Best time to buy New York property

 
When is the Best Time to Buy New York Property? Visit our website to learn more: https://www.castle-avenue.com/

Reasons to Invest in New York Property

 

Property investment in New York is a prudent strategy taken by our clients and investors from all over the world as part of their portfolio planning. Foreigners see New York real estate as a safe haven for their assets because of the limited supply and high demand coming from the people here and investors from all over the world. In this video, Weimin talks about the key reasons clients invest in New York property.

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Is now a good time to invest in Manhattan, New York residential property?

Is now a good time to invest in Manhattan residential property is a question I am often asked. Since the second half of 2022, we have been in a buyer’s market. The 2024 spring pickup didn’t really happen and the market has been going sideways. But now with Trump’s landslide victory, things are about to change.

Read the full article here: Is now a good time to invest in Manhattan, New York residential property?

Manhattan, New York Property Historical Price Trends

Median price of a Manhattan condo/coop increased from $239,000 in 1997 to $1.115 million in Q3’2024. While the graph shows the blended average of condo/coop, the median price of a Manhattan condo in Q3’2024 was $1.615 million.

Read the full article here: Manhattan, New York Property Historical Price Trends

Manhattan Property Market Update

The most recent Q3’2024 data from Miller Samuel shows average price per square foot for a Manhattan condo at $2,046. This is a 3.8 percent increase compared to a year ago.

Read the full article here: Manhattan Property Market Update

August 2024's 30-day listing success percentage, the highest August % since 2015.

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Just Listed - 299 W 12 #5F

View from our 1BR rental listing at 299 W 12 #5F. The most coveted prewar condo in West Village.  Asking $8200. View the listing here: 299 West 12 #5F

Just Closed!

Just Closed! Investor client's brand new 1 bedroom unit near Gramercy Park.

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Central Park condos NYC

Central Park, along with Wall Street, Times Square and Fifth Avenue, is perhaps one of the most iconic landmarks in New York City. When I get an inquiry from a foreign buyer, these locations are often mentioned because they are what people see when they envision Manhattan.

Read the full article here: Central Park condos NYC

Manhattan deal activity in August 2024, one of the stronger Augusts in recent years.

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Wei Min Tan on The Growth Booth

The Growth Booth - talked about how real estate builds wealth via the lucrative Manhattan market.

View more of my media appearances, interviews and written articles here: https://www.castle-avenue.com/media.html

Buying property in New York to rent out

Buying a New York property to rent out is an excellent long term investment strategy. Yes, the yields are low and perhaps less than what one gets from a savings account in a foreign bank. But a Manhattan property appreciates well, and is a blue chip asset to have in one’s portfolio.

Read the full article here: Buying property in New York to rent out

Manhattan Real Estate Buyer’s Agent, Weimin Tan

Buyer representation is standard practice in the U.S. and hence the New York real estate market. The role and responsibilities of a buyer’s agent are explicitly outlined in the Agency Disclosure Form, which clearly indicates the agent’s fiduciary duty to the buyer.

Read the full article here: Manhattan Real Estate Buyer’s Agent, Weimin Tan

Property investment in New York

We were in a buyer’s market for the past two years, but now it’s a neutral market. The current market is characterized by low sales volume and limited supply. Despite the low sales volume, prices have been surprisingly stable. Prices are so stable because sellers here are seldom in a force sell situation. They have the financial cushion to wait it out.

Read the full article here: Property investment in New York

Almost 10% of recently listed properties are priced lower than their previous sale. This indicates that buyers may find attractive pricing opportunities in the current market.

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Is now a good time to invest in Manhattan, New York residential property?

We are moving from a buyer’s to a neutral market. Buyers (especially those buying all-cash) still have the advantage. Rental yields are high as rents are at record levels. It’s a good time to buy Manhattan property now if you are a cash buyer and especially if you plan to rent out the property. Properties on the market are negotiable while rents are at record levels.

Read the full article here: Is now a good time to invest in Manhattan, New York residential property?

