finished off another year. Our year covering real estate and local events in Staten Island has taught us a few things, and we cover the past month and year in January's market discussion here via Facebook Live!

Now that we have December's numbers in, a clear price drop of about $10,000 was observed since the previous month of November's average. Current data for December puts the average sale price at $588,613. Up in the air was the question of whether or not average home sale prices on Staten Island WOULD top $600k by the end of 2018. Ironically, the adjusted average for November (numbers always fluctuate a little after the initial stats release) ended up being $599,999- the irony is real.

In…

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?