NYC’s Housing Crisis Deepens: Evictions Spike as Renters’ Economic Struggles Continue
New York City renters are facing increasing pressures, highlighted by a striking near-200% surge in evictions. Two recent studies reveal that while landlords are managing well, their tenants are struggling significantly. Decrease in Wages and Increase in Payment Delays According to a study by the Rent Guidelines Board, there has been a notable 6.1% drop…
High Mortgage Rates Push Average Buyers Out of New York City
In recent times, the real estate market has observed a notable shift, particularly in Manhattan, where an unprecedented surge in cash transactions for home purchases has been recorded. This trend, accentuated by mortgage rates hovering around the 6 percent mark, showcases a significant barrier for prospective buyers without substantial financial backing. The last quarter of…
The Decline of Housing Inventory in Brooklyn: A 13-Month Trend Analysis
BROOKLYN, NYC – In the vibrant heart of New York City, Brooklyn’s real estate scene has emerged as the epitome of competitiveness within the city’s bustling market. A recent analysis by a well-known real estate platform highlights Brooklyn’s unparalleled position in the NYC market as of June 2023. This borough’s real estate dynamics are characterized…
Manhattan Real Estate Investment Plummets
The investment real estate market in Manhattan experienced a sharp decline last year, with a 45% drop in sales due to increased interest rates and other factors that negatively affected investor interest across a range of property types, from office buildings to multifamily residences. This section delves into the specifics of the downturn, including the…
The Ultimate Guide to Hiring a Carpenter in New York City: What You Need to Know
When it comes to maintaining or upgrading your property in New York City, whether it’s an apartment in Queens, a brownstone in Brooklyn, or a suburban house in Long Island, hiring the right carpenter is crucial. Carpenters are skilled professionals who construct, repair, and install building frameworks and structures, often made from wood and other…
How to Break Into Property Management in NYC: A Beginner’s Guide
New York, a bustling hub of real estate, presents a unique landscape for property management. From the towering condos of Manhattan to the quaint apartments in Brooklyn, the journey into managing properties in this diverse state is as challenging as it is rewarding. This guide aims to demystify property management for beginners, covering the essentials…
Power Up Your Project: Tips for Hiring an Electrician in Queens, NY
Queens, New York, a bustling borough with diverse real estate needs, often calls for the expertise of a skilled electrician. Whether it’s a flickering light in a cozy Astoria apartment or a major wiring project in a Long Island City commercial space, knowing how to hire the right electrician is crucial. This comprehensive guide will…
Manhattan Real Estate Hit by Lawsuit Over High Commission Rates
In a groundbreaking legal move, a lawsuit in Manhattan has been initiated against the influential Real Estate Board of New York (REBNY) and an array of major brokerages, accusing them of collusion in maintaining high commission rates for agents involved in Manhattan’s residential real estate transactions. This lawsuit, submitted for consideration as a class action,…
How to Become a High Paid Real Estate Investment Consultant in New York
Want to become a highly-paid real estate investment consultant? Real estate investment consultants in New York play a crucial role in guiding clients through the complex landscape of property investment. They provide expert advice on market trends, property valuation, and investment strategies, tailoring solutions to meet the specific needs of individual or institutional investors. Unlike…
The Plaza Hotel’s Real Estate Rollercoaster: A Tale of High Stakes and Missed Opportunities
In 2008, Bob and Suzanne Chute from Naples, Florida, boldly invested $14 million in a three-bedroom apartment at the Plaza, New York, without even seeing it firsthand. Their enthusiasm was palpable, as Bob, an entrepreneur, excitedly shared with the New York Times. The couple, like many others, were captivated by the computer-generated views of the…
New York City’s Innovative Approach to Alleviate Housing Crisis: Small-Scale Solutions
In a bold move to tackle the daunting housing crisis in New York City, the local government is experimenting with a micro-solution approach. This innovative strategy involves incentivizing homeowners to convert spaces like garages and attics into rentable apartments. On Tuesday, city officials unveiled a new program that allocates up to $400,000 each to 15…
Shocking New York Real Estate Facts and Changes
Facts about New York’s real estate are as diverse and dynamic as the city itself. From towering skyscrapers to historic brownstones, the landscape of New York’s property market offers a unique blend of history, luxury, and innovation. This article delves into the surprising, fun, and jaw-dropping aspects of New York’s real estate, setting it apart…