Manhattan Property Market Update

Sales volume in Q2’2024 increased by 48.3 percent compared to prior quarter and 5.7 percent compared to prior year. This is the first annual increase after eight quarters.

Read the full article here: Manhattan Property Market Update

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Median listing discount by contract signed date dropped in the spring.

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New lease signings surged 40.5 percent year-over-year for the sixth time in seven months. This coincides with a 27.6 percent jump in rental listings, the 9th consecutive annual increase.

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Buying Agent New York Property

Manhattan and London, recognized as the top tier global cities and the world’s only two Alpha++ cities, consistently attract international investors seeking premium real estate for their portfolios. However, the complexities of the NYC market can quickly turn navigating it into a challenge. This is where a qualified buying agent becomes invaluable, guiding through the process to achieve a successful outcome.

Read the full article here: Buying Agent New York Property

New York Property Market Outlook

Manhattan Property Market Demand - Because of high mortgage rates, the anticipated pickup in demand has not happened. The 30-day liquidity rate is moving sideways, and this represents ongoing buying opportunities.

Read the full article here: New York Property Market Outlook

New York real estate agent on 3 coveted features of a Manhattan condo

New York real estate is a highly desirable asset class for investors because of its stable prices, high global demand and very limited supply (since Manhattan is a fully built island).

Here are 3 highly desirable features that are in limited supply and will help with the property’s performance over time: New York real estate agent on 3 coveted features of a Manhattan condo

Weimin Tan, Media Appearances

Flashback Friday: Interviewed by Cheddar TV on the home appraisal process.

More of my media appearances here: https://www.castle-avenue.com/media.html

New Property Projects in Manhattan

How new property projects in Manhattan are marketed, the process of buying one and how to access the inventory.

Read the full article here: New Property Projects in Manhattan

From Skyscrapers to Brownstones: Adapting to the New Yorker Lifestyle

Mastering the rhythm of New York City life. This guide explores the intricacies of adapting to the New Yorker lifestyle.

Read the full article here: From Skyscrapers to Brownstones: Adapting to the New Yorker Lifestyle

Client's feedback

Client's feedback ⭐⭐⭐⭐⭐

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Demystifying NYC Mortgages for International Buyers: Your Guide to Owning a Piece of the Big Apple

Overview of New York mortgages for international buyers. A comprehensive guide to navigating the financing landscape of NYC property.

Read the full article here: Demystifying NYC Mortgages for International Buyers: Your Guide to Owning a Piece of the Big Apple

Manhattan property investment performance

Mortgage rates spiked from 2021 to 2023, making it a lot more expensive for buyers needing financing. Many buyers became renters because of the significant increase in monthly mortgage payments. Rents, already at record levels because of inflation, increased further because of demand coming from buyers.

Read the full article here: Manhattan property investment performance

Manhattan Condo Historical Price Trend

This graph shows the historical median price of a Manhattan residential condo increasing from $425,000 in 1999 to $1.7 million in 2017. During the downturn period of 2017-2019, median price declined to $1.588 million. Median price in 2022 was $1.746 million, a new record surpassing even the 2017 level. In Q1’2024, median price dropped to $1.632 million because of increased mortgage rates.

Read the full article here: Manhattan Condo Historical Price Trend

Market pulse shows that we are currently in a neutral market.

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Average Manhattan, New York Apartment Prices

 

Average Manhattan apartment prices are based on whether the apartment is a condo or coop. Price per square foot of a condo is higher than for a coop because: a condo owner gets real estate title, does not require board approval and can rent out the apartment as desired without limitation.

Read the full article here: Average Manhattan, New York Apartment Prices

Manhattan Real Estate Market Forecast 2024

Is Manhattan real estate picking up? The Manhattan real estate market, a microcosm of New York City’s dynamism, experienced a rollercoaster ride in 2023. Soaring interest rates dampened buyer enthusiasm, leading to a significant drop in sales volume compared to the record highs of 2021. However, as we enter the second quarter of 2024, experts see signs of a stabilizing market with potential opportunities for both buyers and sellers.

