By James Prendamano
Last week I spoke with the Staten Island Advance about Staten Island homes for sale and the outlook for the future. Across the board, realtors agree that our borough is the best place for people to invest in a home, condominium or co-op.
My belief is that the Staten Island real estate market should see steady growth over the next 12 months – marking the 3rd consecutive annual growth period in as many years. Several factors contribute to this trend:
Interest rates remain at an all-time low offering buyers attractive terms and enticing many to enter the market to take advantage of these rates while they last.
Inventory is low. It’s simple supply and demand – a lack of product results in higher prices.
Lastly, we must take a look at how investors view the investment chessboard. The United States is still seen as one of the safest places to park money in real estate. As we continue to see shaky markets in Europe and Asia- we will continue to see an influx of foreign investment money in the real estate market.
If you take a look at the stock market, many feel we are on the verge of a bubble considering the historic highs so they consider real estate as a safe, long term play.
Staten Island has always been the bedroom community to New York City with ownership opportunity far outpacing rentals. However, with the completion of The View on Nicholas Street and Urby Staten Island on Front Street, young adults are recognizing that they can live affordably in Staten Island’s north shore, just a 20 minute, free ferry ride away from Downtown Manhattan. These young adults will become the future homeowners on Staten Island ensuring that the residential real estate market will continue to thrive into the future. Another factor that will help to ensure the future health of the Staten Island residential real estate market is the notoriety large scale projects such as Empire Outlets and The New York Wheel have been receiving. These projects are attracting attention from around the globe, establishing Staten Island as a viable alternative to the other four boroughs where cost of living prices are far higher.
Staten Island homes for sale will continue to increase in value as its population grows, making real estate within our borough a great investment. To be sure that your Staten Island home for sale is priced right, call us today at 718 816-7799 for a free evaluation of your home.