Property News – The New Normal in the New York City Real Estate Market
If you’re looking for interesting property news, you’ve come to the right place. We’ve compiled a few articles on different topics, from Hong Kong to the Seattle area. We’ll also explore the new “normal” in New York City’s real estate market. And we’ll examine the state of the property industry in the Seattle area. After all, property news isn’t limited to the New York City market, is it?
New York City’s new real estate “normal”
The COVID-19 pandemic has made buying a new apartment in New York City more difficult than ever. As the flu virus spread across the U.S., foreign buyers were mostly absent from the market. Since the end of the last flu season, many European countries have been forced to close non-essential workplaces, thereby depriving the city of much-needed foreign investment. Meanwhile, buyers from China, Japan, and Western Europe have become increasingly hesitant to purchase new homes in New York.
But despite the negative news, recent data analysis shows that the city’s real estate market has reached a new “normal.” Manhattan Apartments are in record demand, and a few new condo projects have popped up. The city’s suburbs are still competitive, but inventory is running halfway as quickly as a few years ago. And, the new Hudson Yards development is set to open in March 2019.
Seattle area and Northwest real estate market news
As the coronavirus pandemic continues to spread throughout the country, the Seattle area and Northwest real estate market continues to heat up. The Seattle area and Northwest housing market is hot, with prices rising well above the average person’s income, and low inventory. Despite the shortage of inventory, prices continue to rise, making it difficult for many buyers to purchase homes. As a result, home prices are likely to remain strong through the rest of the year and into 2022.
The Puget Sound region continues to remain a seller’s market, with new listings exceeding pending sales by nearly 2,000 units. This increase in inventory represents the largest jump in the state since October 2020. As a result, local real estate agents are struggling to meet the demand. Even if prices remain low, buyers are looking to purchase a home to take advantage of low interest rates. With the tight supply of homes, many are willing to pay up to 105% below market value.
Hong Kong’s property industry
Sales in Hong Kong’s primary and secondary markets increased by a combined 42.4% y-o-y in the first half of 2019, with the total value of transactions rising by 45.7% to HK$ 213.7 billion.
Class A and B completions both fell, but the primary market made up 30% of total transactions.
Despite the decline in sale prices, there is still a pent-up demand for new residential units, with more than six thousand properties due to go on the market in the coming weeks.
The lagging economy in mainland China has put downward pressure on Hong Kong’s property prices, which have fallen nearly 6% since August’s peak. As a result, many local residents have been displaced and housing prices are forecast to fall by nearly twenty percent by 2025. Rising mortgage rates and an overall slowing economy are contributing factors in the slump, and investors are delaying their plans for now until the market has stabilized.