5 Things in the Future of New York Real Estate

The real estate market is in constant flux, with each year bringing new developments across the housing market. While 2013 was a year marked by positive changes for many home and property owners in New York, predictions for 2014 are promising for those already in or entering into this industry. Before the year is over, consider taking an online certification course with Brooklyn Real Estate School and expect to witness these five things:

1. Expect Positive Equity

The financial crisis led to countless homeowners entering into negative equity on their homes, leaving the housing market in shambles. But over the past few years, home prices have risen again, and it’s estimated that in the second quarter of 2013,2.5 million homeowners regained positive equity status. As prices continue to climb, more individuals with property will continue to benefit.

2. People Love Brooklyn – and Queens, Too

By 2013, prices in Brooklyn reached the highest point they had been in the last ten years, with inventory dropping to a five-year low. Real estate investors will most likely continue fuel this growth in Brooklyn, although those looking elsewhere may turn to Queens for more opportunities and less competition.

3. Bill de Blasio – Taxes and More Developments

In February of this year, New York City Mayor Bill de Blasio proposed a tax on the rich in order to help further fund pre-kindergarten programs in the city. While meeting with the Real Estate Board of New York, he also mentioned that he would have no “hangup about allowing [the real estate developers] to supersize their developments if it means creating more affordable housing.” He went on to mention his hopes for seeing 200,000 more units of affordable housing in New York City.

4. Illegal Pets May Make More of an Appearance

It is often difficult to find apartments in New York City that allow cats and dogs, and even keeping these animals within the confines of brick buildings can be a hassle. Many local residents have noticed this, and have begun turning to other, less conventional options such as snakes, piglets, and even ferrets, even though they are illegal to house within the city.

Although this may be nothing more than a trend, it could contribute to more housing being created with spaces specifically meant to house these types of animals.

5. Manhattan Could Become More Affordable

Manhattan is notorious for being one of the most expensive areas to live in the city. But according to Gary Malin, president of Citi Habitas, “the vacancy rate in Manhattan has…gone up in the last seven or eight months, so I think you’re going to see some more value…with more landlords offering concessions, and maybe a little negotiability for pricing.” This higher vacancy rate and an improving economy may lead to more affordable prices in this area.

Seek Information from Brooklyn Real Estate School

The upcoming year holds numerous new positive developments within the real estate market. If you want to be part of the process, or want more information, contact the Brooklyn Real Estate School, and find out how to become certified in order to get started in this industry.