As we have entered the first quarter of 2019, market reports for last year’s fourth quarter have come back. Douglas Elliman, a powerful force in NYC real estate, has reported one of its most interesting quarters in recent memory. Upon further analysis of the reporting, an interesting deduction can be made – the real estate market in Queens has reached record highs. Queens real estate attorney, Ryan J. Walsh, of Ryan J. Walsh & Associates, has seen the exponential rise first-hand, as a number of his clients have been paying astronomical numbers for both purchase and rental properties. Considered to be the best real estate lawyer Queens has to offer, Mr. Walsh has even seen many of his clients being priced out of the borough – a fact that he believes we will continue to see as forecasts predict numbers to continue trending in this direction. The strangest part of such a rise in property value and rental rates has been the fact that it all seems a bit sudden by most estimations. It was only a year or two ago, that within the borough of Queens real estate attorney Ryan Walsh was drafting leases for apartments and co-ops well below the traditional market rates for neighborhood such as Douglaston, Fresh Meadows, and Bayside. But what exactly has led to this sudden, and almost exponential rise in prices? We explore things a bit further.
If you’ve been paying attention to the recent news, then you’ve definitely heard of Amazon’s newest HQ coming to Long Island City. And with HQ2 as many are calling it, is coming a large number of jobs, and huge booms to the economy. Similar to what happened in the neighborhoods, surrounding San Francisco and Silicone Valley, as tech giants came to town. Many tech-savvy, young people, with huge incomes, and boatloads of extra cash are moving to the area to fill the many executive and technology jobs Amazon is offering. This new generation of conscious computer nerd prefers to live close by and ride their bike to the office, rather than driving. So the Queens area has been flooded with high-priced condos, and apartments have jacked up their rates immensely. As the best real estate lawyer Queens has in practice, Ryan Walsh and his practice have been working hard to fill the immense demand for their clients – on both sides of the coin. While this is definitely bringing huge economic boosts to the borough, as well as the city as a whole. Any Queens real estate attorney or broker can tell you, this will cause immense migration away from the city, as native New Yorkers, and lifelong Queens residents simply can’t afford to live in their own homes anymore.
While native Queens residents are being priced out of their own borough, according to most experts, if you’d like to stay within the city, Brooklyn is your best bet. Brooklyn is the largest borough in terms of population, contrary to popular belief, followed by Queens, and Manhattan. And with recent issues surrounding the L train shutdown and other issues within the borough, there is still time for consumers who want to get the best bang for their buck. With the immense size of the borough, eclectic people and locals, Brooklyn is one of the top choices for those looking to move into NYC. As the best real estate lawyer Queens has practicing, Ryan Walsh has seen a number of his clients – who might be going through hardships like foreclosures, and evictions – absolutely flourish in Brooklyn. While Brooklyn has definitely been the saving grace for many individuals, this won’t last forever. Upon further examination of Douglas Elliman’s 2018 NYC real estate reports, you can see that Brooklyn is clearly trending towards a similar fashion as Queens – as it isn’t far behind Queens in the price rise for 2018. It is important to find the hidden gems in a market like this, and for that you should enlist the help of a qualified broker, and someone as qualified as Queens real estate attorney, Ryan J. Walsh, Esq. For more information, or to schedule a consult, contact Ryan J. Walsh & Associates today.