The Real Deal New York

Elliman’s Toni Haber on what lies ahead in 2014: VIDEO

January 02, 2014 06:25PM

Tribeca and Hudson Yards in Manhattan and Sunnyside and Astoria in Queens are the top up-and-coming neighborhoods for the year ahead, according to broker Toni Haber of Douglas Elliman in an interview with PIX11.

Looking ahead to 2014, Haber recommended that homeowners capitalize on low mortgage interest rates before they go any higher, noting that if a rate increases 1 percentage point, to 5 percent, on a $1 million mortgage, it will cost $1,000 more per month.

She also advised that homebuyers consider closing costs when finalizing a deal – and look into living in an older building on a block with luxury buildings that increasingly charge $3,000 per square foot to maintain affordability.

“If you want to live on the same block as that building, you may want to consider a building that’s 20 years old, maybe doesn’t have all the amenities, maybe that doesn’t even have a doorman.” [PIX11]Mark Maurer