Has living in Manhattan been your dream? New York City is definitely one of the most desirable locations for living. More than 8.5 million people choose to call NYC their home. There are five boroughs you can settle in, and for many people, Manhattan is the most attractive one. What’s specific about NYC is that only one-third of its citizens actually own the place they live in. Everybody else pays the rent. This goes for the residents of Manhattan and all of its neighborhoods. Washington Heights is considered to be one of the most popular ones within Manhattan, so let’s talk about Washington Heights real estate trends for 2019.
Washington Heights – basics
Here are some of the facts about the neighborhood you should know before you move into your new Washington Heights home. Located in the northern part of the NYC borough Manhattan, the place was named for Fort Washington – a fortification made at the highest natural point of Manhattan island. During the American Revolutionary War, the fortification was used by the Continental Army troops as a protection from the British.
To the south, Washington Heights is bordered by Harlem. The Hudson River is the natural border to the wеst, while the Harlem River and Coogan’s Bluff make the border to the east.
It is estimated that some 200,000 people live in Manhattan neighborhood called the Washington Heights. The median income here is around $45,000. Some 20% of the residents live in poverty, which is equal to the percentage in all of New York City.
2019 Washington Heights real estate trends as a part of the big picture
The number of active buyers tends to go down, while sellers are still not ready to change their listings drastically. That is why many properties remain on the market quite longer than planned. Some developers even offer to pay for taxes and lawyers’ fees instead of future buyers, only in order not to drop the prices. The sellers have seen the better days in the first two quarters of 2019. The prices of properties all over NYC were not at their peak, but they were selling a little bit faster than they are at the moment.
Currently, the price tags are some 10 to 20 % lower than they were in 2015 when the property market in NYC was the hottest. The prices seem to have reached a state of relative equilibrium. Unfortunately, that doesn’t go for properties at the ultra-high-end.
What about the listings for this area?
Manhattan property prices are insanely high, but that is not something new. Even though Washington Heights is a neighborhood geographically belonging to Manhattan, things are a little bit different here money-wise. As a matter of fact, the median home value in Manhattan is $1,190,800, while in the mentioned neighborhood the median listing price amounts to $550,000. So, if you are looking for the most affordable neighborhood, still within your favorite borough, WH might be the place for you.
If you are not familiar with the ever-changing housing market, you might find this piece of information helpful. What Manhattan listings owners expect to get for their properties at the moment is $1,495,000. What they are getting is $968,000. This proves that the buyer’s market is cold at the moment and the real estate is a bit overpriced.
And, how about renting?
But, let’s go back to Washington Heights and its prices. If we take a look at the renting prices, things are a little bit different. A renter can find a studio apartment for the average price of $1,669 per month, which makes Washington Heights the second-most affordable neighborhood for renting within Manhattan.
So, if you find that the renting price is rather reasonable for this part of NYC, start searching for your new home right away and book your moving date at heartmoving.us. Here are some more reasons for you to move to Washington Heights neighborhood:
- This neighborhood has some of the largest parks in northern Manhattan. Isn’t that great for families with children and anybody who likes living in a big city and wanting to reconnect with nature whenever they feel like?
- Walkers say that the area is a walker’s paradise and that you do not need a car to run your everyday errands.
- The public transportation in this area is no less than perfect. You can get wherever you need to be in no time.
- You will find it convenient to use your bicycle around the neighborhood, which is also great for your health.
However, before you actually rent a place, you should get to know all the details that might seem unimportant at the moment but could be tremendously important afterward. Some rental property guides can be very helpful for that purpose.
How did New York City’s new mansion tax affect the market?
The NYC mansion tax was kicked in on July 1, 2019. The changes that it brought were:
- 0.25% to 4% increase in taxes to all the property sales equal to or over 2 million dollars.
- Many sellers having such properties rushed to sell them in the first two quarters of 2019 to avoid the increase of the taxes.
- In July 2019, the Manhattan housing market witnessed roughly more active homes for sale than there were buyers. Washington Heights real estate trends showed the same reaction to the changes as the rest of NYC.
At the moment, Washington Heights real estate trends are such that you can find three-bedroom listings with an average price of $3,002/month. With fewer people buying and more renting, it is obvious that landlords are still the ones who have the final say. However, they need to try a little bit harder or be more patient in order to close the deals bringing them the same values as they would have some four years ago. On the other hand, maybe that is the hint for you if you would like to invest in real estate property in NYC.
Lisa Roberts is a long-time real estate expert. For the past two decades, Jack has worked for a large real estate company and he is an expert when it comes to investing in rental real estate. Currently, he lives in Brooklyn with his stay at home wife and two daughters. On the weekends, he prefers to spend time with his family, since on workdays he works long hours. Jack’s plan is to invest in rental real estate and retire early.