Real Estate News

Despite concerns, New York City may still hold housing promise

Published: 20 Mar 2017

With the influx of residents around cities a recognized problem, it's understandable that some may want to escape this trend. However, the New York Times recently reported that the suburban areas around New York City still seem to have a fair amount of buying activity.

This is a possible benefit for both the local market and anyone looking to move to the NYC area in need of economic housing: it also may go against some of the predictions of a prohibitively competitive region for incoming residents.

Back in December, DNAInfo quoted City Realty, which said that the average price for an apartment in Manhattan had jumped by 91 percent between 2006 and 2016. The same source also predicted that new development could drive a sort of migration, even for dedicated residents in New York boroughs, with the suburbs and South Williamsburg areas opening up in particular. On the other hand, it also said that condo prices could decrease, with some developers even deciding to choose these instead of rental options.

Contradicting that is a more recent article from The New York Times, saying that sales have been more consistent during this time in suburbs around the city. It spoke to Miller Samuel President Jonathan Miller on the notable trends seen since November in particular.

"Anecdotally, the brokerage community said literally the day after the election there was a pop—activity jumped," Miller said. "We saw the same thing after the 2012 election. When the numbers come in for the first quarter, I think we'll see an uptick over a year ago."

The official New York City website said that the Housing New York plan has provided 62,506 affordable homes over the past three years for low-income residents, representing a resource for this demographic.