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Some real estate transactions not worthwhile due to home flaws

Purchasing a home can understandably be an exciting process in New York. This is true whether one has been through the process before or is experiencing home buying for the first time. However, residential real estate transactions can be tricky for those who do not know what to look for in the houses they are interested in buying. There are a couple of problems to watch out for during the home shopping process.

First, if a door in the home is not closing properly, this may be a sign that the house has settled. Other signs of settling are a foundation crack or front steps that are uneven. All of these issues indicate that the foundation is uneven, which means water may easily enter the house, thus causing water damage. On top of that, concrete might have to be pumped into the home's slab -- a process known as mudjacking or concrete leveling. This is necessary to make the home level again and address the water problems.

Homes involved in real estate transactions dropping in price

According to government officials, the number of new houses sold so far in 2018 in the United States, including in New York, is relatively low. Around 593,000 newly built homes were sold this past January. The number of completed real estate transactions is down almost 8 percent from Dec. 2017.

An economist noted that the majority of this decline in home sales is at the housing market's upper end. In other words, the decline has mostly taken place among homes valued at more than $500,000. In light of this, builders may shift to producing homes with more moderate prices.

New York real estate transactions costly on Billionaire's Row

Michael Dell, a technology billionaire, purchased the costliest house ever sold in New York City. It was recently reported that he purchased a condo valued at $100 million. The purchase is one of the most noteworthy residential real estate transactions to have taken place on what is called Billionaire's Row.

Dell, who is the CEO and founder of Dell, bought the duplex penthouse for a total of $100.45 million. The penthouse apparently spans 11,000 square feet. It is located within a glass tower called One57, which stands more than 1,000 feet tall.

Real estate transactions may rise with rising construction

The construction of housing remains strong at the moment in the United States, including in New York. The hope is that this strong construction will help to spark economic growth during the remainder of 2018. The construction may also help to ease increases in home prices during the next several months, thus sparking more residential real estate transactions.

The quantity of brand-new housing units that were under construction recently increased nearly 10 percent in a month's time to a yearly rate of 1.3 million. This is the third boost in just four months. Builders have additionally shown signs of potentially ramping up construction in the next few months.

Bitcoin may transform real estate transactions

The world of buying and selling property can understandably feel exciting in New York and other parts of the United States. However, completing real estate transactions might become even more thrilling thanks to the growth in popularity of bitcoin. This cryptocurrency's value increased 19 times from January 2017 to December 2017, although it plummeted in February of this year.

Many individuals who started to accumulate this cryptocurrency before its value skyrocketed last year have accumulated a great deal of money recently. As a result, some have been turning to real estate to unload their newfound riches. In some cases, they have even bought luxury homes. Their goal has been to make high-end purchases before the cryptocurrency's high values drop drastically.

Real estate transactions can help companies to achieve goals

Google plans to buy a historic New York building for a $2 billion. Chelsea Market is a multi-use site, including a shopping mall, food hall, office building and TV production facility. These types of commercial real estate transactions can help companies such as Google to accomplish their unique business goals.

The multinational technology company has decided to purchase the Chelsea Market building as part of an impressive expansion plan designed to link up multiple properties that the company already leases or owns in the neighborhood. This will be accomplished by adding above or below-ground pedestrian walkways to connect the properties. Chelsea Market spans more than a million square feet.

Real estate transactions continue to favor sellers

The year of 2017 began with low inventory in New York. The result was bidding wars followed by the selling of homes above their asking prices. In other words, the world of residential real estate transactions mirrored that of previous years in the Empire State.

With that, the trend of rising prices, buyer fights over houses and lower inventory does not appear to be changing anytime soon in 2018. Part of the reason for this is that many home sellers will not list since they have not found their new homes first. Also, when they finally stumble upon the houses they want, buying them can be challenging because their current homes are not yet under contract.

Proper home staging may benefit real estate transactions

When it comes to selling a home, sellers in New York have been told time and time again that buyers do not want to tour a house that is empty. This is why staging is such an important part of the process of completing residential real estate transactions. However, home staging can be detrimental if not done right.

A common mistake made with staging is overdesigning a space. This includes, for example, covering every part of the home and thus overwhelming the buyer when he or she walks in the door. Keeping things simple with textiles that add softness, furnishings and some décor is best.

Real estate transactions boom in Brooklyn

Reports indicate that the purchase and buying of properties was strong toward the end of 2017 in the area of Brooklyn, New York. This applies to both residential and commercial real estate transactions. The market was strong in Brooklyn even though some other markets in New York stumbled during this same time period.

The median price for a home in Brooklyn jumped 2.7 percent from the previous year, rising to about $770,000. This is the third-largest price hike recorded in this borough of New York City. The record happened to be set earlier in the year, in 2017's second quarter, when the price rose to a whopping $795,000.

More real estate transactions expected in Manhattan this year

New construction is taking place in Manhattan at an unprecedented rate since the 1980s. This will likely increase the rent amounts for New York office space this year. This may be excellent news for those who plan to engage in real estate transactions involving the purchase or leasing of commercial properties in 2018.

The office space demand in the Big Apple is growing much more quickly than that of other parts of the United States. Why? Because New York continues to be a magnet for companies across the globe. This will enable the state to keep growing when job growth begins to slow down in other areas of the nation.


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