This summer, a new heat wave has stricken Staten Island and it isn't brought about by the weather. According to a report from silive.com, homes in the area are selling faster than ice cream on a bright sunny day.
The Staten Island housing market has seen home prices increase to near 2009 levels, with many expecting the market to further heat up as summer arrives. One such optimist is New Dorp's Connie Profaci Realty Managing Principal Joseph Profaci, who said, "We think that there are strong signs that the Staten Island real estate market is about to come out of the doldrums."
He added, "For the last three months, the percentage of new listings to total listings has been exceptionally strong each month and has been holding steady around 29 percent. This is a two-year high percentage compared to 21.5 percent for the same three months last year, indicating homes are selling more quickly, and that sellers are sensing the demand and coming to market."
Another major factor in the increased demand may be because rents in other nearby boroughs, such as Manhattan and Brooklyn, have become too high for many New Yorkers.
According to a report from nydailynews.com, in some areas, rents have increased by a whopping 90 percent. This was uncovered by research conducted by the Community Service Society, a non-partisan group fighting poverty in New York.
Their report identified six specific neighborhoods in Manhattan and Brooklyn that increased rents by 50 percent while throughout New York City, rents have increased by 32 percent compared to figures from 2002. The CSC report said, "The sharpest increases occurred in neighborhoods surrounding the traditionally high-rent area of Manhattan below Harlem."
This is how Staten Island capitalized on the housing issues in the areas across the New York Bay, according to a report from inman.com. Staten Island, for its part, had undergone a redevelopment of its real estate areas at a slower pace, leading to more affordable housing, be it rentals or purchases.
