The State of New York’s Housing Market with Keller Williams

 

This month, QUEST surveyed Realtors in top markets to get the pulse of the winter market. The top takeaway: Today’s market is favorable to both buyers and sellers, so act fast. Here, a top-earning Realtor with Keller Williams lends his insight on New York City’s hottest properties. 

Richard Tayar
Keller Williams NYC / C: 917.446.4187 / rtayar@kwnyc.com

Q: What interests you most about real estate?
A: My father had a passion for real estate back in Italy–he always invested locally with great success. I decided to follow in his footsteps by purchasing small properties in New York, and also noticed a lot of Italian individuals doing the same. I decided to develop this important niche by becoming an adviser to such buyers. I joined Keller Williams as an independent agent six years ago.

Q: What real estate trends are you seeing in New York?
A: The market is definitely slower, especially in the high-end segment. I still see a lot of activity from foreign investors that are looking to diversify their portfolios. There are many people that want to escape from the economic and political uncertainties of Europe and other countries, and find peace of mind in the dollar and American real estate.

Q: What advice would you share with buyers?
A: I see a lot of opportunity in upcoming areas, and the more savvy investors should broaden their horizons and buy in the Bronx and eastern neighborhoods of Brooklyn. The value of those properties will see a tremendous increase in the short-medium term. For buyers looking for a primary residence, I would be more aggressive in the negotiation. There are some unjustified asking prices out there, and overpricing is always a mistake. 

Q: Are there any up-and-coming areas in New York?
A: Within Manhattan, I feel that one should look at the East Village, Lower East Side, East Harlem, and Midtown West. These are the neighborhoods that will see an increase in development activity and, consequently, value.

Q: Tell us about some of your exclusive listings. 
A: 900 Fifth Avenue, Apt. 16A, is a truly unique opportunity on a prime block of Fifth Avenue, with 30 windows of unobstructed and guaranteed views of Central Park.