PUBLIC TRANSPORTATION AFFECTING PROPERTY VALUE
Transportation upgrades, shut downs, and closures obviously affect property values. It's no surprise our city NEEDS these upgrades, and our 100 year old system can't sustain the increase of commuters, new yorkers, and furry friends occupying the tunnels.
ASTORIA
With both the L Train Shutdown in Williamsburg and the 30th Ave station shutdown in Astoria, local businesses and those looking to sell their an apartment in the area are furious. According to DNAInfo, " Both the 30th Avenue and 36th Avenue N/W stations will shutter next month for the repair work, an overhaul that's expected to take no longer than eight months, according to an MTA spokesman." Newly released and built condo developments such as the Verona Condo on 31st Ave are expected to have to reprice and address these transportation obstacles. To understand how pricing a new development in the midst of transportation shut downs, let's talk. I forsee many buyers being able to negotiate given the neighborhood news. To learn more about about 30th Ave small business grievances HERE.
WILLIAMSBURG
In 2012, superstorm Sandy’s storm surge flooded the 100-year-old Canarsie Tunnel under the East River with millions of gallons of salt water, causing severe damage. The L train is preparing to shut down this month, and property values have been slowly declining since the repair announcement.
According to StreetEasy, "The L Train Shutdown: What's Happening and Why It's a Big Deal" , " Since the 1990s, as Williamsburg and surrounding areas have attracted thousands of new residents and visitors — and a boom in new home development — L ridership has increased threefold. The Bedford Avenue station alone sees five times as many daily riders as it did 30 years ago, according to the MTA. Meanwhile, the L serves residents from Chelsea to Canarsie, many of whom depend on it to get to work."
Properties are taking longer to sell and prices are slightly dropping, to learn more. Contact me. Overview about the shutdown here.
UPPER EAST SIDE
On a more positive note, exactly one year after the 2nd Avenue Q subway stops have opened and investors/homeowners are reaping the benefits. Mansion Global reports, " Homes Near Manhattan’s New Second Avenue Subway Saw Values Rise". The Upper East Side is one of the few neighborhoods in Manhattan that has experienced constant real estate growth year-on-year since 2013, according to StreetEasy’s data. To explore buying, investing, or selling on the Upper East Side, I'm an Upper Eastsider, reaping the benefits of the Second Ave subway convenience, and reliability. I will say this neighborhood continues to welcome new businesses and residences, having personally worked with a rental and purchasing client in the last month!