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Found 56 blog entries tagged as "Staten Island".

 

 

We all knew it couldn’t last, so here it is: US real estate’s wild sellers market is coming to an end.

That being said, your local market has a big impact on where home values are headed. An area with strong economic fundamentals (like New York) is likely to fare much better than an overvalued market (like Phoenix or Boise). The Jersey Shore market is a bit unique as it is connected to (and benefitting from) the NYC metro area.

In Staten Island, home prices dropped more than we have ever seen them drop in a single month- over $50,000. The average home now sells for $689,747. In July, Staten Island homes averaged $743,320. In New Jersey’s Monmouth and Ocean Counties, the price remained almost exactly the same, at just $581,000 for both…

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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…

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All around the nation, mortgage rates have been rising for the first time since the start of the pandemic. Home prices have begun to stabilize after their breakneck climb.

Here in our local markets, Staten Island and The Jersey Shore, we do see some similarities between the two. But there are pronounced differences between buying and selling in these two areas.

 

Breakdown: Staten Island and New Jersey Real Estate, March 2022

Staten Island is the more stable market of these two. The Jersey Shore market is more volatile. Staten Island home prices remained about the same in February as they did in January. The average Staten Island home sold for $710,776 last month.

In Monmouth and Ocean Counties, prices came down quite a bit.…

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There simply aren’t enough houses to go around! Inventory shortages have once again pushed home prices to a record high.

For the first time, the average home sale price in Staten Island cracked $700,000. The average property now sells for $707,376, an amazing $45,251 increase in just one month! In Monmouth and Ocean Counties, the average home fetched $540,740. Although this was up 14% from last year’s $474,411, prices in New Jersey appear to have stabilized over the past few months.

The inventory squeeze has created high buyer competition in both markets. In Staten Island, just 1,228 listings are available for the entire county. By contrast, 1,763 homes were listed at the same time last year. This hot seller’s market offers 30% less inventory…

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2021 was a historic year for real estate. Pandemic boom towns brought remote workers out to the suburbs, starting bidding wars that brought home prices to record highs.

Our two main markets, Staten Island and The Jersey Shore, are attractive for buyers leaving New York City. Combine this trend with the lowest borrowing rates in a lifetime, add in constrained new construction inventory, and this past year was a roller coaster to say the least!

Across the US, new construction has not kept up with shrinking inventory. Supply constraints pushed up home prices nationwide. But each market is different, as we found when serving clients in the New York Metro area and the Jersey Shore area.


Year Over Year Comparison:


Home Sale Price

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Jersey Shore real estate


Prices came back up again this past month in Staten Island. Despite a small slip in early fall, the average home in Richmond County now sells for $666,041. For the past six months now, home prices have stabilized around the $660,000 mark.

On the other hand, our new ventures into New Jersey have opened up an entirely different market. By contrast, the New York City market has been on a steady climb in recent years. Home prices on the Jersey Shore have been more volatile. Here, buyer activity is off the charts (literally).

In Monmouth and Ocean Counties, real estate now sells for above 100% of its asking price. Even in the hottest months, Staten Island homes have always sold at a slight discount from list price for as long as we have been…

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Here's a full look inside, out, and above for our Tottenville side hall colonial home, 20 Dell Court. This 2-family property sits in family-friendly Tottenville with a tenant apartment providing rental income or a relative's apartment! Join us for a guided tour by Hannah Jay from PR and please get in touch to learn more about this gem! Melissa Cosentino NYS Licensed Real Estate Associate Broker Office: (718)-701-5626 Cell: (347)-563-7968 agent.MelissaCosentino@gmail.com
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Over the years, a lot has changed in Staten Island. Many historical properties have fallen into disrepair, struggled to maintain landmark status, or been sold off to developers for their valuable land.

Perhaps the most high profile and most controversial of these over the past few years was Mount Manresa, the Catholic retreat and natural gem filled with some of the oldest trees in New York City. Environmentalists and Catholics alike rallied to save this property and have it landmarked by the City of New York LPC.

When the almighty dollar won out and the property was sold to The Savo Brothers, many in the community were angered to lose this natural beauty. Borough president James Oddo was so peeved that he took revenge and named the streets in the…

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Staten Island has around half a million residents. What is the island missing that would be a huge asset to those living here? Correspondent Hannah Jay and Co-Owner Anthony Licciardello discuss some ideas!

1. North Shore Railway, which once existed along the northern part of the island and could be revived from existing tracks. This would be a boon for North Shore commuters and for property values in the area.

2. Monorail to the city via Hylan Blvd that would sail above the Hudson River where the Staten Island Ferry and other boats travel. Alternatively, we could complete the ill-fated Brooklyn Subway Tunnel which began right before The Great Depression.   3. The Cheesecake Factory, a diverse and beloved restaurant across the…
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It is time to soak up the last full month of the summer! As we come home from our vacations and begin to mentally prepare for winter returning, we also have to get our home ready for the new month! Your house will need to undergo some chores, both the interior and exterior. These tasks are simple and short this month but are important to get done. With fall being just around the corner, these steps will get your home prepared and ready!

  • Use a vacuum with a narrow nozzle to clean condenser coils on the back or underneath your refrigerator.
  • Prevent yourself from having to deal with a flood! Check faucets for leaks. Replace washers or repair the faucet as necessary.
  • In your kitchen, clean underneath the range hood. It is best to remove and…
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