Get our 2024 forecast on sales, prices and what metrics to watch for buyers and sellers here: Manhattan Real Estate Market Forecast 2024

New York Property Capital Gains and Other Taxes

Capital gains tax is a common question from our foreign clients when evaluating whether to invest in Manhattan property. Besides capital gains, there is also monthly New York City property tax, income tax and estate (inheritance) tax.

Read the full article here: New York Property Capital Gains and Other Taxes

Pros and Cons of New Property Launches in Manhattan

Buying into new condominium launches in Manhattan means price discount and visiting a beautiful sales office, but uncertainties abound too.

Read the full article here: Pros and Cons of New Property Launches in Manhattan

Engaging property agent in Manhattan, New York

In the U.S., there is a buyer’s agent and a seller’s agent. The buyer’s agent represents the interest of the buyer, while the seller’s agent represents the interest of the seller.

Read the full article here: Engaging property agent in Manhattan, New York

Foreign Buyer Guide

Overview for foreign investors - the buying process, managing and selling the property.

Read the full article here: Foreign Buyer Guide

Luxury Amenities in Manhattan Condos

Owning a Manhattan condo isn’t just about acquiring an address; it’s about investing in a lifestyle. It is about waking up to panoramic views, indulging in world-class amenities, and stepping into a vibrant world unlike any other. It’s about having your every need catered to, your well-being prioritized, and your desire for excitement fulfilled.

Read the full article here: Luxury Amenities in Manhattan Condos

Manhattan Investment Choice: Flip or Buy-and-Hold

Pre-construction flipping and buy-and-hold condos in Manhattan - explore the potential upsides and downsides of each strategy.

Read the full article here: Manhattan Investment Choice: Flip or Buy-and-Hold

Rules for foreigner buying New York property

Manhattan is a top destination for foreigners looking to invest for asset diversification. There is no special stamp duty for foreign buyers which makes Manhattan a better value compared to many global cities.

Read about the key rules for foreigners buying Manhattan, New York property here: Rules for foreigner buying New York property

Priced 2 bedroom 5th Avenue apartment

  Flashback Friday: Priced 2 bedroom 5th Avenue apartment alongside real estate mogul Barbara Corcoran

View more of my media appearances here: https://www.castle-avenue.com/media.html

202 Broome Street, #7Q, New York, NY 10002

Large 1-bedroom, 1 bathroom home with a large walk-in-closet, a Miele washer and dryer and Western views of the building’s garden.

Apartment features a custom dining island, oversized windows, European oak flooring, Italian cabinetry by Moca, Dolomiti marble countertops, Miele refrigerator/freezer and dishwasher and a Miele gas cooktop with vented hood, oven, and speed oven. The bathroom is covered in Calacatta Lincoln marble, and features a custom floating vanity countertop in addition to polished nickel fixtures and radiant heated floors.

Rental Price: $6,200/month

View the listing here: 202 Broome Street, #7Q, New York, NY 10002

Generational Wealth Creation through Manhattan Property Investment

Manhattan real estate has long been considered a blue chip asset, offering investors the potential for safe and stable returns. But beyond this, Manhattan property investment can also be a powerful tool for building generational wealth. By investing in a tangible asset that appreciates over time, families can create a legacy that benefits future generations.

Read the full article here: Generational Wealth Creation through Manhattan Property Investment

Is now a good time to invest in Manhattan property?

In 2021 and early 2022, we were in a seller’s market. From mid-2022 to 2023, we saw interest rate hikes which resulted in doubling of mortgage rates. The good news is that the rate hikes have stopped. Mortgage rates even started decreasing slightly.

We are still in a buyer’s market. Buyers (especially those buying all-cash) have the advantage. Rental yields are high as rents are at record levels.

Read the full article here: Is now a good time to invest in Manhattan property?

Manhattan Condo Historical Price Trend

Median price in 2022 was $1.746 million, a new record surpassing even the 2017 level. In Q4’2023, median price dropped to $1.66 million because of increased mortgage rates.

Read the full article here: Manhattan Condo Historical Price Trend