Emily Myers

What's needed for a buyer’s market in residential real estate is lots of properties for sale and low prices. Both these factors are at play in NYC and have been for some time. Sales in Manhattan slipped 1.2 percent in the fourth quarter over the prior year, and even though sales in Brooklyn increased and Queens continues to set records, it’s too early to say whether the market is stabilizing after two years of declines. With that in mind, here’s Brick Underground’s best advice on how to navigate a buyer’s market.

Facade work, roof work, window and parapet repairs—all these projects can require needing access to a neighboring building to complete Local Law 11 or other repair work. Your first step will be negotiating an access agreement with your neighbor. With the proper legal representation, you can create an agreement to cover every aspect of the forthcoming project. 

The city wants to transfer three vacant lots in Bedford-Stuyvesant to developers so they can build 85 affordable apartments.

If you’re thinking of selling your NYC apartment or house, you'll want it seen by as many qualified buyers as possible, and realistic pricing is key. For advice on how to price your apartment in a buyer's market, Brick Underground asked NYC brokers to share the advice they are giving currently giving sellers.

This two-bedroom apartment, 162 Washington Ave. #4, in Clinton Hill, is offered at $995,000, which is below the current median sales price of $1,212,000 for similar apartments in the neighborhood. The condo has plenty to recommend it, including a modern interior, a private roof deck, and low monthlies.

Rents rose across all price indicators last month, according to Douglas Elliman’s December 2019 rental market report for Manhattan, Brooklyn, and Queens, fueled by the continued weakness in the sales market.