Digestible Real Estate News
We’re keeping this recurring piece to do a bit more for those genuinely interested in New York real estate, not just food porn, and give my LinkedIn designation a little luster. Taking a note from the easy to absorb nuggets of information in MarketSnacks‘ newsletter (blanketed with this unshakable food theme), here are your RealEstateSnacks so I can make this newsletter tax deductible.
1. Welcome to the year of the Buyer’s Market. As reported by countless sources, there are a record number of homes for sale across the board and buyers are finding themselves in a position of power. Buyers are taking their time and reviewing the options; even first time buyers are able to wade into homeownership without feeling the need to jump immediately to snag a deal. As we’re on the cusp of the fall market surge, we’ll see if buyer demand matches supply or if this is just an irregular sale cycle, the signaling of a market correction, or the hallmark of an economic trend.
2. So seeing that I thought the world cup was still going on until a week ago, I have no right in discussing this but new reports have NYC’s first soccer stadium rising up next to Yankee Stadium. While it’s in the early stages, the stadium would cost $400 million and seat 26,000 people. The stadium would be part of a much larger mixed-use development project, however the city is also entertaining a site near Citi Field as well. But real talk…LET’S FIX THE SUBWAY BEFORE WE BUILD ANOTHER STADIUM.
3. When the 2015 explosion in the East Village left a massive swath of real estate leveled to the ground, we knew it would eventually sell (for $9.5m) but not without massive hoops to jump through. Seeing that the land also serves as the site where two individuals lost their lives, there are bigger opinions in the game than just the DOB’s. The current proposal is for a condo, whose initial plans were just sent back. Nothing will come quickly or without the input of countless individuals, but I’m sure putting money in the right pockets will ensure the sparkly new condo rises as planned.
4. My artsy alter-ego, who spends way too much money at Blick and dreams of living in an artist’s loft, had her attention piqued when reading about changing landscape of artists’ communities all across the city. The thought of having a rent stabilized loft makes me want to go off the map and become the next John Updike, but the Loft Laws established in 1980 are in jeopardy of becoming rendered null. The cheap, raw loft spaces of New York folklore may soon become a thing of the past.
5. For those of you who also hate Airbnb for what it’s doing to the market, rejoice!! City Council continues to crack down (but not without a law suit). The new bill would function as a way to prevent landlords and tenants from operating illegal hotels while protecting affordable housing. Companies like Airbnb would have to provide the city with addresses for their listings, as well as full names of hosts, primary addresses, and information on the exact type of rental. If they fail to comply, companies could face fines of $1,500 for each listing undisclosed. Completely fair.