As the year comes to a close, let the flurry of predictions about the year ahead begin. First in line, StreetEasy’s senior economist Grant Long who’s got five predictions for New York real estate in 2018.
1. RIP L-Train
Long predicts that the 2019 shutdown of the L-Train will have a greater effect on surrounding properties next year, however, he notes a silver lining related to transit: the NYC Ferry service is set to expand again in 2018, which could open up new opportunities in Manhattan and the Bronx.
2. Gifts from high-end landlords
The glut of supply and peak rents makes Long believe high-end tenants will not only get a break on rent, but also some unexpected perks like a month or two of free rent. But as, Long notes, you don’t get what you don’t ask for: “Anyone looking for an apartment in 2018 should be asking,” he writes.
3. Amenities will fade away
Long doesn’t have faith that amenities like grow-your-own food at your building’s communal garden or zumba classes are enough incentive for New Yorkers to give up a better deal — if they can find it.
4. Sky high going for rock bottom
The boom of super tall luxury condos has overshot demand, so Long expects luxury properties of all eras to plummet in value, but what’s most interesting to him is how this might effect everybody else: “While lower prices are on the way for the ultra-rich, the extent to which this slump trickles down to normal-rich New Yorkers is what we’ll be watching in 2018,” Long writes.
5. NYC will remain a dog-eat-dog world
No surprise here: fierce competitions for homes under $1 million will continue. Because some things never change.
— E.K. Hudson