What Direction Is The NYC Real Estate Market Really Headed In?
Is the NYC real estate market just getting heated up in 2016? Or is this bull-run just about out of gas?
New York City’s real estate market has been setting new records, giving way to new monuments on the skyline, and unleashing higher rents and tax assessed values. So is the best already behind us? Or is the best still to come?
Factors Influencing the NYC Real Estate Market in 2016
Facts to Know
There are many factors influencing the NYC property market, and they are constantly influx. There is no question the city has been enjoying a great recovery. All boroughs are expected to perform well this year. There may be some slowdown in the momentum of growth in some neighborhoods due to recent development and selling out new buildings. However, it appears New York has been one of the latest to recover, and while foreclosure activity is slowing, only now are many properties being sent to auction and resold. That suggests significant fuel in the pipeline to keep boosting property sales and prices through 2016.
Smart Real Estate Moves in 2016
For buyers success this year is all about finding good properties, in great locations, with room for growth, reinvention and income. Many of the best opportunities will be privately marketed off-market listings. Note that in addition to foreclosures it is worth looking at those which are just now selling for first time in a generation or more. With the right real estate professional on your team you may discover some are still more affordable than you’d imagine.
At the same time it might be time to sell. Given current interest rates and uncertainty about macro-economic factors those that don’t like to gamble could find this a great time to cash out while values are up.
What’s trending in home design now?
Whether making over your current space in Brooklyn, or moving up to an oversized single family home in Manhattan; here are the interior design trends to make sure you space is highly functional, fun, and fashionable…
With the world’s favorite fashion brands including; Ferrari, Porsche, and Armani moving into the world of real estate, it is now all about designer label interiors. If not purchasing in a fashion label branded building look for some incredible accents. Think Hermes pillows and blankets, Versace coffee cups, and DKNY tableware.
Unique custom wall art is definitely in. Wallpaper has made a huge comeback. For those sticking with paint Pantone says pastel blues and pinks are the colors for 2016.
For bathroom makeovers it is all about replicating the spa like feel of the world’s top resorts. Dark wood and seamless gray marbles, with oversized shower heads should all be on the list. For those with the space consider a separate massage room, and expanding the walk-in closets to include a separate show closet.
Cubes & Hidden Storage
Most everything can be doubled to provide hidden storage. Multipurpose cubes can provide utility on the outside, and storage on the inside, while leaving most of the rest of the room freed up.
Forget the cheap $5,000 Samsung smart fridge. You can spend $40,000 or more for a truly top of the line fridge that will wow your guests.
Kitchen stainless steel to the curb. Colored appliances, and particularly pastel colored blues, pinks, and 60s greens are in!
Dual Purpose Kitchen Islands
Turn your kitchen island into an entertaining focal point to gather around. Make it a bar, a sushi station, a Hibachi grill, or something else. In one recent survey two thirds of contractors said they had recently been asked to incorporate offices into the kitchen.
What will you do with your space in NYC this year? Send us your tips and photos!